Fintech company Manzil, focusing on 'Halal finance', broadens its operations from Canada to the United States.
In a significant move, Manzil Invest USA, a subsidiary of the Canadian Islamic fintech startup Manzil Investment Advisors, has launched a digital platform offering Shariah-compliant investment solutions specifically catering to America's Muslim community. The platform is powered by a strategic partnership with Alpaca, a self-clearing broker-dealer providing Shariah-compliant financial products.
The new platform aims to bridge the gap in financial tools for Muslim Americans, who often face limited access to investment opportunities that align with their beliefs. Manzil's key features include diversified and expertly managed portfolios, adherence to the standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and the use of criteria from the American Friends Screening Committee (AFSC) to pre-screen securities.
The platform is designed to be accessible, with availability on iOS and Android devices, making it easy for Muslim Americans to invest in public equities that comply with Islamic law (Shariah). This move is expected to empower a significant number of Muslim Americans who may have otherwise been excluded from the public stock market.
Canada, the fastest-growing G7 nation, has seen a surge in growth primarily due to immigration, with the immigrant population currently standing at around nine million, representing a quarter of Canada's total count. Manzil has been targeting Canada's Muslim community since 2017, and the success of its operations in Canada led to the expansion into the U.S. market.
Yoshi Yokokawa, CEO of Alpaca, has expressed his excitement to support Manzil's vision for inclusive finance by providing the necessary infrastructure. This partnership underscores Alpaca's commitment to fostering financial innovation and accessibility, especially for underserved communities.
It is estimated that the share of the immigrant population in Canada is expected to keep rising, highlighting the growing need for platforms like Manzil Invest USA that cater to the financial needs of these communities. With several million Muslims in the USA, the platform's launch in the U.S. market is expected to have a significant impact on the investment landscape for Muslim Americans.
- The digital platform launched by Manzil Invest USA, a subsidiary of the Canadian Islamic fintech startup, aims to empower Muslim Americans by providing them with Shariah-compliant investment opportunities in the business sector, leveraging technological advancements in partnership with Alpaca for easier access to public equities.
- As part of its commitment to financial innovation and accessibility, specifically for underserved communities, Alpaca has partnered with Manzil Invest USA to help bridge the gap in financial tools for Muslim Americans, offering diversified and expertly managed portfolios that adhere to Shariah law and AAOIFI standards.
