News Summary

Toronto-based FinTech startup Manzil has expanded its services to the United States with the launch of Manzil Invest USA, a mobile investment platform tailored to the financial goals and religious requirements of Muslim Americans. This move follows the acquisition of US peer Aghaz Investments, whose team, tech, and SEC-registered investment advisor license were absorbed into Manzil’s operations. The app offers a curated list of halal stocks and ETFs, compliant with Islamic investing principles. Manzil aims to become a leading North American Islamic neobank, addressing the needs of underbanked Muslim communities. CEO Mohamad Sawwaf highlighted the strategic advantage of entering the US market, citing high demand and favorable regulatory conditions. In Canada, Manzil offers a range of halal financial products, including mortgages and savings solutions, and plans to introduce a mobile app soon. The company has achieved over $100 million CAD in assets under management and is on track to profitability by 2025.