NEO is pleased to announce that Manzil, a Halal mortgage lender, has made its Manzil Mortgage Investment Fund available as a platform traded fund TM (PTF TM ). This fund fully complies with Shariah standards, and Manzil is the only entity in Canada that follows all guidelines for Shariah governance established by the Accounting and Auditing Organization for Islamic Financial Institutions.

The Manzil PTF is available on NEO Connect under the symbol MANZL, and is also listed on DealSquare, Canada’s first centralized platform for private placement offerings. DealSquare uses NEO Connect technology to seamlessly integrate OM funds into client accounts, back office systems and the Canadian Depository for Securities (CDS).

By leveraging both NEO Connect and DealSquare, the Manzil PTF and the dealer community will fully benefit from the distribution power, transaction efficiencies and cost savings the combination of these two platforms offer.

“We are proud to make our Canadian-first Halal product available as a PTF on NEO’s innovative distribution eco-system,” said Mohamad Sawwaf, Co-founder & CEO, Manzil. “The Canadian value of Shariah-compliant mortgages in 2017 was estimated at $2 billion, of which we have captured $300 million on our waitlist, and growing at $5 million per week, proving there is a significant demand for Halal financing and investment products.”

“Our partnerships with NEO and DealSquare will give investors the most efficient access to our fund. We are confident that Toronto is the perfect fit for an Islamic finance North American hub and we are very pleased to have NEO as a capital-raising partner as we bring our product to the market,” Sawwaf added.

NEO Connect has experienced rapid growth within the IIROC and MFDA community since its launch in 2016, and has allowed fund providers to efficiently raise nearly $1 billion across 70 PTFs. NEO Connect is available to advisors, dealer networks and asset managers who want a more efficient way to invest in assets not listed on a stock exchange.

“We are proud to on-board Manzil to NEO as the newest asset manager to champion PTFs,” said Jos Schmitt, President and CEO, NEO. “We are eager to celebrate the growth and adoption of PTFs as we make available a first halal investment product and leverage our partnership with DealSquare to give asset managers and investors an even better experience. The popularity of PTFs is gathering momentum as the industry starts to recognize how much of a game-changer NEO Connect really is.”

NEO Connect is a centralized platform that distributes financial assets from asset managers to investors. Launched in May 2016, NEO Connect is accessible to all advisors, dealer networks and asset managers who want more efficient and lower cost transactions for assets not listed on stock exchanges, including mutual funds, OM funds and private corporations.

Source Associated Press

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