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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.



About lender

Manzil is a financial service provider in Canada offering Halal financing and investing solutions that align with Islamic beliefs and ethical principles.

Manzil offers Halal mortgages, Halal credit cards, Halal investments, etc. Shariah-compliance experts have reviewed all products; Manzil is Canada’s first Associate member of AAOIFI (Accounting and auditing organization for Islamic financial institutions).

The company was established in Toronto in 2017 to give the Muslim (and even non-Muslim) community the opportunity to demolish usury and live «putting God first, before people, and people before profit.»

It's operating in Ontario province.


Manzil offers Murabaha and Musharaka mortgages. The source of financing is the Halal mortgage fund, invested by any eligible individual or institution to receive monthly income disbursements.

Murabaha is a financing structure that allows the seller and buyer to agree to the cost and the fixed rate over a fixed term upfront. Manzil buys the property from a seller and sells it to the final buyer — the client — at «cost plus profit.»

It is Halal as it relates to a sale transaction, not interest, forbidden by Islamic law. Murabaha is not an interest-bearing loan (riba). There aren't any other charges, only the outstanding principal balance to pay off.

The mortgage is discharged once you pay off the price. When the mortgage is terminated, you fully own your home.

Musharaka is a certified Halal joint partnership agreement in which parties share benefits and losses. With the Musharaka mortgage, you can buy a new property, transfer, or refinance your existing mortgage from another financial institution.

Manzil Musharaka Mortgage allows Manzil and you to sign a Partnership Agreement to purchase the desired property and own shares according to your capital participation.

Manzil sells parts of its share in the property to you for an agreed price (which may vary). When you make regular payments, Manzil’s share in the home steadily decreases until you become the single owner.

You have the title on the property but hold Manzil’s beneficial ownership on trust until you close the mortgage.

Also, you can open a Halal prepaid credit card; no interest is charged or paid, and no subscription fees.

Manzil’s relationship with the customer is a seller-to-buyer relationship — with respect and not a lender or a borrower — as it is in conventional lending.

Pros and cons

Look through this pros and cons review to decide whether Manzil products are your best mortgage solution.


  • Shariah-compliant business, the service is appropriate for the Muslim community

  • Flexible and affordable repayment terms of 1 — 25 years

  • Fixed rates or rates based on the Bank of Canada rate

  • Transparent contracts

  • Easy and convenient to apply

  • No prepayment or late payment fee

Overview of the drawbacks you should know before borrowing.


  • A down payment of 20% minimum is required

  • The Halal mortgage fund limits funds

  • Operating only in Ontario

There are advantages and disadvantages of Manzil's financial services, but Manzil is one of the few options for the borrowers who want a deal compliant with Shariah law.

Loan conditions

Manzil provides an open fixed-rate Murabaha mortgage with terms from 1 to 25 years, Murabaha or Musharaka. Your payment amount doesn't change within the repayment terms. The price of purchase is up to $5,000,000 ($4,000,000 loan, $1,000,000 down payment).

You could repay monthly, on the first of each month.

Manzil purchases your desirable home from its seller and sells it to you for a price that includes Manzil’s profit, as a traditional mortgage is haram in Islam.

Profit rates are based on the following terms:

  • 25 years — 5.49%

  • 20 years — 4.99%

  • 15 years — 4.49%

  • Ten years — 3.99%

  • Five years or less — 3.49%

With a Musharaka mortgage, you buy Manzil's shares of your home until you are the sole owner.

The Musharaka profit is a variable based on the Bank of Canada policy rate.

There are no prepayment penalties or late payment fees, but a down payment of a minimum of 20% is required. In addition, an administration fee of 2% of the financing amount will be charged at the time of closing.

Musharaka mortgage requires: if the property is sold to a third party, the company will forgo the right to any additional profit generated from such sale and will give the share of such gain to you 100%. But losses will be shared proportionate to each partner’s percentage of ownership.


What is Manzil?

Manzil offers investment, finance, and mortgage products based on Islamic principles. Their products meet the strict Shariah standards of AAOIFI.

Who owns Manzil?

Manzil Mortgage Services Inc. is an Islamic digital bank founded by Mohamad Sawwaf, current CEO, Mustafa Elkalza, current CFO, and current COO Sam Holako in 2017.

How do you qualify for Manzil?

To qualify borrower should have:

  • Canadian residence in Ontario

  • An ability to make a 20% minimum down payment

You could apply, but know that funds are limited by the amount of money in Manzil's Halal mortgage fund, so there is a waiting list.

How much can you borrow from Manzil?

You can borrow up to $4,000,000 with a property price of $5,000,000 and down payment of $1,000,000.

Is Manzil a legitimate company?

Yes, it is. The company has been operating in Canada since 2017. The Manzil Mortgage Products are the only AAOIFI-compliant Halal mortgage in Canada.

How does Manzil work?

You can use a calculator at the official website to consider the cost of the Islamic mortgages — Murabaha and Musharaka products. Choose the price, term, and mortgage down (minimum 20%), and you will see the amount of the down payment, profit rate, monthly payment, and total amount.

Review mortgage terms and apply online. Then, submit a pre-application form, select your property, and sign the sale agreement.

Manzil purchases the home and sells it back to you. The property is registered in the owner's name, and the sale is recorded in a mortgage contract. You will have complete control of your property when you close the mortgage.

You can apply through the Manzil official website.

Company documents

Terms and Conditions
Privacy Policy

Manzil is the only provider of Islamic finance in Canada that follows all guidelines for Shariah governance established by AAOIFI, and we have the certifications to prove it!

© Manzil Mortgage Services Inc.

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What to pay attention to when applying for a loan from Manzil

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Manzil from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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