Manzil Review
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.
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Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
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HalalWallet 2026 Review
Manzil - At a Glance
3
Products Reviewed
50
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 Manzil 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
See every Manzil alternative ranked by Index grade, Shariah oversight, and coverage
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.
Is Manzil halal?
HalalWallet does not issue fatwas, so "is Manzil halal" is answered here by what Manzil discloses and what independent scholars have reviewed. Manzil publishes a formal Shariah supervisory board: 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. What makes the managed service halal is what goes into the portfolios and who checks it. Manzil Investment Advisors, LLC - the SEC-registered adviser Manzil acquired with Aghaz Invest - builds portfolios exclusively from AAOIFI-screened instruments: halal ETFs, Sukuk, REITs, and gold and silver ETFs, matched to one of three risk profiles.
Does Manzil have complaints, lawsuits, or regulatory actions?
We have no regulatory order, enforcement action, or lawsuit involving Manzil on file in our research as of October 14, 2026. That is a statement about our file, not a clean bill of health. To check for yourself: SEC Investment Adviser Public Disclosure (IAPD); FINRA BrokerCheck; and Manzil's own public listings (SEC IAPD - Manzil Investment Advisors (CRD #308500)). Complaint counts on review sites are not verified by HalalWallet.
Manzil rates, fees, and calculator
0.40% AUM management fee plus $48/year subscription (Core, $100 asset minimum); subscription waived at $100,000+ (Premium). Third-party ETF MERs pass through inside the products; fees charged only on actively invested funds. Custody via Alpaca Securities with SIPC protection (verified on manzil.co pricing page 2026-08-05). Note: the January 2025 Form ADV filed a $2/month + 0.49% schedule - confirm current terms at signup.
- Expense ratio:
- 0.40%
- Management fee:
- 0.40% AUM + $48/yr (waived at $100K+) (Wealth Management); Core: $48/year + 0.40% of invested assets; Premium ($100K+ in assets): $0/year + 0.40% (Manzil Trading (Self-Directed Halal Stock Trading))
- Minimum investment:
- $100 (Wealth Management); $100 minimum in assets; fractional shares (Manzil Trading (Self-Directed Halal Stock Trading))
- Halal ETF comparison (fees and performance)
- Robo-advisor vs DIY cost calculator
- Dividend purification calculator
The Robo-advisor vs DIY cost calculator is HalalWallet's independent tool, not Manzil's. Enter your contribution, time horizon, and the fees listed above to see how fees compound over time and how Manzil compares with doing it yourself.
Evidence and verification
What we verified about Manzil, and when
- Data last verified
- (14 days ago)
Provider portal attestation every 30 days; editorial re-check at least quarterly.
- Shariah oversight on record
- Formal Shariah board, Third-party certified
Named oversight: Formal Board; third_party_certified; formal_board
No fatwa or certificate link on record. Ask Manzil for the document before you sign.
Labels follow the four-level oversight taxonomy.
- HalalWallet editorial score
- Index grade A
Computed from the published rubric (Shariah integrity, transparency, cost and value, track record, verified data) and approved by a named editor. Commercial status is not an input. How grades work
- Public sentiment signals
- No external rating recorded
External ratings are recorded, not endorsed. For complaints and licensing history, check the public registers below and the BBB directory.
- Commercial relationship
- Labeled Featured placement and a referral agreement
This does not change the grade, the data shown, or default comparison order. Links carry a sponsored attribute. What each click does
- Coverage in this registry
- 3 products across 1 category in the U.S. registry
If Manzil offers a Shariah-compliant product we do not list, tell us. Gaps are reported on the coverage map.
Regulatory context for this category
General to the category, not a statement about Manzil. Use the public registers to confirm licensing and history.
- Investing and retirement: Investment advisers register with the SEC or a state regulator (search IAPD); broker-dealers are overseen by FINRA (BrokerCheck). Funds and ETFs file a prospectus with the SEC where screening methodology and fees are disclosed.SEC IAPD FINRA BrokerCheck
See something outdated or wrong?
This data was last verified . Report a correction and we will re-check the primary source, fix the record, and log the change on our public corrections page.
