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Islamic Lifestyle
Fiber to fashion: The complex path to halal textiles

Halal textiles are essential for creating modest clothing that aligns with Islamic principles. But what are the challenges in making halal fabric?

Halal textiles form the foundation of modest fashion, harmonizing Islamic principles with modern ethical standards. They represent an essential sector for innovation, addressing the growing demand for garments that meet both religious and sustainable criteria.

Yet, producing truly halal fabrics comes with notable challenges, Ahmad Soffian, CEO and co-founder of Sa’adah Global, a Jakarta-based halal business consultancy, explains.

“First, sourcing raw materials that are both ethically and Islamically compliant can be complex. Textile manufacturers must carefully consider inputs like dyes, animal-derived oils, and even certain synthetic chemicals, which can be non-halal if not processed according to Islamic principles,” Soffian points out.

Furthermore, transparency across the entire supply chain is necessary, yet challenging to establish. 

“Many suppliers and processing stages might be located across multiple countries, each with varying halal standards and certification requirements. This creates a need for robust traceability systems, which can be costly to implement,” says Soffian.

He further highlights the risks of contamination in shared production facilities, where even minimal cross-contamination can render products non-compliant with halal standards. “The cost and complexity of segregating production lines to maintain halal standards are significant, especially for small to medium manufacturers who may lack the infrastructure.”

Comprehensive compliance

Halal textiles go beyond merely excluding haram (unlawful) ingredients; they are also expected to embody Islamic principles such as animal welfare, ethical labour practices, sustainability, environmental stewardship, and fairness in trade. These values align with broader global trends in ethical and sustainable fashion.

Despite the growing innovation among modest fashion brands to cater to the diverse needs of Muslim consumers, there remains a significant gap in the production processes of fabric manufacturers. 

"Currently, the majority of fabric producers do not meet halal criteria," says Jeny Tjahyawati, a Jakarta-based modest fashion designer and founder of the Indonesia Modest Fashion Designers community.

This disparity underscores the need for systemic changes in the textile industry to ensure compliance with halal standards while meeting consumers’ ethical and sustainable expectations.

“Textile raw materials for fashion are made through a long process, from the fibre, yarn, and fabric, up until garment manufacturing. Each stage has a critical point that allows for mixed materials containing haram elements,” adds Tjahyawati. 

“As such, cooperation with textile experts who understand this and are able to identify producers that comply with halal criteria is the easiest way to get a halal certification for modest fashion.”

To ensure clothing products are halal from farm to wardrobe, businesses must uphold the integrity of raw materials - such as fabrics, cotton, and leather - as well as maintain compliance throughout production processes and facilities. 

This comprehensive approach is emphasized in research by Dr. Eli Sumarliah, a lecturer at the University of Science and Technology Beijing. The commitment to halal clothing extends across all stages of the supply chain, he notes, including sourcing, manufacturing, storage, packaging, transportation, and retail, each requiring strict adherence to halal standards.
 

Islamic Finance
Varied adoption of AAOIFI Standard 62 could spur market fragmentation

Disparate adoption of the AAOIFI’s (Accounting and Auditing Organization for Islamic Financial Institutions) Shariah standard no. 62 could crank up market fragmentation.

The adoption and implementation of the standard, if varied by jurisdiction or entity, could increase market fragmentation, Fitch Ratings has said. 

The impact will hinge on the finalised standard, which jurisdictions and entities adopt it, and how it is reflected in sukuk documentation, it adds. 

While the draft texts of the standard have revealed provisions that would entail transfer of legal ownership of the underlying sukuk assets as well as related risks to sukuk holders, the timeline to finalize the standard remains unknown. 

AAOIFI Shariah standards are adopted as mandatory regulatory requirements in many countries and jurisdictions across the globe such as Bahrain, Jordan, Krygyz Republic, Mauritius, Nigeria, Qatar and Qatar International Financial Centre (QIFC), Oman, Pakistan, Sudan, Syria, the UAE and Yemen. They are also followed by numerous Shari’ah consultancies, auditing firms, Takaful/insurance companies, non-banking finance companies, capital market institutions, and Shariah scholars and professionals worldwide. 

