Canadian Islamic FinTech Manzil Launches Private Placement on Crowdfunding Platform

Manzil, a Financial Technology (FinTech) startup based in Toronto, Canada, offering Shariah-compliant financial solutions including mortgages, has opened up opportunities for public investment via a private placement on FrontFundr, a Canada-based crowdfunding platform.

Mohamad Sawwaf, Chief Executive Officer (CEO) and Co-founder at Manzil, stated that although Canadian Muslims have a high purchasing power, there is still a low participation in home ownership and capital markets amongst this demographic. Sawwaf argued that this might be due to a lack of Shariah-compliant financial instruments available in the marketplace.

The startup, which was established in 2017, has created fina...