Manzil surpasses $100 million in halal mortgages for Muslim Canadians

Islamic fintech-startup from Toronto Address surpassed $ 100 million. The United States in the general financing of a halal mortgage after doubling the size of its mortgage business in less than a year.

In an exclusive interview with Betakit, the co -founder and CEO of Manzil Mohamad Sowaf called the Milestone the “covenant” in the strength of the mortgage product of the company and the demand for it. He said that Manzil provided a mortgage of a halal of about 240 Muslim-Canadian households.

Mancil created a waiting list of $ 10 billion since the startup first launched his halal mortgages in 2020.

Sawwaf claimed that this is the largest business that any financier of Halaal mortgage has been involved in today. He argued that the milestone for $ 100 million “lays the foundation” so that Manzil is raising up to $ 1 billion, and he notes that he sees a total targeted market of $ 250 billion for mortgage loans in Canada. However, as Sawwaf noted, the vision of Manzil became “North American Islamic Neobank“It covers more than just a mortgage.

Founded in 2017, Manzil seeks to help Muslim Canadians and Muslim Americans build wealth in such a way that this corresponds to their ethical and spiritual obligations. The company serves a growing demography, which largely closes from the traditional financial system from the absence of options that satisfy their religious requirements. Many Muslims refrain from investment in any companies or products related to alcohol, tobacco, gambling or weapons, and do not use financial services that are related to interest.

Manzil worked on creating what he called Sawwaf “The Halal version of wealth. The startup, which began to offer free mortgages in Canada, has expanded since then to offer a wider range of financial products for Muslims, including US residents (USA) Declared in Betakit In July, this Manzil remains well -capitalized and expects to achieve profitability by the end of 2025.

A mortgage is a key support in the general strategy of Mansil. Startup mortgage loans use capital received from the Manzil mortgage fund, which is traded on the CBOE Canada exchange and acts as a fixed income fund. Mancil is a member of AAOIFI, and the company's products of the company are based on the structures of Murabaha (Sost Plus Sale) and Musharaka (joint ownership partnership). They are designed to adhere to globally recognized Islamic finances and are independently considered and certified by IFAAS.

CONNECTED: Mancil seeks to become a “North American Islamic Neobank”, since it expands to us

According to the Web Sit Mancheil, more than 10,000 Canadian Muslims use startup products. Mancheil mortgage also gives clear evidence of strong demand. Sawwaf said that Manzil has created a waiting list of $ 10 billion since the startup first launched his halal mortgages in 2020, and he argued that this list is increasing by about $ 100 million a month at the moment without any marketing.

Mancil brought his services Halal Investment Services in the United States in the beginning of this year after his purchase American peers of agaz investments in 2024.

Manchel’s halal mortgages are now available in British Colombia, Albert, Ontario and Quebec, and the company hopes to deliver them to the remaining provinces over the next year. They are not yet available in the USA.

The strategy for startup growth includes something more than just a mortgage: it is also aimed at launching at the end of the year to its own savings and expenses with the DC Bank partner.

“The purpose of this is to create an additional product that we know, the needs of our community, and this is a demand, and attract another set of deposits that we can also supplement and supplement our mortgage program and potentially launch other financing programs,” SawwAF said, referring to the car and business financing, since the regions that Manzilil would like to enter into the future.

Sawwaf noted that the acquisition of AGHAZ from Manzil also gave startup the opportunity to launch its own Halaal exchange fund, which the company has already filed in the United States. He expects to ultimately bring a comparable proposal to Canada.

Betakit reporter Josh Scott talks to Sawwaf about the work that Manzil performs to rethink neobanking in North America on the stage in Elevate Festival October 8.

The image function is provided by Manzil.