Manzil Manzil Trading (Self-Directed Halal Stock Trading)
Halal Investing in Michigan
Manzil Trading, launched July 14, 2026, is Manzil Invest USA's self-directed brokerage: trade individual US equities and ETFs where every stock in the universe is pre-screened against AAOIFI standards through an embedded Zoya integration, so non-compliant names simply cannot be traded. Manzil's founder describes it as a halal version of Robinhood and claims it is the first all-in-one halal trading app launched in North America, replacing the old workaround of running a screening app alongside a regular brokerage. It includes fractional shares from $100, real-time compliance monitoring with alerts when a holding's status changes, integrated Zakat and purification calculators, and no interest paid or fees charged on uninvested cash. Brokerage execution and custody are through Alpaca Securities LLC (FINRA member, SIPC coverage up to $500,000); advisory services sit with SEC-registered Manzil Investment Advisors (Dallas). Also live in the UK, UAE, Saudi Arabia, Qatar, and Bahrain.
Manzil Trading is the missing half of Manzil's US offering: the managed robo portfolios arrived with the Aghaz acquisition, and this adds a self-directed lane where the halal guardrails are structural, not advisory. The Zoya integration is the real differentiator, since a stock that fails AAOIFI screening simply cannot be bought, and status changes push alerts instead of relying on the investor to re-check. The honest cost comparison: paying $48 plus 0.40% for self-directed trading is a real premium over free brokerages plus a $10/month screening app, so you are paying for enforcement and integration, not access. For disciplined investors who already run their own screens, the value is thinner; for everyone else, it removes the most common failure mode in halal DIY investing. A young product, but built on established rails (Alpaca custody, Zoya data, an AAOIFI-modeled Shariah board).
Pros
- Solves the two-app problem: screening and trading in one experience, with non-compliant stocks blocked rather than merely flagged
- Zoya's AAOIFI screening is the same data trusted across the US halal investing stack, here at no additional subscription cost
- Flat $48/year subscription is modest, and it disappears entirely at $100K+
- Purification and Zakat tooling is built in rather than left to the investor
- Backed by a named formal Shariah Supervisory Board at the company level, with published certificates and annual Shariah audits for prior years
- Complements Manzil's existing US managed portfolios, so investors can hold both models in one ecosystem
Cons
- The 0.40% fee applies to self-directed assets, which costs more than commission-free conventional brokers (Robinhood, Fidelity) where halal-conscious investors screen manually
- Very new: launched in the US July 14, 2026, with a short operating track record
- Taxable individual accounts through the app; Manzil's US IRA and Roth IRA account pages sit under its managed offering rather than self-directed trading
- Universe limited to US-listed equities and ETFs that pass the screen; no options, bonds, or international listings
- Mobile-first: no desktop trading platform
Start Investing
Visit Manzil's website to learn more and get started.
See pricing & termsOpens Manzil's site - no obligation
Product Details
Type
Brokerage
Min Investment
$100 minimum in assets; fractional shares
Fee
Core: $48/year + 0.40% of invested assets; Premium ($100K+ in assets): $0/year + 0.40%
Account Types
Individual taxable brokerage (via the Manzil app)
Screening Method
Real-time Shariah screening by Zoya against AAOIFI standards, embedded in the platform; non-compliant stocks cannot be traded and status changes trigger notifications
Manzil in Michigan
Manzil's Manzil Trading (Self-Directed Halal Stock Trading) is available to investors in Michigan, structured as a Self-directed brokerage with real-time AAOIFI screening (Zoya). Its provider holds an A grade on HalalWallet's HalalWallet Index. Michigan is home to an estimated ~242K Muslims (2.4% of the population) (World Population Review, 2020 estimates). Manzil operates nationwide, so Michigan residents have full access to this product.
Our Take on Manzil
Manzil entered the US in 2025 by acquiring Aghaz Invest's SEC registration and technology, bringing Canada's most established halal-finance brand to American investors. The platform pairs AAOIFI-screened trading and managed portfolios with a named Shariah board and published certificates - a young US operation backed by an eight-year Canadian track record.
