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Islamic banks in Australia: NAB taps into Islamic finance market with sharia-compliant loans
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Islamic banks in Australia: NAB taps into Islamic finance market with sharia-compliant loans
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New dealer group taps into Muslim market
New dealer group taps into Muslim market
A specialist financial services group is launching Australia’s first advice network to cater to Islamic customers, with plans to grow the dealer group up to 200 authorised representatives.
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In a statement, Hejaz Financial Services said it was launching the Hejaz Financial Advisers Network to assist Muslim clients with growing their wealth in a Sharia-compliant way.
Traditional Islamic beliefs forbid the use of financial products that pay or receive interest, as well as a number of other ethical screens including alcohol and non-Halal food products.
Hakan Ozyon is struggling to remember the name of Sheikh Mufti Muhammad Taqi Usmani, the economist who chairs the Dubai-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
“Sorry, I’m fasting at the moment and haven’t had any coffee,” he says.
Ten more days remain until Ramadan ends and Muslims can celebrate eating and drinking between dawn and dusk again. “You know how people get drunk on beer? We get drunk on sweets,” he jokes.
Ozyon, the chief executive at Melbourne-based Hejaz financial services, has more to look forward to than sugar. After the success of his firm’s Islamic investing services over the past few years, Hejaz has set up its own AFSL and is looking to roll out a financial planning offering to the Australia’s growing Muslim community.
Asia-Pacific News In Brief (April 26, 2021)
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