To integrate Islamic finance into its domestic economy, the country will introduce several key instruments like Murabaha (financing customers through instalment credit sales), Mudaraba (profit-sharing investments or fund attraction), Wakala (providing or attracting funds via agency agreements), Musharaka (financing clients through joint business activities), Salam and Istisna (financing through advance payments for goods) and Islamic leasing (Ijara), which will provide property under Sharia-compliant lease terms.

To support the adoption of these tools, the government will implement specific tax exemptions. While value-added tax (VAT) will not be applied to the markup on goods sold via Murabaha (Sharia-compliant financing structure, often called ‘cost-plus financing’), income generated from investment deposits will be tax-exempt as well. Furthermore, Islamic leasing agreements will be legally equivalent to financial leasing and traditional leasing.

To ensure systemic management and compliance with Sharia standards, the Central Bank of Uzbekistan will have its Islamic finance council. Additionally, banks providing these services will be required to form their own internal councils.

The panel, while operating under the Central Bank of Uzbekistan, will be tasked to develop industry standards, draft regulatory legal acts, provide clarifications on disputed issues, review contracts and internal documentation and ensure overall compliance with Islamic financial principles.

The latest policy move follows the Central Asian country’s Senate’s approval of the law on the introduction of Islamic banking activities in February 2026, marking a significant step toward modernising the nation’s banking sector.

Officials also proposed additional plans, such as establishing bodies like the Tashkent International Financial Centre and the International Centre for Digital Technologies. These will infuse Islamic finance mechanisms into the country and help Uzbekistan position itself more competitively in the global economy amid rising geopolitical uncertainty and intensifying competition for foreign investment. Officials see the country’s natural resources, economic potential, and ongoing reforms as the main engines for creating favourable conditions to attract international companies exploring new markets.

Tashkent International Financial Centre will likely serve as a platform for new investment flows. By 2030, it is projected to attract an additional USD 20-25 billion, contributing up to 1% of Uzbekistan’s annual GDP growth, in addition to creating as many as 15,000 jobs.

The centre will operate under a special legal regime, incorporating elements of the common law system of England and Wales, thereby allowing its governing bodies to adopt independent regulations. The platform will also have a Tashkent International Commercial Court and an International Arbitration Centre to handle disputes, while providing investors with benefits like tax incentives, simplified visa procedures, the capability of freely moving and repatriating capital, and access to modern financial instruments, including digital assets.

The International Centre for Digital Technologies, on the other hand, will operate under the “Enterprise Uzbekistan Brand.” The centre will function under a special legal framework, expected to remain in place until 2100. Within a regulatory sandbox, companies will be able to test new technologies, pay salaries in foreign currency, and operate under international labour and data standards.

The digital centre will also focus on AI, data processing, research and development, and startup support. By 2030, it is expected to attract up to 1,000 companies, create over 300,000 jobs and generate export revenues of up to USD 5 billion.

The post Uzbekistan’s Islamic financial framework: All you need to know appeared first on International Finance.

“Historically, regional DCM issuances have typically rebounded swiftly once tensions eased following previous geopolitical conflicts in the Middle East. However, the ultimate effect will depend on the scope and duration of the Iran war. While some yield widening is visible in GCC bonds and sukuk since the war began, there have not been market-wide selloffs,” the agency stated.

Before the conflict’s beginning, issuance activities in the Middle East were displaying strong investor appetite. While about 84% of Fitch-rated sukuk in the GCC countries were rated investment grade, 63.2% was in the ‘A’ category, while 90% of issuers were on Stable Outlooks. Most importantly, there were no defaults by the end of 2025.

“GCC issuances were strong at the start of 2026, with many entities aiming to benefit from favourable conditions ahead of the typical Ramadan slowdown. GCC debt capital market (DCM) outstanding reached USD1.2 trillion as of March 9, 2026, up 14% year on year, with 63% of issuance denominated in US dollars. Sukuk issuance rose to a record 41% share of GCC DCM volumes, with Saudi Arabia and the UAE making up the majority of GCC DCM outstanding, followed by Qatar, Bahrain, Kuwait and Oman. Sukuk in EMs rose to 16% of all dollar DCM issuance in 2025 (excluding China; 2024: 12%). Local-currency GCC sukuk and bonds continue to be issued, mainly by sovereigns,” Fitch remarked.

While funding needs and diversification priorities remain key focus areas for Gulf countries, governments and issuers are now seeking broader liquidity channels.

