Hejaz Group makes $10m strategic investment in Islamic Bank Australia
Hejaz Group and Islamic Bank Australia share the goal of enabling Australia’s 800,000 Muslims to access world-leading financial services which they are typically excluded from because of their faith. The investment is in line with Hejaz Group’s ambition to offer a holistic wealth service to Muslim customers in Australia, working in partnership with other Islamic and non-Islamic organisations to give customers access to Shariah-compliant fund management, financial planning, accounting, property finance, super, tax and insurance services.
The size of Hejaz Group’s stake in the bank is undisclosed. Hejaz Group is funding the investment through internal capital though is also currently raising externally to fund expansion efforts, including into overseas markets.
Islamic Bank’s CEO Dean Gillespie and other members of the executive leadership team will continue to lead the bank.
Hejaz currently has $1.3 billion in funds under management and advice. Its Global Ethical Fund is Australia’s largest single standalone Islamic fund, while the Hejaz Equities Fund (ASX:ISLM) and Hejaz Property Fund (ASX:HJZP) were the first Islamic finance products to be listed on the ASX.
Hejaz distributes its market-leading products direct to consumers as well as through intermediaries, including the Hejaz Financial Advisers Network and mortgage brokers licensed under aggregators including Finsure, Outsource Financial, and Purple Circle Financial Solutions.
Islamic Bank Australia was founded to provide Australian Muslims with retail banking services. It is currently testing its systems and products under a Restricted ADI with over 12,500 future customers already waiting to open banking services.
“Hejaz’s ambition is to provide best-in-class financial services that enable Muslims to grow their wealth in a way that is compliant with their faith. Traditionally, Muslims have been disenfranchised from financial services because they do not adhere to Shariah principles. However, this is an Australian community that is young and well educated and are demanding more from financial service providers. Islamic Bank Australia has already established itself as a prominent Islamic brand and we’re looking forward to partnering with them to deliver much needed banking and financial services to Australia’s Muslim community.” said Hakan Ozyon, CEO at Hejaz Financial Services
“Islamic Bank Australia and Hejaz share the same mission – to enable Australian Muslims to access financial services that align with their faith and values. This investment from Hejaz will enable us to expand our customer acquisition while we work towards a full ADI licence, a key step to providing Australian Muslims with Islamic-compliant banking services for the first time.” said Dean Gillespie, CEO, Islamic Bank Australia
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