How Manzil Works
Answer the onboarding questionnaire
Manzil profiles your values, goals, and risk tolerance to match you with self-directed trading or a managed portfolio.
Choose trading or managed
Manzil Trading gives you self-directed stock picking with real-time halal screening; Managed Portfolios are AAOIFI-certified models run for you.
Fund your account
Link a bank account and deposit - $100 minimum, in a taxable account or a Traditional/Roth IRA. Assets are held at Alpaca Securities (FINRA/SIPC).
Invest, purify, track
Portfolios rebalance automatically; the platform calculates AAOIFI-based purification amounts for you to donate from any incidental impermissible income.
Financing Structure
Manzil US is an SEC-registered robo-advisor, not a bank or lender: you own screened securities in a brokerage account custodied at Alpaca Securities. Compliance is enforced at the portfolio level using AAOIFI standards - sector and financial-ratio screens exclude non-compliant companies, no preferred shares or interest-paying instruments are held, and incidental impermissible income is quantified through a purification estimate the client donates to charity. Managed portfolios are certified by Manzil's Shariah Supervisory Board; the MNZL ETF tracks a Russell IdealRatings Islamic index certified under the same framework.
In-Depth Analysis
Manzil's US business is the American arm of Canada's most established halal-finance company. Murabaha Inc. (operating as Manzil, incorporated federally in Canada in March 2019) entered the US in November 2024 by acquiring Aghaz Investment Advisors, a Seattle-founded Islamic robo-advisor, taking over its technology and its SEC investment-adviser registration - active since May 14, 2020 under CRD #308500. The renamed Manzil Investment Advisors, LLC is a Delaware LLC headquartered in Dallas, Texas, registered under the SEC's internet-adviser rule (203A-2(e)), and its January 2025 Form ADV discloses no material legal or disciplinary events. Aghaz founder Khurram Agha stayed on as Chief Compliance Officer, with Manzil co-founder Dr. Mohamad Sawwaf as CEO.
The platform launched publicly on July 15, 2025 in partnership with Alpaca Securities LLC, a FINRA-member self-clearing broker-dealer that provides custody and execution (SIPC coverage up to $500,000, with the firm announcing excess coverage of $75M securities / $75M cash). Manzil offers two paths: Manzil Trading, a self-directed brokerage with a $100 minimum and real-time Shariah-compliance screening, and Manzil Managed Portfolios, robo-managed AAOIFI-certified model portfolios. Taxable investment accounts plus Traditional and Roth IRAs are supported.
Pricing on the live site is 0.40% of assets under management plus a $48/year subscription that is fully waived at $100,000+, with a $100 account minimum; fees are charged only on invested funds, not idle cash. Notably, the firm's January 2025 SEC filings state an older schedule ($2/month plus 0.49%, $1,000 minimum) - the website reflects newer retail pricing, but the discrepancy is worth confirming at signup. Third-party ETF expense ratios inside managed portfolios pass through to the investor and are not revenue to Manzil.
Screening follows AAOIFI standards: companies deriving more than 5% of income from alcohol, gambling, weapons, tobacco, adult entertainment, pork, or interest-based businesses are excluded, along with preferred shares and interest-paying securities. Because even screened companies can earn incidental impermissible income, Manzil calculates conservative purification estimates using AAOIFI methodology - though clients must personally donate those amounts, and Manzil's disclaimer places responsibility for the payment (and any tax consequences) on the investor.
In November 2025 Manzil launched the Manzil Russell Halal USA Broad Market ETF (MNZL) on Nasdaq - a passive fund tracking the custom Russell IdealRatings Manzil Halal USA Broad Market Index, built from the Russell 1000 with AAOIFI screens plus an American Friends Service Committee human-rights overlay. The fund charges a 0.40% expense ratio and held about $23M in net assets as of July 2026. Its screened composition differs sharply from conventional benchmarks: Apple is roughly 17% of the fund while Microsoft, Alphabet, Amazon, Meta, and NVIDIA are absent.
Manzil has said publicly it aims to become 'the North American Islamic neobank,' with a US roadmap of retirement accounts first, then wills, home financing, and eventually chequing/savings - the Canadian product suite in reverse (company-stated plans, not commitments). Today the US offering is investing-only, so households needing halal home financing still need a dedicated provider.
