Financial Review: Wealth firm eyes $250b Islamic finance market gap
17 May 2021 afr.com
Investment advisory firm Hejaz Financial Services is seeking a banking licence from the prudential regulator as it builds a vertically integrated one-stop wealth shop for the growing but under-banked Muslim community.
The Melbourne-based financial planner will be the second business in the country to become a “restricted authorised deposit-taking institution” if the Australian Prudential Regulation Authority grants its application, allowing it to dip its toe into retail banking before seeking a full licence.