Fitch sees issuers planning their funding activities well in advance, particularly for large maturities, which will help limit immediate refinancing pressure.

“Despite heightened geopolitical challenges in recent years, GCC issuer activity has rebounded quickly once tensions eased, with market access broadly maintained for many issuers. However, the duration and scale of the conflict in the Middle East have already surpassed the 2025 Twelve-Day War, testing new levels of market uncertainty,” the agency noted.

MENA (Middle East and North Africa) sukuk continues to trade tighter than bonds originating in the region, reflecting sustained and broader demand, including from Islamic banks, with yield widening more pronounced among non-investment grade issuers. The yield-to-maturity (YTM) on the S&P Global High Yield Sukuk Index rose to 6.61% on 10th March 2026, up from 5.82% on 27th February (a 79bp increase).

“Similar periods of yield widening have occurred, particularly in times of heightened geopolitical or Sharia-related uncertainty. However, the current YTM movement remains below the peak levels recorded in earlier episodes,” Fitch concluded.

The post Middle East tensions: Fitch issues outlook for sukuk issuances appeared first on International Finance.

This gap exists within Australia’s USD 4.3 trillion superannuation system, where Shariah-compliant options remain limited. Rising mortgage rates, reaching around 5.5% in late 2025, have further increased the challenge. Recognising this need, Md. Rokibul Islam founded Meezan Wealth in 2020 to provide trusted, Shariah-compliant solutions across home finance, superannuation, and investments.

His vision was grounded in three core values—trust, ethical integrity, and sustainable growth. The objective was not simply to create financial products, but to establish a platform where faith and financial well-being could coexist, while remaining committed to innovation and ethical finance.

Meezan Wealth’s super and investment solutions are supported by internationally recognised Shariah governance frameworks, including certification aligned with AAOIFI standards and advisory oversight from SRA Consulting in Malaysia.

In January 2026, the company was awarded the “Most Innovative Shariah-Compliant Financial Solutions Provider – Australia 2025” at the International Finance Awards. At the same ceremony, Founder and CEO Rokibul Islam was named Best “Emerging CEO – Islamic Finance – Australia 2025.”

These accolades reflect not only organisational achievement but also the emergence of Australia as a developing hub for Islamic Finance. Under Islam’s leadership, Meezan Wealth has established itself as a pioneer, building solutions that meet global compliance standards while serving local community needs.

Transforming Retirement Through Halal Superannuation

Superannuation has historically presented one of the most significant barriers for Muslim investors. Conventional funds often allocate capital to non-compliant sectors, leaving many individuals uncertain about their retirement savings.

Meezan Wealth addressed this gap by introducing Halal Superannuation through the APRA-regulated fund called Super Simplifier. All investments undergo rigorous screening by IdealRatings and are certified by the International Shariah Research Academy (ISRA), ensuring alignment with global Shariah standards.

And the company’s performance proved one fact: ethical investing need not come at the expense of returns. As of June 2025, Meezan Wealth’s “Islamic Ethical Growth Option” delivered 11.21%, while the longer-term strategies, including “Islamic Ethical Growth Plus,” achieved 11.32 % over three years. These outcomes reinforce the viability of Shariah-compliant investing as both principled and competitive.

“In addition to performance, members benefit from low-cost structures, flexible contribution options, and integrated optional insurance offerings, ensuring comprehensive financial security,” Meezan Wealth told International Finance.

Addressing The Home Finance Gap

Home ownership is essential for financial stability, yet traditional interest-based mortgages have long been a barrier for Muslims. Meezan Wealth addressed this by introducing Islamic home finance based on the globally recognised Ijarah model, which replaces interest with a transparent lease-to-own structure.
Clients hold the property title while repayments combine rental and equity components, with the rental portion decreasing as ownership grows.

Modern features such as offset accounts, redraw facilities, and flexible repayment options ensure these solutions meet the practical needs of Australian households. For many clients, this has enabled home ownership for the first time without compromising their values.

Building The Future Of Ethical Finance In Australia

More than representing the success of a single company, Meezan Wealth’s growth reflects the maturation of Islamic Finance within Australia. By providing integrated solutions across home finance, superannuation, and investments, the firm has created a comprehensive ecosystem previously unavailable to Muslim investors.

The company continues to expand its reach nationally, driven by a clear mission of empowering individuals and families to build wealth in a manner consistent with their values. As awareness grows and demand increases, Meezan Wealth is positioned to play a central role in shaping a more inclusive and ethical financial system.

