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Hejaz Financial Services, one of Australia’s leading Islamic finance providers, is planning to apply for a banking license to become an authorized deposit-taking institution (ADI).
If Hejaz is approved as an ADI, it will be the first time in Australia that an Islamic financial institution has achieved that status.
Islamic finance is distinct from conventional finance in that it prohibits the charging of interest on loans. It is extremely common in Muslim-majority countries, and it is rapidly increasing in Australia.
Hejaz has added three new members to their leadership team to assist them in becoming an ADI. Andrew Key, formerly of Bank of Melbourne and Bankwest, will take over as head of lending, while Samrah Sahi, an experienced insurance and financial services executive, will take over as head of customer service.
Michael Trist, formerly of Dark Horse Capital’s executive vice president, will join as general manager of sales and distribution. He has extensive experience, including in the United Kingdom, where the Islamic finance sector is far more developed than in Australia.
“Hejaz is on a mission to ensure that Muslims don’t have to compromise their values to access best-in-class financial products,” said Muzzammil Dhehdy, COO of Hejaz.
“Our success so far has been founded on the world-leading expertise of our team and the arrival of Andrew, Michael and Samrah will take us to a new level. Each brings exceptional experience and pedigree that will enable us to solidify our status as Australia’s premier Islamic bank.”
Hakan Ozyon, CEO and founder of Hejaz, stressed the importance of using Islamic finance to serve Australia’s large and growing Muslim population.
“There are roughly 1.2 million Muslims in Australia, representing an estimated market of $192 billion.
“These people want to save, invest and buy houses just like other Aussies and our ambition is to be able to provide a full range of services to help them achieve their financial ambitions in a way that doesn’t compromise their beliefs.
“We enjoy a good relationship with APRA, who has been instrumental in guiding us towards our goal of becoming Australia’s first Islamic Bank.”