“A full assessment of Standard No. 62 will depend on the exact requirements and stipulations of the finalised text, and the resulting changes in sukuk documentation. Introducing asset-backed or quasi-equity structures could expose sukuk investors and issuers to additional credit, market, legal, operational, and liquidity risks compared to conventional bonds,” Fitch said in a statement.  

The standard could affect the credit profiles of new sukuk and may entail assessing potential implications for an obligor’s issuer default rating (IDR) and debt ranking, it said. However, the rating agency doesn’t believe that its adoption would have automatic implications for existing sukuk ratings, as the amendments usually require the consent of sukuk holders.

Big guns
Whether major sukuk issuers such as sovereigns would be open to transfer sovereign assets to certificate holders remains unclear. This could be due to multiple factors, including foreign-ownership restrictions. 

Corporates and financial institutions may also consider asset transfer impractical if this materially affected their balance sheet and credit profile. This does not arise with asset-based sukuk, which do not typically involve removing assets from the obligor’s balance sheet, Fitch added. 

Industry stakeholders posit that the new standard, if implemented in its present form, could potentially convert sukuk into a complex financial instrument, dampening issuances, Salaam Gateway reported in July. 

Besides credit implications, there may be an impact on sukuk issuance trends, and on market access for some issuers, Fitch adds. 

“Disruption could be minimal if the adoption of the new standard ultimately results in most sukuk continuing to be senior unsecured pari passu obligations of the issuer without asset recourse.”

Bashar Al Natoor, Islamic finance head at Fitch Ratings told Salaam Gateway earlier this year that the Islamic finance market has previously demonstrated the capacity to adapt to changes, as this is not the first time sukuk has experienced challenges. 

Islamic Finance
UK’s Offa acquires Bank of Ireland’s Islamic home finance portfolio

Birmingham-based Islamic fintech Offa has acquired Bank of Ireland’s Shariah-compliant home finance portfolio.

The deal includes more than 350 home purchases plans. Customers transferred over to Offa will be able to access to a broader range of Sharia-compliant property finance products.

Offa, which offers an ethical finance model designed in accordance with Islamic finance principles, did not reveal the value of the deal. 

Bank of Ireland's Alburaq portfolio is one of the oldest Shariah-compliant home finance products in the UK. 

Amir Firdaus, Offa’s CFO said that it was a testament to Offa’s abilities that Bank of Ireland has agreed to sell their Islamic home finance portfolio to us. 

Offa launched a buy-to-let (BTL) service in July to overhaul traditional property financial solutions. The product, built on Islamic finance principles of co-ownership-with-leasing, enables customers to acquire properties in partnership with Offa, make monthly payments to increase their share, and own the asset over time. The company holds £230 million of Shariah-compliant funding for its BTL product. 

Muslims form 6.5% of the overall population of England and Wales, according to the 2021 census data. Birmingham, where Offa is headquartered, hosts the largest Muslim population in the country, totalling 341,811. 

Islamic Finance
Islamic finance roundup: IsDB grants $10m to WHO for healthcare, climate solutions

Here's a roundup of key developments across the Islamic finance ecosystem during the month of November

 

Editor's Note: The Islamic Development Bank, a champion of healthcare and climate care solutions, has whipped out a $10 million loan to the World Health Organization (WHO), to address related challenges in low- and middle-income countries. 

 

Meanwhile, UAE's Ajman Bank has partnered with AAOIFI to bolster its workforce in Shariah standards. 

 

Company News


Pakistan

Meezan Bank, CashNow sign MoU to transform Islamic finance

Meezan Bank, Pakistan's largest Islamic bank, has partnered with fintech platform CashNow to launch the country’s first fully digital Shariah-compliant supply chain finance solution.