The journey from struggle to solution is still unfolding. Yet Meezan Wealth’s progress demonstrates what is possible when financial innovation is guided by purpose. In doing so, it is helping redefine the future of finance in Australia, one where faith, ethics, and financial prosperity move forward together.

The post Meezan Wealth: The force behind Australia’s Islamic Finance growth appeared first on International Finance.

The demand will also be driven by supportive economic environments in core Islamic finance countries and by the United States Federal Reserve’s likely continuation of monetary easing policies.

“Overall, we expect issuance to reach USD 270-USD 280 billion, including foreign currency issuance of USD 100-USD 110 billion,” said the rating agency’s Islamic Finance Head Mohamed Damak.

In 2025, the sukuk market remained concentrated among a few issuers, with GCC countries Saudi Arabia and the UAE accounting for 45% of issuance volume, followed by Malaysia.

“While we do not expect this structure to change significantly, we have seen interest from new issuers, with some successfully entering the market, such as Egypt,” the senior official added.

S&P expects new issuers to tap the Islamic finance market in 2026 to diversify their investor base and secure more competitive pricing than conventional bonds.

Also, global sukuk issuance increased to USD 264.8 billion during the year, up from USD 234.9 billion in 2024, underpinned by strong performance from Malaysia, Saudi Arabia, Turkey, the UAE and Bahrain.

In fact, Saudi Arabia was the second-largest contributor to last year’s growth tally, with USD 72.5 billion in sukuk issuance, including USD 38 billion in foreign currency, rising 35% from 2024. Additionally, the Kingdom’s banking sector issued more than USD 15 billion in sukuk, including nearly USD 12 billion in foreign currency-denominated sukuk, to continue funding “Vision 2030” initiatives.

The UAE, on the other hand, contributed USD 22.1 billion in issuance, of which USD 19 billion was in foreign currency.

“Real estate developers, particularly in Dubai, were among the UAE’s top issuers as they sought funds to finance land acquisition and launch new construction projects amid favourable demand trends. The report also highlighted downside risks to the outlook, including the possibility of a major spike in geopolitical risk, which could reduce investors’ appetite for sukuk and bond issuances from the GCC,” Damak concluded.

The post UAE, Saudi Arabia to lead sukuk issuances in 2026: S&P appeared first on International Finance.

Even with its increasing popularity, a lot of investors still think it’s complicated or restrictive. Some people think it only matters to Muslim investors, while others think its performance is inferior to that of traditional markets.

The truth is different. Asset-backed strategies have flourished in industries like real estate, logistics, healthcare, and technology, which have experienced significant growth under Sharia principles and are therefore appealing to a far wider range of investors.

Sharia finance focuses on structure rather than limitations. Since global markets are dealing with uncertainty, the emphasis on openness, moral investing, and risk sharing makes it particularly pertinent today.

Competitive Asset Class

The idea that Sharia finance is a conservative, sluggish industry is out of date. These days, sharia-compliant investments are dynamic and span a variety of asset classes, including exchange-traded funds, stocks, sukuk, and real estate investment trusts.

Their competitiveness is more significant. In the last ten years, Sharia-compliant stocks in the United Arab Emirates (UAE) have produced returns that are on par with, and occasionally better than, those of traditional indices.

The Sharia Index of the Dubai Financial Market (DFM) is one example. During financial downturns, it has outperformed general market trends by avoiding highly leveraged companies, providing investors with a degree of protection against crises that frequently result from excessive debt.

The Islamic bond substitute known as sukuk has also gained popularity, offering yields comparable to those of conventional bonds while taking advantage of the UAE’s sound economic policies and state-sponsored infrastructure initiatives. Because they are asset-backed, Sukuk are protected from the increase in interest rates that can affect traditional bonds.

Expats And Sharia Investments

The idea that Islamic finance is only available to Muslim investors is among the most pervasive misconceptions about it. Nothing could be further from the truth than that. Anyone searching for moral, interest-free financial products can make sharia-compliant investments, and the United Arab Emirates, which is home to one of the biggest expat communities worldwide, provides a flourishing environment for these kinds of opportunities.

A wide variety of Sharia-compliant investment options are available to foreigners living in the United Arab Emirates, such as equity portfolios, real estate funds, and exchange-traded funds (ETFs) listed on prominent exchanges such as DFM and Nasdaq Dubai.

In contrast to certain nations where nationality or residency status restricts access to Islamic financial products, the regulatory framework in the UAE facilitates seamless participation. Additionally, investors can confirm compliance by using financial apps that search for compliant stocks, investing in mutual funds that adhere to Sharia law, or seeking certification from reputable Sharia boards.

