April 13, 2024


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Australian Muslims Broadly Underserved by Classic Money Solution Suppliers

A absence of Sharia-compliant products and solutions and services presented by the area finance sector means many Australian Muslims come to feel they need to sacrifice their beliefs for their monetary long term.

halal finance

halal finance

MELBOURNE, Australia, July 11, 2022 (Globe NEWSWIRE) — In accordance to Islamic finance gurus, Hejaz Financial Products and services, the community finance field provides a absence of halal finance solutions, which implies the Australian Muslim group is vastly underserved. The halal dwelling mortgage vendors carried out investigation last year which uncovered the shortcomings of conventional finance suppliers in Australia.

The investigate exposed 36 for each cent of Australian Muslims select to keep their discounts in hard cash mainly because of the deficiency of Islam finance possibilities. Hejaz Money Companies CEO, Hakan Ozyon, points out that Australia’s 1.2 million Muslims usually wrestle to preserve more than enough money to obtain a house outright and the 46 for each cent of individuals surveyed who have taken out a mortgage were reluctant to do so, as it failed to align with their faith.

As properly as challenges in accessing accredited Sharia loans, Hejaz Monetary Companies claims quite a few Australian Muslims are steering clear of critical economic items, which include financial savings accounts and insurance policies, because of to a absence of authentic compliant economic goods and companies.

Traditional finance companies are failing to capture the industry chance thanks to their business products remaining based mostly all over desire, which is opposed to halal. The study found that 62 per cent of Australian Muslims would be open up to switching at the very least a single of their financial products to an Islamic fiscal expert services company.

Hejaz Economical Products and services is on a mission to fill the gap by providing a broad vary of Islamic economical providers. The underlying objective is to give an Islamically permissible alternative with out compromising the integrity of the solution or services.

At this time in the approach of implementing to becoming the initially Australian, completely digital Islamic lender, the corporation is also in search of to far better educate Aussie Muslims about their money selections. Hejaz Economic Companies suggests the Islamic group is in require of proactive fiscal administration information, with 40 for each cent of study respondents indicating they had been wanting to educate on their own by means of monetary methods and 23 for each cent currently trying to get support from a financial advisor.

Furnishing a wealth of Islamic financial resources together with information regarding Halal financial loans, Hejaz Monetary Solutions has an on line aid centre or can be contacted straight with any concerns. For a lot more information and facts phone us now on 1300 043 529

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Picture 1: halal finance

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