In a significant move to broaden its influence in North America, Manzil, a leading Canadian Islamic digital financial services platform, has officially entered the U.S. market through its acquisition of Aghaz Investment’s investment advisory license and technology. This strategic acquisition aims to enhance the accessibility of halal financial solutions for American Muslim investors, marking a pivotal expansion for Manzil.

Acquisition Details

On November 4, 2024, Manzil announced its agreement to purchase the investment advisory license and technology from Aghaz, a U.S.-based fintech firm recognized for its innovative halal, goals-based investment solutions. The acquisition will allow Manzil to operate directly within the U.S. financial landscape and leverage Aghaz's established platform and regulatory compliance as a Registered Investment Advisor with the SEC.

Dr. Mohamad Sawwaf, the Founder and CEO of Manzil, emphasized the importance of this acquisition for the company’s growth strategy. He stated, “Acquiring Aghaz is a major milestone for Manzil as we create our footprint in the U.S. market. Aghaz's SEC registration provides us with the foundation of compliance to establish and distribute our Manzil Invest solution to U.S.-based retail investors.” This integration of Aghaz’s technology will enable Manzil to offer a seamless, ethical investment platform tailored to the needs of Muslim investors seeking to align their financial goals with their ethical values.

Enhancing Product Offerings

The acquisition is expected to strengthen Manzil's product offerings significantly. Aghaz is known for its robust platform designed to cater to the unique financial needs of Muslim investors in the U.S., offering a diverse range of halal investment products. As the first automated goals-based investment advisor for Muslims in the U.S., Aghaz provides an innovative solution for individuals looking to manage their finances in accordance with Islamic principles.

With the integration of Aghaz's technology and regulatory capabilities, Manzil plans to launch its Manzil Invest platform in the U.S. market. This will empower retail investors with ethical tools for wealth growth that align with their values. Existing Aghaz customers will continue to have access to the platform's current features, while also gaining exposure to Manzil’s broader array of halal financial products and services.

Leadership Transition and Vision

Following the acquisition, Khurram Agha, the Founder and CEO of Aghaz, will assume the role of Head of Manzil Invest USA. Agha expressed his enthusiasm for the partnership, stating, “Joining forces with Manzil is an exciting opportunity for Aghaz. Our shared vision of providing ethical, halal financial solutions will now reach a larger audience in the U.S. market.” Together, the two companies aim to leverage their strengths to introduce new and innovative investment products tailored to the specific needs of U.S.-based Muslim investors.

This acquisition underscores Manzil’s commitment to growth, innovation, and expanding its reach within the global Muslim community. The company aims to use Aghaz's existing infrastructure to launch the Manzil Invest solution, empowering U.S. investors with tools that reflect their financial goals while adhering to Islamic values.

The acquisition of Aghaz Invest represents a significant step for Manzil as it expands its operations into the U.S. market, enhancing the availability of halal financial services for Muslim investors. By integrating Aghaz's technology and regulatory expertise, Manzil is well-positioned to meet the growing demand for ethical investment solutions among U.S.-based Muslims. As the company embarks on this new chapter, it aims to provide innovative, goals-based investment products that align financial aspirations with ethical and religious principles, ultimately contributing to the empowerment of a broader audience within the Islamic finance sector in North America.