12:16Islamic Finance ( Islamic Banking ) | My First Million Podcast
From My First Million · Published Jul 5, 2020 · Watch on YouTube
TL;DR
Manzil is a startup offering Islamic (Sharia-compliant) mortgages in the U.S. and Canada, operating as a marketplace that connects investors (funding the loans) with “super prime” borrowers (doctors, lawyers) who want halal financing.
Key insights
- Islamic finance prohibits interest (riba) because money is considered to have no inherent value; loans must involve shared risk and shared upside between both parties.
- Manzil spent 1–2 years ensuring their financial mechanism is Sharia-compliant (blessed by community leaders).
- They are not a deposit-taking bank; they issue loans using other people’s money (investors) and earn a 1–2% transaction fee as a broker.
Want the full analysis - every claim cited to the second it was said?
This page only shows a teaser. Sign up to chat with the complete, cited breakdown of "Islamic Finance ( Islamic Banking ) | My First Million Podcast".