Toronto-based Shariah-compliant lender Manzil has made its mortgage investment fund available through the centralized financial asset platform NEO Connect.
“The Canadian value of Shariah-compliant mortgages in 2017 was estimated at $2 billion, of which we have captured $300 million on our waitlist, and growing at $5 million per week, proving there is a significant demand for Halal financing and investment products,” Manzil co-founder and CEO Mohamad Sawwaf stated.
“We are proud to make our Canadian-first Halal product available as a PTF on NEO’s innovative distribution eco-system,” the executive added. “Our partnerships with NEO and DealSquare will give investors the most efficient access to our fund. We are confident that Toronto is the perfect fit for an Islamic finance North American hub and we are very pleased to have NEO as a capital-raising partner as we bring our product to the market.”
Manzil noted that at present, it is the only operating Canadian entity that follows the rules laid out by the Accounting and Auditing Organization for Islamic Financial Institutions.
The Islamic faith has a proscription against paying interest, which precludes Muslims from taking out traditional mortgages.
NEO Connect assured that the fund – available under the symbol MANZL – adheres to Shariah standards.
“We are proud to on-board Manzil to NEO as the newest asset manager to champion PTFs,” NEO president and CEO Jos Schmitt said. “We are eager to celebrate the growth and adoption of PTFs as we make available a first Halal investment product and leverage our partnership with DealSquare to give asset managers and investors an even better experience.”