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”.

”AAOIFI has around 150 members in about 35 countries around the world. We are pleased to have Manzil as the first Canadian associate Member of AAOIFI. It highlights the commitment of the organization and its management to follow the best practices in the Islamic finance industry. We hope that Manzil will also become the first organization in Canada to implement and follow AAOIFI Code of Ethics.” Commented Mr. Omar Mustafa Ansari, Secretary-General of AAOIFI.

Manzil offers Canadian Muslims and non-Muslims the opportunity to enter into certified Murabaha- (cost-plus) and Musharaka- (partnership) based home financing agreements as well as the ability to invest in the only diversified halal investment offering, the Manzil Portfolios, available exclusively through its Robo-advisor partner CI Direct Investing (formerly Wealthbar). In mid-2020, Manzil partnered with KOHO to launch a halal prepaid Visa to its growing user base, providing them with the opportunity to save, spend, and budget without incurring any debt or paying excessive fees or interest rates.

The AAOIFI standards have been adopted in more than 27 countries and 40 jurisdictions globally. This includes countries and jurisdictions that adopt them fully, partially, use them as guidelines, allow supplementary reporting or develop local standards based on AAOIFI standards. AAOIFI Shari’ah board members include prominent scholars such as Mufti Muhammad Taqi Usmani, Chairman and member of IFIs’ Shari’ah supervisory boards, Pakistan, among other renowned scholars from around the world.

Copyright Press Releases 2021

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