The post Rethinking Islamic Finance: Breaking free from outdated stereotypes appeared first on International Finance.

According to the agency, the Gulf giant has seen significant growth in Sukuk in foreign currency issuance since the beginning of 2024, with issuance activity in the real estate and financial institutions sectors, amid the government’s drive to attract more foreign capital.

S&P Global further indicated that interest rate cuts are anticipated to continue until the end of 2025, fostering global issuance growth. The UAE’s insurance sector, both conventional and Islamic, is projected to expand by 15-20%, driven by economic performance and infrastructure projects.

Speaking to Emirates News Agency (WAM) during the 14th edition of the Annual Islamic Finance Conference organised by S&P Global Ratings and Dubai International Financial Centre (DIFC), the rating agency’s analysts indicated that sustainable finance presents new funding opportunities, particularly in oil-exporting nations pursuing carbon neutrality, while highlighting that the UAE is a key market for sustainable issuances in the Gulf region.

Dr. Mohamed Damak, Global Head of Islamic Finance, S&P Global Ratings, said, “The global Islamic Finance industry is witnessing remarkable growth, with total assets reaching USD 3.3 trillion by the end of 2023, an increase of 8 per cent compared to the previous year. All sectors related to the industry have witnessed remarkable growth, especially the Islamic banking sector in the Gulf Cooperation Council (GCC).”

He also noted that the volume of Sukuk issuances stabilised during the first half of 2024, despite challenges in some markets, with local currency issuances declining due to the higher interest rates in Turkey, which impacted the growth of the sector there.

Damak further stated that S&P expects the Islamic Finance sector to grow at a high single-digit rate through 2024 and 2025, fuelled by financing needs in key countries. As the United States Federal Reserve anticipates 225 basis points of interest rate cuts by the 2025 end) including the 50 basis points already cut in September 2024), it will further enhance market liquidity and promote increased Sukuk issuance.

Rawan Oueidat, Director at S&P Global Ratings, forecast that sustainable bond issuance, including green, social, and sustainability bonds, will stabilise at approximately USD 1 trillion in 2024. “While Europe and the Asia-Pacific are expected to remain the primary markets for sustainable bonds, the Middle East’s contribution will be limited to under 3%.”

She added that total issuances reached USD 16.7 billion, influenced by rising interest rates that have diminished demand for these investment instruments. UAE and Saudi Arabia became the key markets for sustainable issuances, with sustainability Sukuk demand in the Middle East rising to approximately USD 6.1 billion in the first nine months of 2024, increasing their market share to 25-30% from 20-25% in 2023.

Not only S&P Global, but even FTSE Russell held a similar view on the Gulf region’s Islamic financial market. Fiona Bassett, the CEO of the subsidiary of the London Stock Exchange Group, highlighted the UAE’s leading role as a beacon of financial innovation in the Middle East and its position as a leading centre for Islamic Finance.

“We’re seeing growing investor interest, both domestic and international, driven by the region’s expansion. This reflects the growing importance of the UAE on the global stage,” she told the Emirates News Agency (WAM) on the sidelines of the launch of the FTSE ADX 15 Islamic Index.

According to the Islamic Finance Development Report 2023, the global Islamic Finance industry experienced substantial growth, with assets rising by 11% in 2022 to reach USD 4.5 trillion. Islamic banking constituted 72% of this total. Since 2012, the industry has grown by 163% and is expected to expand to USD 6.7 trillion by 2027.

“For us, this is, providing a toolkit for investors to meet the burgeoning demands that we’ve seen in Islamic Finance,” she added.

Bassett further said that the Abu Dhabi Securities Exchange (ADX) is a key player and the FTSE Russell’s long-term strategic partnership with the ADX aims to bring compelling products to the market.

The subsidiary venture of LSEG wants to be the leading index partner in the Gulf region, offering a comprehensive suite of equity and fixed-income solutions.

“The increased liquidity and market capitalisation have led to the inclusion of more UAE companies in our global indices, from small-cap to large-cap. We’re optimistic about the region’s future growth potential,” Bassett concluded.

Meanwhile, UAE-based issuers led the Gulf region’s bonds and Sukuk market, raising USD 11.7 billion across 28 issuances in Q3 2024, compared to USD 7.8 billion through 17 issuances a year ago, according to Kuwait Financial Centre (Markaz).

Saudi-based issuers ranked second, securing USD 11.2 billion through 19 issuances.

