Islamic financial services provider Hejaz has launched the first-ever Australian halal financial app.
In the first weeks of the app’s beta launch, there were over 15,000 downloads.
It’s estimated that around two billion Muslims across the globe hold US$4.5 trillion in assets yet are lacking in choice when it comes to investing with financial institutions that provide services compliant with Shariah law.
The backdrop is that whilst earning interest is generally prohibited under Islamic law, Australian Muslims can still invest in assets that provide beneficial gains, provided these investments adhere to Shariah law.
This may include certain types of superannuation funds or other investment vehicles that are structured to comply with Islamic financial principles.
So, the app has been built from the ground up with a range of features tailored to the needs of Muslim investors, including Sharia-compliant superannuation services, home loans, auto finance and even exchange-traded funds (ETFs) that would otherwise be forbidden.
Founder and CEO of Hejaz, Hakan Ozyon, said: “The Muslim community, like all other communities globally, must be empowered to have values-aligned access to finances, payment infrastructure, and investment opportunities. And yet this growing global market has been underserviced in this regard for decades, including in Australia.
“For this reason, our Halal holistic wealth management app is a game-changer. We are empowering Muslims across the country to invest and manage their own wealth in alignment with their faith, using cutting-edge technology.
“The platform aims to democratise access to Halal investments and provide a user-friendly interface for managing Islamic finance portfolios all under one roof. We’re not like the big four banks that have a million apps for every service they offer, with the Hejaz app you can spend, invest and save, all in one.
“So we’re not just launching an app; we’re pioneering a new era of accessible, Shariah-compliant financial services for Muslims Australia-wide, marking a significant milestone in the fintech industry.”