Report a correctionProducts from Manzil
Manzil
Wealth Management
Manzil's US managed investing service is live: Manzil Investment Advisors, LLC (SEC-registered, Dallas) runs fully managed, Shariah-certified robo portfolios built from AAOIFI-screened halal ETFs, sukuk, REITs, and gold and silver ETFs across three risk profiles, with automatic rebalancing and continuous compliance monitoring that removes and replaces holdings that fall out of compliance. Pricing is a 0.40% AUM fee plus a $48/year subscription waived at $100,000; accounts start at a $100 asset minimum across Individual, Traditional IRA, and Roth IRA types, with custody at Alpaca Securities (SIPC-protected).
Opens provider site - no obligation
Manzil
Manzil Russell Halal USA Broad Market ETF
The Manzil Russell Halal USA Broad Market ETF (MNZL) is a passive Nasdaq-listed fund tracking the Russell IdealRatings Manzil Halal USA Broad Market Index - an AAOIFI-compliant screen of the broad US market with an added human-rights overlay using American Friends Service Committee criteria. At 0.40% it carries the lowest expense ratio of any US halal equity ETF, and with roughly 490 holdings it is also the broadest. The catch is youth and size: inception was November 18, 2025, and net assets were $25.31M at the 2026-08-04 fund page check.
Opens provider site - no obligation
Manzil
Manzil Trading (Self-Directed Halal Stock Trading)
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.
Opens provider site - no obligation
HalalWallet is an independent, education-only comparison site. Some outbound links earn referral fees.Advertiser disclosure
Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent. We are an educational comparison site and do not originate applications on your behalf.
Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
Referral fees typically come from the provider's marketing budget and should not increase what you pay - you should receive the same terms as visiting providers directly; confirm with the provider. How we make money · Methodology · Legal disclosures
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 operates nationwide across the U.S.:
Nationwide availability
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.
- • Scholars rule; we organize the evidence. We do not issue fatwas or declare a provider halal on our own authority.
- • Our methodology, the Trust Standard, and the public corrections log.
Manzil is in HalalWallet's independent directory for Investing, with listings covering nationwide across the U.S.. Structures we list: Wealth Management, Index-based, Self-directed brokerage with real-time AAOIFI screening (Zoya). Confirm terms and Shariah documentation directly with Manzil.
- Manzil currently has 3 products in our listings (Investing).
- Coverage we list: nationwide across the U.S..
- Contract structures we list: Wealth Management, Index-based, Self-directed brokerage with real-time AAOIFI screening (Zoya).
- Always verify compliance directly with Manzil and consult qualified Islamic finance advisors when needed.
- Compare Manzil with other providers on HalalWallet before you apply.
Source: HalalWallet (halalwallet.us)
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
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: 2026-10-01
- HalalWallet Methodology
- Editorial Policy
- Disclosures
- Manzil US Halal Investing
- Manzil US Pricing
- SEC IAPD - Manzil Investment Advisors (CRD #308500)
- Manzil Russell Halal USA Broad Market ETF (MNZL)
- Manzil Shariah Certifications
- BetaKit - Manzil acquires Aghaz (Nov 2024)
- BetaKit - Manzil launches “halal version of Robinhood” in US (2026)
How to cite this page
Preferred format (HTML):
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
Is Manzil legit?
Manzil is a real U.S. provider operating since 2017, listed nationwide across the U.S. On Shariah governance, Manzil publishes a formal Shariah board: 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. It holds a HalalWallet Index grade of A in Investing, our independent scorecard for Shariah integrity, transparency, cost, and track record. We last verified this listing on October 14, 2026. "Legit" is not the same as "right for you": compare the contract structure, total cost, and the state coverage above against alternatives before you apply.
What types of halal products does Manzil offer?
Manzil has 3 products we currently list across 1 category. Structures we list: Wealth Management, Index-based, Self-directed brokerage with real-time AAOIFI screening (Zoya). Review the products listed above for current offerings. Confirm terms directly with Manzil.
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?
Manzil operates nationwide across the U.S., though specific products may have regional limitations. 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?
Visit Manzil at www.manzil.co, or use the product links on this page.
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