However, the Kingdom-based entities led the Gulf market over the first nine months of 2024, raising USD 47.8 billion from 60 issuances. The UAE entities followed with USD 32.1 billion through 88 issuances. Qatari entities were the third-largest issuers by value in Q3 2024, with USD 3.5 billion in issuances, surging 236% YoY.

Kuwaiti issuers raised USD 1.7 billion across six issuances, up from USD 0.3 billion in the same period in 2023. Bahraini issuers raised USD 35 million in Q3 2024 from a single issuance, while Omani entities raised USD 20 million.

The energy sector accounted for the largest amount of primary debt issuances by value, raising a total of USD 13.1 billion, or 47% of the total value of issuances in the Gulf region during the quarter, followed by the financial sector raising a total value of USD 11.5 billion.

Total Gulf corporate primary issuances increased by 233% YoY in Q3 2024 to USD 26.3 billion, bringing the total value for the first nine months to USD 59.4 billion.

The post S&P, FTSE reports bring cheers for UAE as Islamic Finance witnesses further growth appeared first on International Finance.

The vice chairman of Bait Al-Mashura, Prof. Dr. Khalid bin Ibrahim Al Sulaiti, stated that the “Islamic Finance in Qatar” report examines the operations of Takaful insurance companies, Islamic banks, and Islamic Finance and investment firms in Qatar. Reviews of Islamic financial products are also included, such as Sukuk, investment funds, and the state of the Islamic financial market, in addition to a broad evaluation of the state of the Qatari economy.

Additionally, he stated that the Islamic Finance sector has a number of encouraging growth prospects that underpin its ongoing expansion and accelerated development in terms of the environment and the penetration of new ecosystems.

As the field develops, there is a pressing need to comprehend these movements and track their velocity in order to paint a clear picture of the Islamic Finance industry’s past and present. The aforementioned will make it possible to forecast the future of Islamic Finance and direct it in a way that will support its goals of social sustainability and development.

According to the Islamic Finance in Qatar report, the country’s Islamic Finance assets increased by 33% to reach QR656 billion (USD180 billion). Islamic banks held 87% of these assets, while Islamic Sukuk accounted for 11%.

In the banking industry, the assets of Islamic banks increased by 30.6% in 2023 to reach QR563.7 billion; deposits decreased by 1.4% to reach QR313.4 billion; private sector deposits accounted for 59% of total deposits; financing saw a marginal increase of 0.6% to reach QR382.7 billion, outpacing the real estate and government sectors; personal finance followed with revenues up 0.6% to reach QR30.3 billion and profits up to roughly QR8.2 billion with a growth rate of 7.1%.

The post Islamic Finance assets grew by 3.3% in 2023 in Qatar: Report appeared first on International Finance.

The venture, established in 2020, provides instalment solution for businesses covering both business-to-business (B2B) and business-to-consumer (B2C) transactions with its state-of-the-art platform.

“Our holistic solution caters for both online and offline payments through a wide variety of payment channels (omni-channel). With our collective experience of over 20 years serving in the financial services industry, du-it is on a mission to offer a smarter way of living by catering to the unique needs of every individual to achieve financial convenience,” the venture stated further.

Knowing Things In Detail

Du-it first hit the headlines in December 2022, as it got investments from a fund named TIM Ventures, which was set up in the same year to invest in emerging start-ups in the insurtech and Islamic Fintech space in Malaysia.

The RM45 million venture capital fund has been set up by Hong Kong-based insurance company FWD Group and Malaysia-based firm Artem Ventures.

Du-It, along with four other start-ups, Senang, Pewarisan and Blueduck, got the funding through the VC fund. Now talking about Malaysia’s Buy Now Pay Later (BNPL) industry, current trends indicate a robust growth trajectory, as the sector is projected to achieve a gross merchandise value of USD 2.78 billion in coming months, thereby representing a striking annual growth of 17.5%. By 2029, the BNPL market is expected to further expand to USD 4.76 billion.

The sustained growth comes amidst a surge in e-commerce activities throughout the country, leveraging an increasing consumer preference for flexible financing solutions. The BNPL payment platforms, on the other hand, have proven to be particularly popular, offering convenient short-term loans that complement the modern consumer lifestyle.

The surge is also underpinned by key performance indicators revealing an uptick in transaction volume and average value per transaction, pointing to BNPL’s growing adoption for a variety of purchases—from routine retail shopping to sectors such as home improvement and travel.

