Manzil Investment Advisors, a subsidiary of Manzil, a Canadian Islamic fintech startup, has announced the launch of Manzil Invest USA, in partnership with Alpaca.
Through the strategic collaboration with Alpaca, a self-clearing broker-dealer and brokerage infrastructure API offering Shariah-compliant financial products, Manzil Investment Advisors rolled out the new digital platform that provides Sharia-compliant investment solutions specifically tailored to the needs of the American Muslim community. This launch enables Manzil to facilitate access to a range of pre-determined halal investment strategies, furthering the company’s commitment to optimise investing and saving for Muslims across North America.
At the time of writing, the Manzil Invest USA platform was available in both the Apple App Store and Google Play Store.
Simplifying investing for Muslim Americans
By providing managed and diversified portfolios that align with its customers’ investment objectives and risk tolerance, Manzil seeks to mitigate the complexities that users face, especially those who are new to public equities. From a compliance perspective, for both Islamic and ethical investing principles, all securities are pre-screened by Manzil, leveraging the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards and filtered through the American Friends Screening Committee (AFSC) criteria.
Furthermore, the newly launched digital platform offers educational resources to support users in making informed financial decisions and planning for the future. According to Manzil’s representatives, the decision to roll out the new service was based on the current needs of the market, with Muslims living in the US feeling excluded from the financial tools and advantages that their peers have access to. The company wanted to serve this demand by providing a tool that allows customers to adhere to their beliefs while also managing their finances.
At the same time, officials from Alpaca emphasised that the collaboration with Manzil emphasises their company’s commitment to fostering financial advancement and accessibility. The company plans to support Manzil’s objective for inclusive finance by offering the required infrastructure to deliver Shariah-compliant investment opportunities for Muslims in the US.
