Hejaz launches Australia’s first Islamic-specialist financial adviser network

In an Australian first, Hejaz Financial Services, Australia’s leading diversified provider of Islamic financial products and services, has announced the launch of the Hejaz Financial Advisers network dedicated to advising clients on Islamic-compliant investments.

Advisers joining the network will operate under Hejaz’s master license (AFSL) to give Australian Muslims access, for the first time, to a professional financial adviser to help them secure and grow their wealth in a Sharia compliant way.

The network, which will comprise both Islamic and non-Islamic financial specialists, will advise clients on investment products that are aligned to Islamic investment principles and tailored to their individual financial needs.

Hakan Ozyon, Chief Executive Officer at Hejaz Financial Services said, “Muslims are a growing but underserved financial services market in Australia. To date, they have not been able to access specialist advice or products designed to help them achieve their financial goals in a way that reflects their religious faith.

“By establishing a network of advisers who deeply understand the customers they serve, Hejaz is helping to make wealth management more accessible to Islamic communities. We believe we are also setting an example at a time when questions have been raised about how aligned advisers are to their clients’ needs.”

Hejaz expects to recruit up to 50 advisers to the network within 12 months and is seeking to eventually license between 150 and 200 specialist financial advisers.

Among other investments, Hejaz-affiliated advisers will be equipped to advise clients on Hejaz’s flagship Islamic investment products, the Global Ethical Fund and Ethical Income Fund.

The Global Ethical Fund is a multi-asset balanced fund applying a Sharia-compliant strategy that aims to achieve CPI plus a 3% total return per annum. Since inception in 2017, it has returned 6.0% per annum. Established in 2019, Hejaz’s Ethical Income Fund is designed to generate a steady, Sharia-compliant income stream. It has a target return of between 5% and 7% per annum.

Hejaz’s total funds under management (FUM) currently stand at $170 million.

Susan Wolff, an experienced CFO, Operations and Governance Manager, has been appointed to lead the development and growth of the financial adviser network. Ms Wolff has worked previously at Challenger International, IOOF Holdings, Capstone Financial Planning, AMP and most recently, as Chief Operating Officer at MSC Group.

“Hejaz is taking steps to make wealth creation more customer-centric. The market potential here is enormous – Muslim Australians are diligent savers and, given the choice, will always gravitate to financial products that align with their faith and values,” said Ms Wolff, General Manager – Wealth Management at Hejaz Financial Services.

“I am pleased to be joining Hakan and the leadership team as Hejaz continues to create innovative new funds and solutions to everyday problems. A laser focus on what our Muslim and non-Muslim customers are actually looking for is exactly what the industry needs.”

This article was first published in Adviser Voice on 6^th May 2021 and is republished with permission. Click here to view the original article.