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MELBOURNE, AUSTRALIA, December 07, 2021 /24-7PressRelease/ -- 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.
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