According to halal finance experts, Hejaz Financial Services, technology has the potential to contribute effectively towards financial inclusion, ensuring those who are excluded from traditional financial services due to their faith have access to a wide range of financial products in line with their values.
Fintech adoption rates have been consistently high in advanced markets and now Islamic fintech is evolving, with the ability to empower a new generation of customers. Hejaz Financial Services explains that Islamic finance is a booming segment of global finance, catering to both Muslims and a wider ethical finance audience of non-Muslims.
Fintech is used to describe new technology that seeks to improve and automate the delivery and use of financial services. Islamic fintech is defined as a segment of financial technology that follows Sharia principles, which prohibits profiting from debt, interest payments and investing in restricted businesses including those related to alcohol, tobacco and gambling.
With the number of followers of Islamic faith projected to reach around 3 billion people by 2060, one of the key challenges for the Islamic finance sector is a lack of knowledge surrounding the basic principles of Sharia loans and other Sharia-backed financial services.
Hejaz Financial Services has been actively attempting to address the knowledge gap around Islam finance and hopes the digital disruption of Islamic finance will be a key trend of the fintech sector in 2022 and beyond.
Hejaz Financial Services is currently in the process of applying to become Australia’s first 100% digital Islamic bank to help facilitate ethical economic growth and financial opportunity for all Muslims.
For almost a decade, Hejaz Financial Services has been striving to make lives better by solving the financial challenges of the Muslim community and has been recognised as Australia’s leading Islamic financial group.
The Hejaz Group delivers a broad range of Islamic financial services across investment management, superannuation services, financial advice and Halal loans. To find out more about these services, including how to apply for a halal home loan, contact Hejaz Financial Services 1300 043 529.