MELBOURNE, Australia,
Dec. 7, 2021 /PRNewswire/
-- Access to Islamic finance is helping
Muslim-Australians and Muslim migrants in Australia ethically achieve the Australian
dream of owning property with a Halal home loan. Expert Sharia
loans provider Hejaz Financial Services explains how Halal
finance works and how Sharia-compliant financial services could
be a huge part of the future of Australia's financial sector.
Hejaz Financial Services recently surveyed 400 Australian
Muslims, finding that 46% have taken out a mortgage from a
traditional finance provider 'reluctantly', knowing that
traditional products don't comply with their faith. The research
also found that 15% of those who used a traditional finance
provider as their mortgage broker were not made aware of the fact
that a typical mortgage could compromise their religious
beliefs.
The findings illustrate the fact that for many Muslim migrants,
the dream of owning a home seems out of reach without access to
suitable Sharia-compliant solutions. However, Halal loans now
enable Muslim-Australians to ethically source a home loan; Hejaz
Financial Services is one such provider. They are applying to
become the first 100% digital Australian Islamic bank, currently
offering a range of services from Halal home loans to
Sharia-compliant superannuation and investing.
Sharia law dictates that money cannot be made from money,
explains Muzzammil Dhedhy, Chief Operating Officer at Hejaz
Financial Services. This means that interest should never be
charged on a loan. To allow Muslim-Australians to access loans that
align with these beliefs, a Halal financial institution will buy
the property in partnership with the buyer, each party's portion
determined by the buyer's deposit amount. Over time, the buyer
purchases the bank or financial institution's portion of the
property back along with tenancy fees and associated costs.
Hejaz Financial Services asserts that Sharia-compliant financial
services are invaluable to raising the quality of life of
Muslim-Australians by allowing them to take control of their
financial decision making in a way that aligns with their religious
beliefs.
Award-winning Hejaz Financial Services is passionate about
providing an array of financial services to Muslims across
Australia – contact them to find
out more.
This press release was issued through 24-7PressRelease.com. For
further information, visit http://www.24-7pressrelease.com.
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SOURCE 24-7 PressRelease.com