Hakan Ozyon

Australia’s largest Islamic financial institution, Hejaz, and OnePath Network, a global Islamic production company, join forces in a groundbreaking partnership. This collaboration aims to empower Muslim communities worldwide through engaging content and events, focusing on spreading the true word of Islam, strengthening the Deen globally, and promoting financial literacy.

Hakan Ozyon, Founder & CEO of Hejaz, expressed his enthusiasm, “Hejaz is excited to announce a pioneering partnership with OnePath Network. Our goal is to establish trust and credibility among our Muslim audience. We will create engaging resources that empower Muslims and cultivate a stronger connection with Islamic principles, especially in finance.”

This partnership combines Hejaz’s extensive knowledge of Islamic finance with OnePath Network’s exceptional skill in producing captivating and educational content. “We are excited to share our new partnership with Hejaz, a renowned Australian Islamic financial institution.” OnePath Network said, “The goal of this collaboration is to instil a deep understanding of Shariah-compliant finance among Muslim communities. We empower them to not only navigate their financial journeys with confidence but also actively contribute to the growth of an Islamic economic ecosystem.

Ali Ozyon, Chief Marketing Officer of Hejaz, said, ” OnePath Network’s content transcend boundaries, and anyone can attest to how impressive their production values are. We at Hejaz are delighted to be working with OnePath Network to produce the best-in-class content that will entertain and inform the world about Islamic finance and the religion.”

This groundbreaking partnership between Hejaz and OnePath Network promises a significant impact on Muslim communities worldwide.

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Hakan Ozyon

Trading and wealth fintech Openmarkets has been appointed by Australia’s leading Islamic finance provider, Hejaz Financial Services (Hejaz), to provide innovative trading and execution technology solutions that will power Hejaz’s shariah-compliant investing platform.

The platform, currently in development, will be supported by Openmarkets’ API-led market infrastructure technology, enabling its clients access to Australia’s first shariah-compliant ASX-listed ETFs, including the Hejaz Equities Fund (ASX: ISLM), the Hejaz Property Fund (ASX: HJZP), and its Hejaz Sukuk Fund (ASX: SKUK), the latter being comparable to a traditional bond ETF.

The platform’s arrival will be an important milestone for Australian Muslims, whose investments must be shariah-compliant, avoiding companies that partake in activities that are considered by Islam to be morally or socially injurious. As a result, these companies also meet stringent environmental, social, or governance (ESG) criteria, potentially broadening Hejaz’s market appeal to ethically-minded investors.

Dan Jowett, CEO of Openmarkets, said the business was proud to contribute to financial products that will create more options for Muslim investors across Australia.

“Openmarkets solutions will enable Hejaz to grow its footprint in Australia, giving Australia’s growing Muslim community more options and more choice as to where and how they invest their money,” Mr Jowett said.

Hakan Ozyon, CEO of Hejaz Financial Services, said Openmarkets’ innovative trading technology would enable it to expand its solutions.

“Hejaz is proud to deliver a fresh and compliant approach to investing for Australian Muslims, which make up nearly one million people. This partnership with Openmarkets will be critical as we expand our financial solutions to meet this community’s needs,” Mr Ozyon said.

Hejaz Financial Services is the nation’s leading provider of Islamic financial services, offering shariah-compliant managed funds, superannuation, equities trading, Halal ETFs, home loans, and Hayat protection. Hejaz currently has $1.3 billion in funds under management and advice, with a client base of more than 6,200.

Shariah-compliant investing avoids activities considered by Islam to be morally or socially injurious. This includes refraining from sectors such as alcohol, tobacco, media, pork manufacture, and gambling, and investments that generate revenue from interest.

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Hakan Ozyon

Hejaz Group, a leading global Islamic Finance provider, has launched Australia’s first ever Sukuk active exchange-traded fund (active ETF), enabling investors to access a Shariah-compliant bond alternative product for the first time.

The Hejaz Sukuk Active ETF (Managed Fund), will be available on the ASX from 2 November 2023. The Hejaz Sukuk Active ETF (Managed Fund) (ASX:SKUK) will enable retail, wholesale and institutional investors in Australia and New Zealand to invest in a shariah-compliant fixed-income asset that is comparable to a traditional bond ETF.

Unlike traditional bonds which derive yield from debt interest, Sukuk are financial certificates that appreciate as the value of the underlying asset grows. Sukuk are issued in global markets and structured to comply with Islamic law, with investor returns considered to be profit sharing rather interest. Under shariah principles, the earning or payment of interest is not permitted.

Managed by Hejaz Asset Management, the Hejaz Sukuk Active ETF (Managed Fund) is comprised of a diversified portfolio of Shariah-compliant Sukuk investments from the Bloomberg Global Aggregate USD Sukuk Index. Hejaz Asset Management is targeting a return of 8 per cent per annum, after fees.

Hakan Ozyon, CEO, Hejaz Group said: “Hejaz was founded to give Australian Muslims the opportunity to grow their wealth without compromising their beliefs, by giving them access to world-class halal financial products. The Hejaz Sukuk Active ETF (Managed Fund) fills a substantial gap in the market by enabling Muslims and non-Muslims to access an ultra-ethical fixed-income product – considered a defensive asset – for the first time. Alongside our equities and property ETFs, and new account-based pension offering, our Sukuk Active ETF shows Hejaz is fulfilling our promise to a support Muslims financial needs with first and best-in-class products.”

The global Sukuk market was valued at USD 915 billion in 2022 and is expected to reach a value of USD 2.3 trillion by 2028, based on a predicted cumulative annual growth rate (CAGR) of 16.2% from 2023 to 2028.i

Equity Trustees will be trustee for the Hejaz Sukuk Active ETF (Managed Fund), with Apex Financial Services Group acting as administrator and custodian, and Nine Mile as the market maker.

Andrew Godfrey, Executive General Manager, Superannuation Trustee Services, Equity Trustees said: “This is another example of the Hejaz team developing innovative financial solutions that solve real-world needs for a community with specific requirements and preferences. We’re pleased our specialist trustee and governance expertise can facilitate the launch of this purpose-built product.”

Andrew Campion, GM, Investment Products, ASX, said “Our vision is to ensure that there are a broad range Investment Products available on ASX that enable investors and their advisers to construct quality portfolios. The Hejaz Sukuk ETF is an excellent example of broadening the choice that investors have in the Australian market”.

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 (Managed Fund) (ASX:ISLM) and Hejaz Property Fund (Managed Fund) (ASX:HJZP) were the first Islamic finance products to be quoted on the ASX.  In September 2023 it launched the Hejaz Islamic Super and Pension, the first Islamic account-based pension to be offered to Australian consumers directly.

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Hakan Ozyon

Hejaz Group, Australia’s leading Islamic finance provider, today announced it has made a $10m investment in a strategic stake 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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Hakan Ozyon

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.”

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