Experts Say Australia Still Has Long Way to Go in Closing the Gap on Financial Inclusion
The rise of Islamic banking opens up a much larger discussion around ethical banking and financial inclusion.
MELBOURNE, Australia, September 15, 2022 (Newswire.com) - According to Islam finance providers, Hejaz Financial Services, there is still a distinct lack of ethical options in the local banking and financial services sector. The Halal loans experts say they are working hard to bridge this gap to improve the quality of life for everyday Australian Muslims.
The 2021 Australian Census revealed a 34.6 per cent increase in Australia's Muslim population, making Islam the second largest religion in the country.
Recent research from Hejaz found that one in three Australian Muslims keep significant cash savings at home and avoid mortgages due to a lack of suitable Halal finance options. This is because traditional financial products and services are typically interest-based, which is considered non-Sharia.
The Hejaz team argues that more needs to be done to create an inclusive financial system which allows Australian Muslims to actively participate to the benefit of society and the broader economy. Banks and financial institutions are also tasked with creating personalised digital experiences with ethical values in mind.
The Halal home loan provider says growing demand for Islamic finance is the tip of the iceberg and there is a much larger conversation looming around ethical banking and financial inclusion. Hejaz Financial Services is on a mission to provide Sharia-compliant alternatives without compromising the integrity and value of its financial products and services.
Providing a suite of ultra-ethical financial products and services such as Sharia loans to the Islamic community, Hejaz Financial Services is recognised as an industry leader paving the way for innovation and inclusivity in Australia's financial services sector.
Level 11, 2 Queen Street Melbourne 3000
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Source: Hejaz Financial Services