 

The collaboration aims to streamline financing for suppliers and offers the lender's clients access to Islamic financial products, including a co-developed digital finished goods financing solution. (Mettis Global)

 

UAE

Firoza Finance to launch Shariah-compliant investment pools

Firoza Finance, a DeFi platform focused on ethical and Shariah-compliant investments, has launched its platform offering nine investment pools with returns of up to 20% APY.

 

With a low entry barrier of $100, the platform combines decentralized technology with Islamic Mudarabah principles, enabling risk-and-profit-sharing for its 2,600 early participants. (Zawya)

 

UAE

Ajman Bank partners with AAOIFI to certify workforce in Shari’ah standards

Ajman Bank has partnered with AAOIFI to enroll employees in the Certificate of Proficiency in Shari’ah Standards (CPSS) program, enhancing its commitment to Shari’ah compliance.

 

Announced during the 19th AAOIFI-IsDB Islamic Banking and Finance Conference, this initiative equips staff with advanced training in Shari’ah standards through AAOIFI’s e-learning platform, ensuring operational excellence. (Zawya)

 

Switzerland / UAE

Aleph Zero, Shariyah Review Bureau team up to bring Shariah-compliant blockchain to the GCC

Aleph Zero, a Swiss blockchain prioritizing privacy, has received Shariah certification from SRB. This makes it compliant with Islamic finance principles.

 

Its technology, including ZKP solutions, AlephBFT, and DAG, enables fast, secure, and private transactions.

 

Aleph Zero is actively working with Middle Eastern telecommunication companies to promote blockchain adoption in the region. (Shariyah)

 

Canada

Manzil Wealth launches financial platform 

Manzil Wealth, a subsidiary of Manzil, has unveiled a comprehensive halal wealth management platform in Canada.

 

This platform offers a full suite of Sharia-compliant financial services.

 

To further strengthen its position in the Canadian market, Manzil Wealth has acquired Canadian Islamic Wealth, a halal investment and financial services provider. (IBS Intelligence)

 

UAE

Magnati & Aafaq Islamic Finance partner to support SMEs in UAE

Magnati and Aafaq Islamic Finance have joined forces to launch an embedded financial solutions platform aimed at empowering SMEs in the UAE.

 

The platform streamlines the loan application process, leveraging real-time POS transaction data to facilitate faster and more efficient access to Islamic financial services.

 

The partnership aims to provide SMEs with a range of tailored financial solutions, including business loans, invoice financing, and equipment financing. (IBS Intelligence)

 

 

Trade Developments


Qatar / Türkiye

Qatari-Turkish Supreme Strategic Committee bolsters bilateral economic ties

The 10th Qatari-Turkish Supreme Strategic Committee is expected to strengthen economic ties between the two countries.

 

Turkish Trade Minister Omer Bolat highlighted the committee's role in assessing bilateral relations and facilitating cooperation in areas such as defense, infrastructure, logistics, and free zones.

 

Over 100 agreements have been signed so far, aligning with the countries' strategic cooperation goals. (The Peninsula)

 

Investment


Oman

New investment fund to boost sultanate's waqf sector

The Ministry of Awqaf and Religious Affairs (MoARA), the Sultan Qaboos Higher Centre for Culture and Science, and Bank Nizwa have launched the Ishraq Waqf Investment Fund.

 

This initiative aims to boost Oman's waqf sector by channeling Islamic finance into projects aligned with charitable and social welfare goals.

 

Khalid al Kayed, CEO of Bank Nizwa, highlighted the fund's potential to enrich Oman's Islamic finance ecosystem through this unique partnership. (Zawya)

 

Qatar

Wahed receives funding from Qatar Development Bank to expand solutions

Qatar Development Bank has made a strategic investment in Wahed, an Islamic fintech company.

 

Wahed's platform offers Shariah-compliant investment solutions, including managed portfolios and venture capital opportunities.

