Australia's first halal financial app launched by Hejaz

Hejaz Financial Services has introduced Australia's first halal financial app, Halal Money, providing a range of Shariah-compliant financial products and services.

The Halal Money app has achieved significant traction with over 15,000 downloads in the initial weeks following its beta release, marking a notable interest from the Muslim community across Australia.

Globally, the Muslim population holds USD $4.5 trillion in assets but often faces a lack of suitable financial services that comply with Shariah law. Interest-based gains are generally prohibited under Islamic principles, yet investments that can provide returns within the confines of Shariah law, such as specific superannuation funds, are permissible.

The app offers features that cater specifically to the requirements of Muslim investors, including Shariah-compliant superannuation, home loans, and auto finance, as well as exchange-traded funds that adhere to Islamic principles.

Hejaz has also entered into an agreement with Bahrain's ruling family, The House of Khalifa, and its government to launch a Gulf Cooperation Council (GCC) headquarters in Bahrain. This agreement is intended to facilitate the international availability of the Halal Money app.

This strategic initiative will help Hejaz expand into the UK and European markets, using Bahrain as a hub for its global growth efforts, aligning with their ambition to become a leading Muslim-owned global digital bank.

Hejaz's Founder and CEO, Hakan Ozyon, remarked, "The Muslim community, like all other communities globally, must be empowered to have values-aligned access to finances, payment infrastructure, and investment opportunities. And yet this growing global market has been underserviced in this regard for decades, including in Australia."

He elaborated, "For this reason, our Halal holistic wealth management app is a game-changer. We are empowering Muslims across the country to invest and manage their own wealth in alignment with their faith, using cutting-edge technology."

Ozyon further added, "The platform aims to democratise access to Halal investments and provide a user-friendly interface for managing Islamic finance portfolios all under one roof. We're not like the big four banks that have a million apps for every service they offer, with the Hejaz app you can spend, invest and save, all in one."

He concluded by stating, "So we're not just launching an app; we're pioneering a new era of accessible, Shariah-compliant financial services for Muslims Australia-wide, marking a significant milestone in the fintech industry."