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Australian Muslims Broadly Underserved by Traditional Financial Product Providers

Australian Muslims Broadly Underserved by Traditional Financial Product Providers

A lack of Sharia-compliant solutions and services made available by the neighborhood finance sector means lots of Australian Muslims feel they want to sacrifice their beliefs for their economic upcoming.

halal finance

halal finance

halal finance

MELBOURNE, Australia, July 11, 2022 (Globe NEWSWIRE) — In accordance to Islamic finance professionals, Hejaz Economical Expert services, the area finance business delivers a lack of halal finance options, which indicates the Australian Muslim community is vastly underserved. The halal home bank loan vendors carried out research previous 12 months which uncovered the shortcomings of common finance providers in Australia.

The investigation revealed 36 for each cent of Australian Muslims choose to keep their cost savings in money because of the absence of Islam finance possibilities. Hejaz Economical Companies CEO, Hakan Ozyon, describes that Australia’s 1.2 million Muslims frequently struggle to save more than enough funds to order a house outright and the 46 for each cent of individuals surveyed who have taken out a mortgage loan were being hesitant to do so, as it didn’t align with their faith.

As nicely as troubles in accessing licensed Sharia financial loans, Hejaz Economic Providers says several Australian Muslims are preventing vital financial products, which includes personal savings accounts and insurance plan, thanks to a deficiency of reliable compliant monetary merchandise and products and services.

Standard finance providers are failing to capture the marketplace possibility owing to their business enterprise types staying based all around fascination, which is opposed to halal. The survey discovered that 62 per cent of Australian Muslims would be open to switching at least 1 of their fiscal solutions to an Islamic monetary providers supplier.

Hejaz Monetary Companies is on a mission to fill the gap by delivering a wide array of Islamic money companies. The underlying aim is to offer an Islamically permissible substitute without having compromising the integrity of the product or service.

At the moment in the course of action of applying to becoming the first Australian, absolutely digital Islamic bank, the enterprise is also searching for to improved teach Aussie Muslims about their monetary selections. Hejaz Money Companies suggests the Islamic local community is in have to have of proactive economic management suggestions, with 40 for every cent of survey respondents indicating they had been seeking to teach them selves by financial resources and 23 for each cent presently trying to find assist from a financial advisor.

Furnishing a wealth of Islamic money sources which include information about Halal loans, Hejaz Economical Services has an on the web enable centre or can be contacted immediately with any questions. For a lot more facts contact us now on 1300 043 529

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