Du-it is looking to transform this thriving sector completely through its two solutions: “du-it BIZ” and “du-it B2C.” We will talk about these solutions in detail.

Instalment Solutions For Businesses

“Du-it BIZ” is all about allowing business purchases to be paid in interest free instalments. The solution allows B2B manufacturers and wholesalers to get paid upfront, while their business customers can pay in interest-free instalment with pre-approved credit limit.

The operational backbone of “du-it BIZ” is a “Digital B2B BNPL Platform,” which provides a seamless end-to-end digital experience for businesses which is secure and easy to adopt. The solution also Caters for both online and offline payments through a wide variety of web and mobile payment channels. Most importantly, “du-it BIZ” is one of the first Shariah-Compliant B2B BNPL covering a wide range of industries.

Partnering through “du-it BIZ” also helps businesses to increase customer loyalty and sales conversions, by providing payment flexibility for the customers. The businesses can make a sale and get paid upfront without having to worry about credit risk. Another benefit of opting “du-it BIZ” is the solution’s seamless API integration, which covers a wide variety of web and mobile commerce channels all at no cost.

By offering white-label BNPL solution under the “du-it BIZ,” businesses can give their customers the freedom to divide their payments into four equal interest-free instalments, which, in turn, will increase the Sales conversion rate at the point of checkout and avoid high fall-off rate. Also, the interest-free instalment payment option will promote quicker and more consistent sales among the established consumer base, apart from cultivating strong customer loyalty.

Benefits For Customers Too

Using “du-it B2C,” customers can pay and transact in a secure environment with du-it’s state-of-the-art technology without any worries, apart from having the freedom of using the start-up’s platform both online and in-store (offline).

In an “In-Store” environment, customers can pay using du-it at checkout by scanning the QR Code. In the “Split Payment” mode, the customers can choose to pay between four equal monthly instalments with no interest. When it comes to using “du-it B2C” online, the customers get the added benefit of tracking their expenditure history via the “du-it B2C” app.

“Du-it allows you to shop stress-free with no hidden costs. Split your purchase over four equal payments with no interest. Pay only 25% and get what you love, right away. We make shopping fun. It’s your choice,” the start-up commented further.

The Way Ahead

With a robust growth forecast and expanding consumer adoption, Malaysia’s BNPL industry will redefine retail and consumer financing. The BNPL movement in the Southeast Asian country is signifying a pivotal shift in consumer finance, catalysing new opportunities in the digital economy in the process.

By embracing innovation and adapting to consumer needs, BNPL in Malaysia is charting a course towards a dynamic and promising future. Expect du-it to take a leading role in this journey.

The post Start-up of the Week: The ‘du-it’ revolution in Malaysia’s BNPL scene appeared first on International Finance.

As of April 2024, Hejaz, based in Melbourne and maintaining a global presence, is delivering a broad range of Islamic financial services across investment management, superannuation services and financial advice, apart from lending to a large and diversified client base that includes corporations, financial institutions, and individuals.

Hejaz seeks to create a sustainable, intergenerational, Islamic financial ecosystem to comprehensively cater to the financial, social, and economic needs of the Global Muslim community. To fulfil the vision, the venture is constantly working to provide a comprehensive suite of Shariah-compliant financial products and services.

Hejaz Financial Services prides itself as an industry leader, providing quality service, professional expertise, and knowledge. For almost a decade, the venture has expertly combined Islamic financial knowledge and technical expertise to create specialised products and services, tailor-made to meet the needs of its varied clients.

Due to its remarkable contribution in the domain of Islamic Finance, Hejaz Group emerged victorious at the International Finance Awards 2024, securing two coveted titles that underscore the company’s commitment to innovation and excellence in the finance sector.

The accolades included the title of “Fastest Growing Sharia Compliant Home Financer – Australia 2023” and “Best New Sharia Compliant Product – Superannuation – Australia 2023,” honours which not only solidified Hejaz Group’s position as a leader in the Australian financial landscape but also highlighted the venture’s dedication to providing innovative Sharia-compliant solutions in the realm of home financing and superannuation.

Testament To An Unwavering Commitment

Hejaz Group’s incredible growth in the arena of Sharia-compliant home financing has not gone unnoticed. The “Fastest Growing Sharia Compliant Home Financer Award for Australia in 2023” serves as a testament to the Group’s unwavering commitment to providing accessible and ethical financial solutions in the housing sector.

In an exclusive interview with International Finance, Hejaz Group’s CEO, Hakan Ozyon, expressed his gratitude and excitement about the achievement.

