Tech Beetle briefing CA AI

Manzil launches "halal version of Robinhood" in US as it eyes global growth

Essential brief

Toronto-based Islamic FinTech startup Manzil has launched a self-directed halal stock trading app in the US, marking a North American first. The platform allows American clients to trade Sharia-com

Key topics

manzil halal version robinhood eyes global growth Toronto-based Islamic FinTech North American American Sharia-compliant US

Key facts

Manzil launched North America’s first self-directed halal stock trading app in the US.

The app allows direct trading of Sharia-compliant US equities through a mobile platform.

Manzil integrates Sharia screening and trading in one app, simplifying ethical investing.

The company plans global expansion, currently supporting clients in multiple countries.

Highlights

Manzil was founded in 2017 and initially offered halal mortgages in Canada.

The company acquired US peer Aghaz Investments to enter the American market.

Previously, Manzil provided managed halal portfolios; now it offers self-directed trading.

Sharia compliance is ensured through partnership with Zoya for stock screening.

Manzil’s app is available in the US, UK, Bahrain, Qatar, Saudi Arabia, and UAE, with plans to expand.

Why it matters

Manzil’s launch of a self-directed halal stock trading app in the US addresses a significant gap in financial services for Muslim investors seeking Sharia-compliant options. By integrating screening and trading into a single platform, Manzil simplifies ethical investing for a demographic often excluded from traditional markets. This development also signals the growing demand for specialized fintech solutions that respect religious and ethical considerations, with potential for global impact as Manzil expands inter...

Manzil, a Toronto-based Islamic FinTech company founded in 2017, has introduced a self-directed halal stock trading app in the United States, claiming to be the first of its kind in North America. Previously, Manzil offered American clients access to managed halal investment portfolios after acquiring US peer Aghaz Investments. The new platform enables users to trade individual US equities that have been screened for compliance with Sharia law directly through the app.

The company aims to serve Muslim Canadians and Americans who seek to build wealth while adhering to ethical and spiritual obligations. Many Muslim investors avoid companies involved in alcohol, tobacco, gambling, weapons, or financial services involving interest, which limits their options in traditional financial markets.

Manzil’s founder and CEO, Mohamad Sawwaf, described the expanded platform as a halal alternative to popular US trading apps like Robinhood. Unlike previous solutions where investors used separate trading and screening tools, Manzil offers an integrated, all-in-one app for Sharia-compliant investing.

Initially focused on halal mortgages in Canada, Manzil has broadened its offerings to include various financial products for Muslims in North America. The company partnered with Alpaca to provide managed portfolios and now collaborates with Zoya for Sharia screening to support the self-directed trading model.

Manzil has also enhanced its international know-your-client (KYC) capabilities, allowing sign-ups from most countries globally. Currently, the app is available to clients in the US, the UK, Bahrain, Qatar, Saudi Arabia, and the UAE, with plans to expand to additional countries. With approximately 1.8 million Muslims in Canada and 4.5 million in the US, Manzil targets a growing demographic largely underserved by conventional financial services.

Looking ahead, Manzil hopes to extend its self-directed trading services to Muslim Canadians, contingent on market developments and partnerships. The company views this launch as the beginning of a broader global expansion to serve the nearly two billion Muslims worldwide.

Key topics in this update include manzil, halal version, and robinhood.