Melbourne: Hejaz Group, Australia’s leading Islamic Finance provider, has become the first Islamic mortgage provider to have its products listed on the Australian Finance Group (AFG) mortgage aggregator platform.
Hejaz joins more than 80 other lenders on AFG’s mortgage panel, which is one of the largest in Australia. Its inclusion means more than 3,800 AFG-accredited mortgage brokers will now have access to Hejaz’s Shariah-compliant mortgage offerings that cater specifically to the needs of Muslim Australians.
Because of Shariah rules prohibiting the payment or earning of interest, many Australians who adhere to Islamic beliefs have traditionally found it difficult to access mortgages sold through conventional lenders.
Following today’s announcement, they will be able to access Hejaz-branded mortgage finance through one of the country’s largest broker networks, with the knowledge that it has been ethically screened under rigorous rules set out by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
CEO of Hejaz Group, Hakan Ozyon, said the partnership with AFG brought Hejaz one step closer toward its goal of helping Australia’s 1.2 million Muslims source finance and take ownership of a home without compromising their deeply held beliefs.
“Muslims in Australia are a growing community with substantial assets. They are traditionally good savers and well educated, but in many cases frustrated by a lack of financial products that align with their Islamic beliefs. This partnership goes some way to meeting that demand - we’re delighted that AFG has recognised the needs of a substantial community and is assisting in providing a practical and positive solution,” Mr Ozyon said.
General Manager of Aggregation at AFG, Them Lam, said the group was excited to be catering to what was a fast-growing niche in the mortgage lending market and thereby solving a key problem for Muslim Australians.
“We have been getting a high level of enquiries from our broker network on behalf of their Muslim clients and it was clear we needed to find a solution. The partnership with Hejaz - a highly professional and innovative lender – does that, giving our brokers and their clients access to a diverse range of Shariah-complaint mortgage solutions. Hejaz’s broker-friendly platform means that we will be able to offer a seamless integration of the Hejaz products .”
AFG brokers will have access to the full suite of Hejaz Islamic Finance Products, including the gold, flexible and essential home finance offerings.
Issued by Sefiani Communications Group on behalf of Hejaz Financial Services. Media inquiries to Shannon O’Mara, mob. 0407 770 994 or somara@sefiani.com.au.
About Hejaz Group
Hejaz Group is Australia’s leading diversified provider of Islamic Financial products and services, with $1.3 billion in funds under management and advice. Hejaz combines Islamic finance knowledge and technical expertise to create specialised products and services, tailor-made to meet the needs of Muslim and non-Muslim clients. Hejaz provides an in-house solution across a range of Shariah-compliant services including funds management, financial planning, accounting, property finance, super and tax, legal and insurance offerings.
What is Shariah compliant investing?
Shariah compliant investing refers to ethical investment in products, companies and industries which align with Islamic beliefs. To be classed as Shariah compliant, all investments must undergo mandatory ethical screening using the rules set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Under these rules, investment in the following business activities is not allowed: conventional banking and insurance; alcohol; pork and all non-Halal food items; gambling; tobacco; adult entertainment; conventional derivatives; weapons; all other impermissible actions as decided by the Shariah Supervisory Board.
Most Islamic Financial products and services are offered direct to consumers, which have historically limited access and awareness of these products and services. Hejaz financial products are available to clients both directly and through professional intermediaries such as Financial Advisers and Mortgage Brokers.