 

The investment aims to further empower individuals to access sophisticated financial services, democratizing investment opportunities and aligning them with Islamic principles. (Fintech Global)

 

ESG Developments


OIC

IsDB grants $10m to WHO for healthcare, climate solutions

The Islamic Development Bank (IsDB) is providing a $10 million loan to the World Health Organization (WHO) to support the Health Impact Investment Platform.

 

This platform, a collaboration between the IsDB and WHO, aims to address healthcare and climate-related challenges in low- and middle-income countries. The initial phase of the platform will focus on 15 countries in Africa and the Middle East. (Anadolu Ajansi)

OIC Economies
OIC roundup: IsDB, Kazakhstan launch $1.32bn water project

Here's a roundup of key developments across the OIC ecosystem during the month of November

 

Editor's Note: Sustainability is the new watchword the world over, and rightfully so. The Islamic Development Bank has teamed up with Kazakhstan to launch a climate resilient water project, while it is looking to train an entire generation of sustainable development leaders, too.

 

Meanwhile, a business forum held in Istanbul showcased opportunities for Turkish investors in Saudi Arabia. 

 

 

Trade Developments


Saudi Arabia

Islamic Development Bank Institute delivers program to empower future leaders 

The Islamic Development Bank Institute (IsDBI) has trained a new generation of sustainable development leaders.

 

The program, held in Jeddah, Saudi Arabia, brought together professionals from various countries. The event focused on leveraging Islamic finance to address global challenges and highlighted the IsDB Group's efforts to support socioeconomic development in member countries. (Zawya)

 

Maldives / Qatar

MoU signed between Maldives and Qatar to elevate financial sector 

The Maldives and Qatar have joined forces to elevate the Maldives' financial sector.

 

The Maldives' Ministry of Economic Development and Trade has signed a Memorandum of Understanding with the Qatar Financial Centre (QFC) to foster knowledge sharing and capacity building.

 

This strategic partnership aims to realize the Maldives' ambition of becoming a world-class financial hub and bolstering its economic resilience. (Zawya)

 

Qatar / UAE

Over 25 Qatari companies poised to transform Gulf business landscape

Qatar Development Bank (QDB) is leading a trade mission to Dubai, bringing together over 25 Qatari companies to explore opportunities and form partnerships with Emirati businesses.

 

The mission, organized by QDB's export promotion arm Tasdeer, is expected to boost trade between the two nations. (Global SME News)

 

Saudi Arabia / Türkiye

Saudi-Turkish business forum yields 10 agreements

A business forum held in Istanbul showcased opportunities available to Turkish investors in the kingdom, particularly in tourism, healthcare, digital services, and energy.

 

Both countries aim to increase trade volume and foster partnerships in various sectors, including agriculture, food, technology, and logistics.

 

Several cooperation agreements were signed during the forum, reflecting the growing economic relationship between the two nations. (Saudi Press Agency)

 

Malaysia / Vietnam

Malaysia, Vietnam to strengthen ties through halal investments, strategic partnership

Vietnam has urged Malaysian investors to contribute to its halal industry, Deputy Prime Minister Dr Ahmad Zahid Hamidi revealed. 

 

Vietnam seeks Malaysia's expertise in halal development as part of its ambition to become a developed nation by 2045. (The Sun)

 

Bahrain / UAE

Bahrain  and the UAE building on trade pact

Bahrain and the UAE are advancing their collaboration under the January 2024 MoU between their respective ministries of industry.

 

Technical teams finalized steps to align Bahrain's Takamul Programme with the UAE's National In-Country Value (ICV) initiative.

 

Bahraini firms can now apply for ICV certification to bid on UAE federal tenders, while Emirati firms gain a 10% preference in Bahrain's Takamul Programme after qualification. (Zawya)

 

UAE / Albania

UAE and Albania launch inaugural Joint Economic Committee in Tirana

The UAE and Albania have launched their first Joint Economic Committee (JEC) in Tirana, boosting bilateral trade and investment ties.

