Saturday, May 25, 2024
HomeFintechHejaz Monetary Companies appoints Openmarkets to energy Australia's first shariah-compliant investing platform

Hejaz Monetary Companies appoints Openmarkets to energy Australia’s first shariah-compliant investing platform

Buying and selling and wealth fintech Openmarkets has been appointed by Australia’s main Islamic finance supplier, Hejaz Monetary Companies, to offer modern buying and selling and execution expertise options that may energy Hejaz’s shariah-compliant investing platform.

The platform, presently in growth, will likely be supported by Openmarkets’ API-led market infrastructure expertise, enabling its purchasers entry to Australia’s first shariah-compliant ASX-listed ETFs, together with the Hejaz Equities Fund (ASX: ISLM), the Hejaz Property Fund (ASX: HJZP), and its Hejaz Sukuk Fund (ASX: SKUK), the latter being corresponding to a conventional bond ETF.

The platform’s arrival will likely be an vital milestone for Australian Muslims, whose investments have to be shariah-compliant, avoiding corporations that partake in actions which are thought-about by Islam to be morally or socially injurious. Consequently, these corporations additionally meet stringent environmental, social, or governance (ESG) standards, doubtlessly broadening Hejaz’s market enchantment to ethically-minded buyers.

Dan Jowett, CEO of Openmarkets, mentioned the enterprise was proud to contribute to monetary merchandise that may create extra choices for Muslim buyers throughout Australia.

“Openmarkets options will allow Hejaz to develop its footprint in Australia, giving Australia’s rising Muslim group extra choices and extra selection as to the place and the way they make investments their cash,” Jowett mentioned.

Hakan Ozyon, CEO of Hejaz Monetary Companies, mentioned Openmarkets’ modern buying and selling expertise would allow it to broaden its options.

“Hejaz is proud to ship a contemporary and compliant strategy to investing for Australian Muslims, which make up practically a million individuals. This partnership with Openmarkets will likely be crucial as we broaden our monetary options to fulfill this group’s wants,” Ozyon mentioned.

Hejaz Monetary Companies is the nation’s main supplier of Islamic monetary providers, providing shariah-compliant managed funds, superannuation, equities buying and selling, Halal ETFs, dwelling loans, and Hayat safety. Hejaz presently has $1.3 billion in funds below administration and recommendation, with a consumer base of greater than 6,200.

Shariah-compliant investing avoids actions thought-about by Islam to be morally or socially injurious. This contains refraining from sectors corresponding to alcohol, tobacco, media, pork manufacture, and playing, and investments that generate income from curiosity.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments