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Manzil Disclosure Statement


Nature of the Digital Platform 

Murabaha Inc. (“Manzil”) and WealthBar Financial Services Inc. (“CI Direct Investing”) are offering a digital platform (the “Digital Platform”) to provide clients with an opportunity to access the discretionary investment management services of CI Direct Investing, together with the investment sub-advisory services of Manzil and its approach to value investing in the Manzil family of private pooled investment funds (the “Fund”). 

You may open registered and taxable accounts on the Digital Platform which include but not limited to registered retirement savings plan, tax-free savings accounts, registered education savings accounts and non registered account. All of your accounts opened on the Digital Platform are subject to this Platform Disclosure Statement. Your contractual relationship with CI Direct Investing is independent of Manzil and any contractual relationship that you may have with Manzil.

Role of Manzil 

Manzil is the manager of the Fund and manages and administers the Fund.

Manzil is not authorized to provide services on behalf of CI Direct Investing or to act for or bind it. For greater certainty, Manzil will not have the authority to direct CI Direct Investing to make investments on your behalf or provide any investment advice directly to you.

Role of CI Direct Investing

As a registered portfolio manager, CI Direct Investing is authorized to act as an adviser in respect of any security. CI Direct Investing provides discretionary investment management services to you, not to Manzil or its representatives. CI Direct Investing is not authorized to provide services on behalf of Manzil or to act for or bind it. CI Direct Investing will make investments for you as described in this Managed Account Agreement and all activities requiring adviser registration under the Digital Platform will be provided by CI Direct Investing.


For services rendered by CI Direct Investing, including management, trading and performance reporting, CI Direct Investing charges an annual total management fee calculated as a percentage of the fair value of your assets under management (“AUM”) and set out in CI Direct Investing’s pricing page

Manzil will not collect any referral fees or other compensation from CI Direct Investing in connection with your account. However, Manzil will collect the following compensation from the Fund in your account: (i) management fees calculated as a percentage of your AUM invested in Manzil Fund. 

The table below sets out the Manzil Portfolios, including the weighted management fee of each Manzil Fund in your Manzil Portfolio and a link to the description of the management fees paid by the Manzil Fund in your Manzil Portfolio, as set out in the confidential offering memorandum of such fund. 



Manzil Income

Manzil Conservative

Manzil Balanced

Manzil Growth

Manzil Fund







Mgt fee






Weighted fee






Manzil may charge fees and/or pass through expenses relating in connection with the Fund. All such fees and expenses have been disclosed to you

Potential Conflicts of Interest

CI Direct Investing is not affiliated with Manzil. Each of CI Direct Investing and Manzil has its own policies and procedures which govern conflicts of interest.

The Digital Platform is a joint offering of Manzil and CI Direct Investing and has been designed to provide clients with exposure to the Manzil Fund, as represented by the Fund and the Manzil Portfolios. By favouring the Fund, CI Direct Investing has not considered other securities that may have characteristics, such as cost structure or past performance, similar or superior to the Fund when providing discretionary investment management services to your account. 

Manzil may pay CI Direct Investing an annual maintenance fee to compensate CI Direct Investing for servicing the Digital Platform. As such, the Fund may be considered “connected issuers” of CI Direct Investing.   

Acknowledgement and Agreement

By maintaining a CI Direct Investing account that holds a Manzil Portfolio, you acknowledge that you have read, understood and agree to the terms of this Online Platform Disclosure Statement. 

Download a copy: Manzil Disclosure Statement.pdf

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