Manzil becomes first Canadian associate member of AAOIFI

TORONTO, January 29, 2021 - Manzil, a digital Islamic financial technology and alternative financing company announced today it has received an associate membership approval from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI is a leading standards-setting organization set up in 1991 and issues standards in  Shari’ah, accounting, auditing,  governance and ethics in line with Islamic rules. This marks the first Canadian institution to receive such membership and makes it the 36th country where AAOIFI now has a footprint in the form of a member.

“As Manzil continues its path in pioneering the Islamic finance industry in Canada, it is imperative that our clients and partners are assured that we are committed to halal and ethical business practices,” said Mohamad Sawwaf, Manzil’s Co-Founder and CEO. 

“Canada has yet to introduce an Islamic finance regulatory framework, and Manzil has committed to self-regulate as an Islamic financial institution. Manzil’s acceptance as the first AAOIFI member in Canada is not only confirmation of its commitment and demonstrates its adherence to sound halal policies and practices, but also assists AAOIFI in expanding its geographical footprint into non-OIC member countries”.