TORONTO BASED MANZIL RAISES $1.15 MILLION IN SEED FINANCING TO MAINSTREAM HALAL MORTGAGES
Summary
Manzil, founded in 2017 by Mohamad Sawwaf and Sam Holako, is a turnkey solution for Canadian Muslims who wish to balance their material needs with their spiritual obligations. The religious principle of Usury prohibits Muslims from paying or accepting interest as part of any business transaction, and Manzil is uniquely positioned to address this $50Bn market opportunity. “We are very excited to be moving closer to commencing operations and fulfilling our current mortgage waitlist which is now at $200M and growing at $1M - $2M weekly. This funding round gives us the ability to address this unmet gap in the Canadian mortgage market, and is not only an important milestone for Manzil, but also for Canada at large as we begin to lay the foundation within the Canadian financial industry to position Toronto as the Islamic Financial hub of North America,” said Mohamad Sawwaf, CEO and Co-Founder. Manzil will use the funds to further develop its ‘Murabaha’ (credit-sale) Mortgage product, grow its platform, enhance its technology, and empower Canadians entering the housing market; many as first time home owners.