Manzil Acquires Muslim Will, a Canadian Halal Digital Wills Platform
The acquisition will help more Muslim Canadians access wills that are compliant with Islamic principles without having to compromise on their religious obligations or with Canadian Law.
News provided byManzil
May 31, 2022, 9:10 AM ET
TORONTO, May 31, 2022 (GLOBE NEWSWIRE) -- Manzil, an Islamic FinTech, announced today its 100% acquisition of Muslim Will Solutions Inc., a Canadian digital Islamic wills platform for an undisclosed all-cash deal. This acquisition will not only expand Manzil’s product shelf but will assist more Canadian Muslims to create their final will in a manner that is accessible, reliable and in accordance with their spiritual and religious beliefs.
”The Muslim community in Canada and more generally in the West is underserved. The idea of muslimwill.ca came from a big need to have a trusted and affordable platform to create a will. We used cutting-edge AI technology that generates a legal document that both complies with Shariah standards and Canadian law,” said Nabil Orfali, one of Muslim Will’s Co-Founders who helped design, architect, and launch the platform and represented Muslim Will on the transaction.
Islamic wills vary from standard wills with the main difference being that Muslims are required to adhere to Islamic rules as it relates to asset sharing between loved ones and those related to them. Islamic inheritance law can be quite complex and convoluted if you don’t have a proper understanding of how your wealth and assets should be distributed in accordance with Islamic Law. Creating an Islamic will can be quite costly and requires an expert in both Islamic Jurisprudence and Canadian Inheritance law. Muslim Will’s algorithm not only solves this but does it at a fraction of the cost while fulfilling both Islamic and Canadian legal systems.
“The Muslim Will platform will not only substantially increase our customer base but will add a significant fifth revenue stream to our operations. Once the product is fully transitioned over, major synergies and cross-selling opportunities will be created through both client base,” Mohamad Sawwaf stated Manzil’s CEO and Co-Founder.
In Canada, those without a valid will are considered to have died intestate, which means the province of residence will decide how assets are distributed which goes against principles of Islamic inheritance.
“We are thrilled for an organization like Manzil, that shares our core values and mission to serve the Muslim community with innovative technologies, to acquire muslimwill.ca and carry on our vision. This strategic acquisition allows great growth horizontally, by supporting multiple provinces and countries, and vertically, by adding much needed legal documents to the platform like powers of attorney, living wills, and pre-nup agreements,” Orfali continued.
“At Manzil, our focus has always been on manufacturing ethical, Halal certified financial solutions and delivering them with the best digital experience possible,” said Sawwaf. “We saw this very alignment of product and delivery with the Muslim Will team and we are honoured to be entrusted of its custodianship for it’s next chapter of growth and development,” Sawwaf said.
Manzil is a privately-held Canadian company and is the only Canadian Islamic FinTech that manufactures and distributes Halal financial solutions which currently include home financing and investment funds. It was founded in 2017 and is headquartered in Toronto, Canada.
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For more information, please visit www.manzil.ca
About Muslim Will
Muslim Will is a privately-held Canadian company and is the only Canadian Islamic Digital Will platform that manufactures and distributes Halal-certified estate solutions. It was founded in 2019 by Nabil Orfali, Ammar Alhinawi, Samer Bahsas, and Maher Obeid; and is headquartered in Toronto, Canada.
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For more information, please visit www.muslimwilll.ca