He said, “Receiving the Fastest Growing Sharia Compliant Home Financer award is a moment of pride for Hejaz Group. It reaffirms our belief that ethical finance can coexist with growth and innovation. We are honoured to be recognised for our efforts in providing Sharia-compliant home financing solutions that cater to the diverse needs of the Australian market.”

Hejaz Group’s ground-breaking approach extends beyond home financing to include superannuation, as demonstrated by their win in the “Best New Sharia Compliant Product – Superannuation – Australia 2023” category. This award acknowledges the Group’s pioneering efforts in developing innovative and ethical superannuation products tailored to the specific requirements of the Australian Muslim community.

Muzzammil Dhedhy, Hejaz Group’s Chief Product & Compliance Officer shared further insights into the development of their award-winning superannuation product.

“At Hejaz Group, we understand the importance of providing Sharia-compliant financial solutions across various domains. The recognition for Best New Sharia Compliant Product in Superannuation is a result of our team’s dedication to crafting products that align with Islamic principles while meeting the financial goals of our clients,” Muzzammil Dhedhy said.

Hejaz Group’s success at the International Finance Awards 2023 also reflects the company’s vision for ethical finance that prioritises inclusivity and transparency.

Hakan Ozyon emphasised the importance of aligning financial services with ethical principles, saying, “Our vision is to redefine the financial landscape by providing ethical and accessible financial solutions. We believe in a future where individuals can achieve their financial goals without compromising on their values.”

Muzzammil Dhedhy further elaborated on the Group’s commitment to compliance and innovation, by stating, “In the fast-evolving financial industry, maintaining compliance with Sharia principles requires continuous innovation. We strive to combine tradition with modernity, ensuring that our products not only adhere to Islamic finance principles but also meet the dynamic needs of our clients.”

Roadmap For The Future

Navigating the complex landscape of Sharia-compliant finance poses both challenges and opportunities. Hejaz Group recognises the importance of staying ahead of the curve and addressing the unique demands of the Australian market.

Hakan Ozyon opened up further about the challenges, by saying, “While the demand for Sharia-compliant financial products is growing, it’s crucial to stay vigilant and adapt to regulatory changes. We see these challenges as opportunities for improvement and innovation.

Muzzammil Dhedhy highlighted the role of education in overcoming challenges in the sector.

“There is a need for increased awareness and understanding of Sharia-compliant finance. As we move forward, educating our clients about the benefits and principles of ethical finance will be a key focus for Hejaz Group,” he said further.

Hejaz Group’s success at the International Finance Awards 2024 serves as a launchpad for their future endeavours, as the venture remains dedicated to expanding its range of Sharia-compliant financial products and services, catering to the evolving needs of the Australian market.

Hakan Ozyon expressed his optimism about the future, stating, “This recognition fuels our passion to continue innovating and delivering ethical financial solutions. We are excited about the possibilities that lie ahead and remain committed to reshaping the financial landscape in Australia.”

Hejaz Group’s double triumph at the International Finance Awards 2024 is a reflection of its commitment to excellence, innovation, and ethical finance. The future looks promising, marked by growth, new ideas, and a steadfast commitment to Islamic principles.

The post Hejaz Group: Pioneer of Islamic Finance in Australia appeared first on International Finance.

“We are here to improve your cash flow. We provide sharia-compliant financing that allows SMEs and working individuals to receive their funding safely and quickly. Our goal is to ensure small businesses and working individuals have swift access to cash.

Delayed financing can come at a heavy expense, and we strive to solve this universal problem by providing instant financing that will improve you and your business’ cash flow management,” the venture stated further.

Knowing The Vision & Mission

Orpheus’ goal is to become the pioneer in providing fast, secure and simple financial assistance via its digital platform to nurture and encourage economic growth for underserved and unserved communities. The venture is eyeing to position itself as a significant player in providing Sharia-compliant financial solutions for working individuals and SMEs markets in Malaysia and the other key Islamic financial markets.

Orpheus believes in its clients taking back control of their cash flow management.

“We understand that waiting for payments holds your business back and we strongly disagree that is the way to go about in this competitive economy. We also empathise with those who need personal financing in this pandemic economic climate when their salary is insufficient for their personal necessities,” the venture remarked further.

Orpheus also has the esteemed Malaysia Digital (MD) Status from the Ministry of Multimedia & Communication, a milestone which has catapulted the venture into the “Chosen Group,” entrusted with the opportunity of contributing to the progression of Malaysia’s digital economy.

