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Australian Muslims Broadly Underserved by Traditional Financial Product Providers | Business News

Australian Muslims Broadly Underserved by Traditional Financial Product Providers | Business News

MELBOURNE, Australia, July 11, 2022 (Globe NEWSWIRE) — In accordance to Islamic finance specialists, Hejaz Economic Solutions, the area finance field offers a absence of halal finance choices, which indicates the Australian Muslim community is vastly underserved. The halal house personal loan vendors performed investigation past year which uncovered the shortcomings of standard finance companies in Australia.

The study uncovered 36 for each cent of Australian Muslims decide on to continue to keep their savings in income mainly because of the absence of Islam finance options. Hejaz Fiscal Products and services CEO, Hakan Ozyon, clarifies that Australia’s 1.2 million Muslims usually battle to conserve sufficient cash to purchase a dwelling outright and the 46 per cent of those people surveyed who have taken out a property finance loan were reluctant to do so, as it didn’t align with their religion.

As very well as issues in accessing licensed Sharia loans, Hejaz Money Expert services says lots of Australian Muslims are keeping away from vital economic merchandise, which include price savings accounts and insurance policies, because of to a absence of authentic compliant monetary goods and solutions.

Common finance vendors are failing to capture the current market prospect because of to their business versions currently being based close to interest, which is opposed to halal. The survey located that 62 for every cent of Australian Muslims would be open to switching at the very least a single of their fiscal solutions to an Islamic economical solutions service provider. 

Hejaz Money Solutions is on a mission to fill the hole by delivering a broad range of Islamic economical services. The fundamental aim is to deliver an Islamically permissible substitute without having compromising the integrity of the solution or support.

At present in the course of action of making use of to getting the 1st Australian, entirely digital Islamic lender, the enterprise is also trying to find to much better educate Aussie Muslims about their monetary possibilities. Hejaz Fiscal Expert services suggests the Islamic neighborhood is in have to have of proactive money management information, with 40 per cent of study respondents indicating they have been on the lookout to educate on their own as a result of economical resources and 23 for every cent presently trying to find assist from a economical advisor.

Delivering a prosperity of Islamic financial assets which include details regarding Halal loans, Hejaz Financial Services has an on the net help centre or can be contacted instantly with any thoughts. For extra facts phone us now on 1300 043 529

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