Muzzammil Dhedhy
Hejaz Group, Australia’s leading Islamic Finance provider, has announced the launch of its new product, Hejaz Islamic Super and Pension. This marks the first time an Islamic account-based pension has been offered to Australian consumers directly.
Hejaz Islamic Super and Pension offers three investment options—growth, balanced and conservative—through a streamlined application process. Customers can apply and be onboarded via the online member portal in approximately two minutes, with greater flexibility and control over investment options during different life stages (including during accumulation and pension phases). Hejaz Group previously offered access to its Sharia-compliant superannuation products as advised products only.
Following Hejaz Group’s recent $10 million strategic investment in Islamic Bank of Australia, the availability of the new Hejaz Islamic Super and Pension product furthers the company’s ambition to provide an end-to-end wealth service for all Australian Muslims and other customers with shared ethical values.
Muzzammil Dhedhy, COO at Hejaz Group commented on the launch: “Superannuation is fundamental to ensuring a comfortable retirement but we realised that there wasn’t a Sharia account-based pension fund available to Australian Muslims. This can be particularly frustrating for large organisations that want to do the right thing and make sure all of their employees have access to ethical superannuation options.”
“We’ve made it easy and hassle-free to set up an Islamic super account and account-based pension that aligns with members’ beliefs and values. Under each of the three investment options on offer, we’re targeting returns which match industry benchmarks. We emphasise the importance of not disadvantaging those who choose to align their investments with their faith and values.”
With an average 120 members being onboarded to Hejaz’s existing superannuation products via advisers per month, many customers have already expressed interest in the new direct-to-consumer Hejaz Islamic Super and Pension offer. Equity Trustees will be trustee for the Hejaz Islamic Super and Pension offer, while Acclaim Management Group is the Administrator; and AIA Australia Limited is the Insurer.
Andrew Godfrey, Executive General Manager, Superannuation Trustee Services, Equity Trustees said: “It’s clear the Hejaz team is committed to developing innovative, faith-based customer-led financial solutions and they have created the Hejaz Super and Pension offer to meet a need in the Australian Muslim community. We’re pleased to facilitate the launch of this new product by applying our specialist trustee and governance expertise.”
Hejaz currently has $1.3 billion in funds under management and advice. Its Global Ethical Fund is Australia’s largest 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.