“As one of the Malaysia Digital Economy Corporation’s top 30 Islamic Digital Economy companies, we aim to continue to drive digital innovations within the industry to new heights and bring operational efficiency to our clients and consumers,” Orpheus remarked further.

The Breakthrough Products

Orpheus provides flexible yet Sharia-compliant financing (from the application process through to the disbursement of payment) through a fully digital line of financing. It helps its borrowers to overcome the financial obstacles within Malaysian society, apart from delivering insight and assistance to the individuals/businesses often “turned away by traditional financial institutions.”

Since 2020, Orpheus has been outperforming traditional financial institutions through three ‘S’: Secure (helping its clients to conduct transactions with peace of mind, while utilising the venture’s reliable and safe digital systems), Swift (helping individuals/businesses to receive their financing within 48 hours of filing the applications) and Simple (financing businesses in just a few clicks).

Since 2021, Orpheus has helped the Malaysian SME sector to generate new income worth 26 million Malaysian Ringgit, apart from creating 624 new jobs in the domain.

The venture uses “Unique Algorithm Systems” to help its clients achieve better credit scores for quicker financing approval, followed by processes namely “Reporting and Analysis Modules (regularly reflecting on its practices in order to improve on the customer services front), “Fraud Mitigation System” (eliminating risks of losses and frauds for the clients’ safety), Advanced eKYC (completing customer identification processes digitally), Automated Contract Signing and Debt Collection and robust customer relationship management.

Talking about Orpheus’ products and services, let’s start with “GajiNow,” which is a salary advancement service. The beneficiary receives salary advancements from 500-2000 Malaysian Ringgit based on his/her gross monthly salary. Repayment happens either in full or in instalments via deduction from the next paycheck issued by the beneficiary’s employer.

Apart from being Sharia compliant, ‘GajiNow’ doesn’t require the applicant to put forward any collateral/tangible security, while applying for the service. From application to salary advancement financing, the whole process happens through the digital route, with the beneficiary receiving his/her funds within 24 hours upon the arrival of financing.

‘GajiNow’ has been tailored to protect Malaysians from ‘Loan sharks’, who have earned the infamy of operating as illegal money lenders, apart from targeting those not doing well financially.

These bad actors reportedly tempt and lure their targets into a sense of security by being friendly and helpful, apart from offering the needy financial help as the mainstream banks turn away those individuals’ loan applications, due to reasons like poor credit rating or the amount requested being too low.

In fact, nearly 900 suspected loan sharks were arrested by October 2023, as the police recorded 1,000 cases in 2021 alone. In February 2024, reports emerged about loan sharks allegedly torching the car of a Malaysian couple, as the latter refused to pay 27, 740 Malaysian Ringgit for a loan taken out by their son.

Orpheus is on a mission to protect the vulnerable in the Malaysian socio-economic order. Now these individuals have an alternative in the form of ‘GajiNow’, as they can get salary advancements without putting forward collaterals/tangible securities.

Empowering The Businesses

For small businesses, we have Orpheus’ ‘Contract Financing’, which is a monetary assistance service for the SMEs to help the latter fulfil their contractual obligations to the buyer. The ‘Contract Financing’ allows the seller to complete the work on time and to the buyer’s satisfaction, while also maintaining their own financial stability.

Orpheus’ other Sharia-compliant financial product is ‘Invoice Financing,’ which is a debt-free way to access cash tied up in the beneficiary’s account receivable. It provides a cash flow solution for SMEs’ business opportunities as it unlocks their receivables and turns them into cash the fastest way.

The similarity between ‘GajiNow’, ‘Contract Financing’ and ‘Invoice Financing’ is that all of them rule out loan collaterals, apart from providing the funds within 24 hours of the financing approval.

The Road Ahead

Islamic fintech is rapidly expanding in Malaysia. In 2023, over 300 such companies were operating in the country, spanning diverse categories including e-wallets, payments, lending, wealthtech, insurtech and blockchain.

At the same point in time, the Southeast Asian country is putting up a fight against the bad actors called ‘Loan sharks’. These elements used to take advantage of the banks denying loans to the economically vulnerable, following which these individuals used to get entangled in the web of instalment payment cycles, apart from living under the fear of being physically harmed.

However, Orpheus has found a solution to this problem through its ‘No Collateral’ loan disbursal model. Fintechs are known for reaching out to the financially underserved and Orpheus is doing exactly that, while staying true to the principles of Islamic Finance.

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