Login
ISCOVER
Islamic finance provider Hejaz has joined AFG, marking the first Islamic provider to have its products listed on the aggregation platform.
Hejaz Group, an Islamic finance provider, has partnered with the Australian Finance Group (AFG) aggregator platform, becoming the first Islamic financial institution to list its products on the platform.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Hejaz Group’s inclusion in the AFG mortgage panel, which boasts over 80 lenders, has opened up a new avenue for more than 3,800 AFG-accredited mortgage brokers.
This collaboration now grants them access to Hejaz’s shariah-compliant mortgage products tailored specifically to meet the needs of Muslim Australians.
Traditionally, Australians who adhere to Islamic beliefs have faced challenges in accessing mortgages offered by conventional lenders due to shariah rules prohibiting interest-based transactions.
However, with this announcement, they can now access Hejaz-branded mortgage finance through one of the country’s largest broker networks, ensuring that these financial products adhere to the rigorous ethical standards outlined by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Chief executive of Hejaz Group, Hakan Ozyon, expressed enthusiasm about this partnership with AFG, emphasising that it brings Hejaz one step closer to achieving its mission of assisting Australia’s 1.2 million Muslims in securing finance and home ownership while remaining true to their religious beliefs.
“Muslims in Australia are a growing community with substantial assets. 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,” Mr Ozyon said.
“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.”
General manager of aggregation at AFG, Them Lam, said the group was excited to be catering to the “fast-growing niche in the mortgage lending market”.
“We have been getting a high level of inquiries from our broker network on behalf of their Muslim clients and it was clear we needed to find a solution,” Mr 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-compliant 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.
[Related: Lenders move to include Islamic financing]
JOIN THE DISCUSSION