MELBOURNE, Australia, 7 July 2022 (GLOBE NEWSWIRE) – According to halal finance experts, Hejaz Financial Services, technology has the potential to contribute effectively to financial inclusion, and ensure that those who are excluded from traditional financial services because of their beliefs have access to a wide range of financial products in line with their values.
The adoption rate for Fintech has been consistently high in advanced markets, and now Islamic fintech is developing, with the ability to strengthen a new generation of customers. Hejaz Financial Services explains it Islamic finance is a thriving segment of global finance, serving both Muslims and a wider ethical financial 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 adheres to sharia principles, which prohibits making money on debt, interest payments and investing in limited businesses, including those related to alcohol, tobacco and gambling.
With the number of followers of the Islamic faith estimated to reach around 3 billion people by 2060, one of the main challenges for the Islamic financial sector is a lack of knowledge about the basic principles of Sharia loans and other Sharia-backed financial services.
Hejaz Financial Services has actively tried to address the knowledge gap around Islam finance and hopes the digital disruption of Islamic finance will be a key trend for the fintech sector in 2022 and beyond.
Hejaz Financial Services is currently applying to become Australia’s first 100% digital Islamic bank to help facilitate ethical economic growth and economic opportunities for all Muslims.
For almost a decade, Hejaz Financial Services has sought to make life better by addressing the economic challenges facing Muslim society and has been recognized as Australia’s leading Islamic financial group.
Hejaz Group provides a wide range of Islamic financial services across investment management, pension services, financial advice and Halal loans. To find out more about these services, including how to apply for one halal mortgagecontact Hejaz Financial Services 1300 043 529.
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