Independent provider profile on HalalWallet — products, fees, Shariah oversight, state availability, user reviews, and Halal Money Index grade. Published by HalalWallet (halalwallet.us).
Manzil Review — Halal Finance Products
Co-Founder & CEO, HalalWallet
Reviewed quarterly and updated when provider terms, ratings, or coverage change.
Operates as a faith-based financial services provider whose activities are reviewed by Islamic scholars and aligned with recognized Sharia standards.
Opens provider's site — no obligation
Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent.
“Featured” labels may indicate paid placement in that module.
Outbound links may earn referral fees. Some agreements also include fees when financing funds. You should receive the same product terms as visiting providers directly; confirm with the provider. How we make money · Methodology
HalalWallet 2026 Review
Manzil — At a Glance
2
Products Reviewed
49
States Served
1
Category
2017
Founded
Our Verdict
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.
Pros & Cons
What We Like
- Operates on an SEC investment-adviser registration active since May 2020 (CRD #308500) with no disciplinary history disclosed in its Form ADV
- Transparent Shariah governance: named SSB scholars, a published FTSE Russell-IdealRatings Shariah certificate, and AAOIFI-based purification estimates
- Low barrier to entry — $100 minimum, and the $48/year subscription is waived at $100,000+
- Both self-directed trading with real-time compliance screening and professionally managed portfolios under one roof
- MNZL ETF offers one-ticket halal US large-cap exposure (0.40% expense ratio, Nasdaq-listed) with an AFSC ethical overlay
- Backed by a parent with a CAD $100M+ halal-mortgage track record in Canada
What Could Be Better
- US platform only launched in July 2025, so its American operating track record is short
- Published pricing (0.40% + $48/yr, $100 minimum) differs from the January 2025 SEC brochure ($2/mo + 0.49%, $1,000 minimum) — confirm current terms when signing up
- Purification amounts are estimated by Manzil but donating them is the client's own responsibility
- US lineup is investing-only today — home financing, wills, and banking from the Canadian playbook haven't launched yet
Who Is This Provider Best For?
Muslim investors who want AAOIFI-screened portfolios from a named, published Shariah board rather than an unnamed compliance process
Hands-off savers using Traditional or Roth IRAs — Manzil automates halal retirement investing with tax optimization
Self-directed investors who want real-time compliance screening and an integrated purification calculator
Detailed 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.
How It Works
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.
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.
Shariah Compliance Review
Oversight Level
Formal Shariah Board — highest level of independent oversight
Manzil’s products are reviewed by both an in-house Shariah Supervisory Board and external scholars, and they state they adhere to AAOIFI standards to ensure all financing and investment offerings remain halal.
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.
Shariah compliance should always be verified directly with Manzil. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It 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.
vs. Wahed Invest
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.
vs. Amana Funds
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.
vs. SP Funds
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.
Products from Manzil
Manzil
Wealth Management
COMING SOON: Let the Manzil Invest certified professionals manage and rebalance your portfolio while navigating changing markets
Opens provider site — no obligation
Manzil
Manzil Russell Halal USA Broad Market ETF
Broad exposure to US halal equities using the Russell Halal USA index methodology
Opens provider site — no obligation
Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent.
“Featured” labels may indicate paid placement in that module.
Outbound links may earn referral fees. Some agreements also include fees when financing funds. You should receive the same product terms as visiting providers directly; confirm with the provider. How we make money · Methodology
Halal verdicts for Manzil's funds
Our AAOIFI-based Shariah screen — business activity, financial ratios, purification, and where scholars differ — for the specific funds Manzil offers.
Where Available
Based on listings we track, Manzil may be available in the following states:
Availability may vary by product type. Always verify current availability directly with Manzil.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Manzil offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 49 states and include Investing options.
- Manzil offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 49 states.
- Product categories include Investing.
- Always verify compliance directly with Manzil and consult qualified Islamic finance advisors when needed.
- Compare Manzil's products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-07-01
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does Manzil offer?
Manzil offers 2 products across 1 category. Specific product types, terms, and availability can vary. Review the products listed above or contact Manzil directly for current offerings.
How does Manzil ensure Shariah compliance?
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 does Manzil work?
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.
Is Manzil available in my state?
Based on listings we track, Manzil may be available in 49 states. However, availability can vary by product type. Always verify current availability directly with Manzil.
What are alternatives to Manzil?
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 Invest: 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 Funds: 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: 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.
Are Manzil's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Manzil?
Contact information for Manzil should be available through their website or the product listings above. Use the action links provided with each product to visit Manzil's website or contact them directly for more information.
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Full AAOIFI-based Shariah screens — business activity, financial ratios, and where scholars differ — for the kinds of holdings Manzil screens.