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Manzil Financing

Answered according to Hanafi Fiqh by DarulIftaBirmingham

Answered by: Maulana Muqtaur Rahman

Question

Have you looked into Manzil financing?

بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم

In the name of Allah, the Most Gracious, the Most Merciful

Answer:

Manzil is an Islamic Financing platform whereby Muslims can benefit from their halal financing facilities and sharia-compliant investing services.

The Manzil institution works towards providing their customers services based on a Murabahah based contract.

[https://manzil.ca/why-you-should-consider-a-halal-mortgage/]

Murabahah” in Islamic jurisprudence refers to that transaction where the seller and the purchaser both agree on a price of a product based on the original price paid, along with a certain profit added.

[Hidayah, v.5 p.152, Bushra Prints]

Manzil also has partnered with the world-renowned Islamic Finance Advisory and Assurance Services (IFAAS). The team consists of scholars for certification, auditors, and finance managers. Their certifications are available on their website for further reading.

[https://manzil.ca/about/certifications/]

Therefore, we do not see any areas of transaction in which Manzil does not comply with the teachings of Islamic jurisprudence.

Only Allah knows best

Written by Maulana Muqtaur Rahman

Checked and approved by Mufti MohammedTosir Miah

Darul Ifta Birmingham

This answer was collected from DarulIftaBirmingham.co.uk, which is run under the supervision of Mufti Mohammed Tosir Miah from the United Kingdom.

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