Shariah Compliance Details
- Manzil's Shariah Supervisory Board - Dr. Shaher Abbas, Dr. M. Gadhoum, and Mufti Faraz Adam - reviews product structuring and issues certificates of Shariah compliance. The US site publishes the FTSE Russell-IdealRatings Islamic Equities Index Shariah Compliance Certificate; predecessor firm Aghaz was certified by Amanah Advisors per the SEC Form ADV.
- Governance follows AAOIFI's three required layers: an active Shariah advisory board, independent external Shariah audits, and an internal compliance function (the firm employs an internal Shariah auditor). Manzil states it adheres to AAOIFI standards across screening, purification, and product structuring.
- Screening rules disclosed in the SEC brochure: exclusion of companies with more than 5% of income from non-compliant activities (alcohol, gambling, weapons, tobacco, adult entertainment, pork, interest-based businesses), no preferred shares, and no interest-paying securities. Purification is calculated using AAOIFI standards with conservative estimates; donation is the client's responsibility.
How Manzil Compares
Among US halal robo-advisors, Manzil's closest peer is Wahed Invest; the differentiators are Manzil's dual self-directed/managed model, its named scholar roster, and its Nasdaq-listed MNZL ETF, against Wahed's longer US operating history.
Wahed is the longest-running US halal robo-advisor with Shariyah Review Bureau certification; Manzil counters with self-directed trading alongside managed portfolios and a lower $100 minimum.
Amana's actively managed halal mutual funds (via Saturna Capital) have decades of track record; Manzil offers passive index exposure via MNZL and automated portfolios at a lower fee.
SP Funds sells individual halal ETFs (S&P-based) you hold at any broker; Manzil is a full platform with IRAs, screening, and purification tooling built in.
Bottom Line
Manzil US pairs a young American platform with a proven Canadian parent: SEC-registered, AAOIFI-screened, scholar-certified investing from $100, plus the MNZL ETF for one-ticket halal exposure. The US track record is short and the lineup is investing-only for now, but the governance transparency is among the strongest of any US halal platform.
Read full Manzil reviewShariah Compliance & Oversight
Manzil Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam) governs the company on AAOIFI's three-layer model; trading-universe screening is performed in real time by Zoya against AAOIFI standards, embedded in the platform.
AAOIFI-standard screening by Zoya embedded in the app; non-compliant stocks are untradeable; real-time status alerts; no interest on uninvested cash; integrated Zakat and purification calculators.
2026-10-14
State Availability
Manzil serves all 50 states + DC
✓ Available nationwide including Michigan
Start Investing - Manzil
Visit Manzil's website to get current terms, check eligibility for Michigan, and get started today.
See pricing & termsOpens Manzil's site - you're not committing to anything
Compare With Other Options in Michigan
35 other investing products available to Michigan residents
Fund reconstruction with AAOIFI screening (via Zoya) · Nationwide
Nationwide
Halal Investment Growth Estimate
See how your halal investments could grow over time
Total Value
$343,778
Contributed
$130,000
Growth
$213,778
Hypothetical projection. Past performance does not guarantee future results.
Compare FundsFrequently Asked Questions
What is Manzil Manzil Trading (Self-Directed Halal Stock Trading)?
What Shariah oversight does Manzil Manzil Trading (Self-Directed Halal Stock Trading) have?
Is Manzil Manzil Trading (Self-Directed Halal Stock Trading) available in Michigan?
What Shariah oversight does Manzil have?
What financing structure does Manzil Manzil Trading (Self-Directed Halal Stock Trading) use?
How do I apply for Manzil Manzil Trading (Self-Directed Halal Stock Trading) in Michigan?
Are there local halal finance options in Michigan?
Does Michigan have unique tax considerations for halal investors?
Stay Updated
Get halal investment insights and fund launches
No spam ever. Unsubscribe in one click.
Explore All Investing in Michigan
Compare every investing option side-by-side with filters, ratings, and Shariah oversight details.
Reviewed monthly and updated when product availability or terms change.
Co-Founder, HalalWallet
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.