Over 3,800 brokers will have access to Shariah-compliant mortgages
Islamic finance provider Hejaz Group has become the first Islamic mortgage provider to have its products listed on the AFG mortgage aggregator platform.
Hejaz joins about 80 other lenders on AFG’s mortgage panel, one of the largest in Australia.
Its inclusion means more than 3,800 AFG-accredited mortgage brokers will now have access to Hejaz’s Shariah-compliant mortgage offerings which cater specifically to the needs of Muslim Australians.
Shariah rules prohibit the payment or earning of interest, so many Australians who adhere to Islamic beliefs have traditionally found it difficult to access mortgages through conventional lenders.
Borrowers will be able to access the service knowing it has been ethically screened under rules set out by the Accounting and Auditing Organisation for Islamic Financial Institutions.
CEO of Hejaz Group, Hakan Ozyon (pictured above left), said the partnership with AFG brought Hejaz one step closer toward its goal of helping Australia’s 1.2 million Muslims source finance and take ownership of a home without compromising their deeply held beliefs.
“Muslims in Australia are a growing community with substantial assets,” Ozyon said. “They are traditionally good savers and well educated, but in many cases frustrated by a lack of financial products that align with their Islamic beliefs.”
“This partnership goes some way to meeting that demand – we’re delighted that AFG has recognised the needs of a substantial community and is assisting in providing a practical and positive solution.”
Ozyon said Hejaz Group was Australia’s leading diversified provider of Islamic Financial products and services, with $1.3 billion in funds under management and advice.
Hejaz combined Islamic finance knowledge and technical expertise to create specialised products and services, tailor-made to meet the needs of Muslim and non-Muslim clients. Its Shariah-compliant services include including funds management, financial planning, accounting, property finance, super and tax, legal and insurance offerings.
AFG general manager of aggregation Them Lam (pictured above right) said the group was excited to be catering to what was a fast-growing niche in the mortgage-lending market while solving a problem for Muslim Australians.
“We have been getting a high level of enquiries from our broker network on behalf of their Muslim clients and it was clear we needed to find a solution,” Lam said.
“The partnership with Hejaz - a highly professional and innovative lender – does that, giving our brokers and their clients access to a diverse range of Shariah-complaint mortgage solutions.
“Hejaz’s broker-friendly platform means that we will be able to offer a seamless integration of the Hejaz products.”
AFG brokers will have access to the full suite of Hejaz Islamic Finance Products, including the gold, flexible and essential home finance offerings.
The aggregator also recently added HSBC Australia’s range of home loans to its lending panel.
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