Melbourne – Hejaz Financial Services has revealed that its Hejaz Income Fund has experienced 58% growth of its FUM year-on-year, as demand for Sharia-compliant investment alternatives remains strong. The Hejaz Income Fund has also been awarded a SUPERIOR 4-star investment rating by SQM Research. SQM Research lauded the “high calibre” management of the fund and meaningful historical performance.
Hejaz Income Fund is an investment fund designed to help generate a steady income stream while maintaining the highest Sharia investment standards. The fund is actively managed, with the Investment Manager identifying and assessing the most appropriate opportunities through a disciplined review process and ethical screens. As part of the due diligence process, all proposed investments undergo a strict Sharia-compliant testing to ensure eligibility.
The fund invests in compliant secured private financing, asset-backed investments, property, and corporate financing. Since its inception in 2018, the Hejaz Income Fund has delivered an annualised net return of 5.36% and targets a return of 5-7% (net after fees and before taxes).
In SQM Research's view, the Hejaz Income Fund has an appreciable potential to outperform over the medium-to-long term and is of a “high investment grade” suitable for APL inclusion.
Hejaz Financial Services COO, Muzzammil Dhedhy, said: “Our aim is to educate the market and show Muslims that their faith does not have to be a barrier to investing, wealth creation and long-term financial security. The performance of our Hejaz Income Fund and SQM’s high investment grade rating is proof that when you invest with the values and beliefs of your customers at the core, together you can deliver great results. We have more than doubled our funds under management YoY which is again testament to this philosophy.”
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About Hejaz Financial Services
The Hejaz Group is Australia’s leading diversified provider of Islamic Financial products and services. 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 Sharia-compliant services including funds management, financial planning, accounting, property finance, super and tax, legal and insurance offerings. Visit: https://www.hejazfs.com.au
What is Sharia compliant investing?
Sharia compliant investing refers to ethical investment in products, companies and industries which align with Islamic beliefs. To be classed as Sharia 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 Sharia Supervisory Board.