 

Co-chaired by the UAE Minister Dr. Thani Bin Ahmed Al Zeyoudi and Albania’s Deputy PM Belinda Balluku, the meeting prioritized collaboration in renewable energy, logistics, infrastructure, agriculture, food security, and technology, with participation from senior officials and private sector leaders from both nations. (Gulf Today)

 

ESG Developments


OIC / Kazakhstan

IsDB, Kazakhstan launch $1.32bn climate-resilient water project

The Islamic Development Bank (IsDB) and the Republic of Kazakhstan have entered into a significant partnership to launch Phase 1 of the Climate Resilient Water Resources Development Project.

 

The $1.32 billion initiative, backed by $1.15 billion in IsDB funding, aims to enhance Kazakhstan's water infrastructure and bolster its resilience to climate change.

 

Key components of the project include the construction of 11 strategic reservoirs for seasonal water storage and flood control, the rehabilitation of 3,400 kilometers of irrigation networks, and the improvement of river flows across 100 kilometers. (Zawya)

Halal Industry
Halal industry roundup: Morocco bolsters regulations on imported red meat

Here's a roundup of key developments across the halal industry ecosystem during the month of November

 

Editor's note: In a bid to strengthen its halal ecosystem, Malaysia is looking to enhance its certification process. Air India has said that it will not serve halal-certified non-veg meals starting this month. 

 

Halal-certified Kobe beef debuted in Saudi while a PIF subsidiary teamed up with BRF Global to shore up the halal poultry sector. 

 

Company News


India

Air India halts halal-certified non-vegetarian meals

Air India announced that, starting November 17, non-vegetarian meals onboard will not be halal-certified.

 

This policy adjustment affects economy, business, and first class. 

 

However, for Muslim passengers and others requesting halal meals, Air India will provide a certified halal 'Muslim Meal' (MOML) option.

 

Passengers must select this option during the booking process to ensure its availability. (The Islamic Information)

 

Saudi Arabia / Japan

Fam Foods, Kobe Beef Association partner to launch halal-certified beef 

Halal-certified Kobe beef debuted in Saudi Arabia at an event hosted by Japanese Ambassador Morino Yasunari and Fam Foods, the kingdom’s exclusive Kobe Beef reseller.

 

Held in collaboration with the Kobe Beef Association, the event showcased the growing culinary ties between Japan and Saudi Arabia.

 

Guests experienced a blend of traditions, from Saudi coffee to Japanese teppanyaki, and a live demonstration by the Kimono Butcher, highlighting Japan's culinary craftsmanship. (Arab News)

 

Indonesia

Digital platform for halal cuisine launched in Indonesia

The Institut Teknologi Sepuluh Nopember (ITS) has launched HalalWave, a digital platform to simplify locating halal dining options in Indonesia, advancing the nation’s Shariah economy.

 

Initially a thesis project, HalalWave offers a user-friendly alternative to the existing system by Indonesia’s Halal Product Assurance Agency. (ITS)

 

Malaysia

Duopharma Biotech and Universiti Kebangsaan Malaysia partner to elevate halal standards in healthcare

Duopharma Biotech Berhad collaborated with Universiti Kebangsaan Malaysia to host the Halal Pharmaceutical Symposium 2024 in Putrajaya, themed “Bridging Halal to Health.”

 

Attended by 300 delegates, the event featured key figures, including Khairul Azwan Harun, chairman of Halal Development Corporation, and Duopharma’s group managing director, Leonard Ariff Abdul Shatar. (Halal Focus)

 

Investment


Saudi Arabia

HPDC and BRF Global elevate halal poultry sector through strategic investment 

The Halal Products Development Company (HPDC), a subsidiary of Saudi Arabia's Public Investment Fund (PIF), and BRF Global, have announced an investment in Addoha Poultry Company

 

The investment has been made through their joint venture BRF Arabia.

 

This move aligns with Saudi Arabia's Vision 2030, aiming to establish the kingdom as a global leader in halal products.

 

The investment underscores HPDC, BRF Global, and Addoha's shared commitment to doubling production capacity by 2030 while enhancing all facets of Addoha’s integrated operations. (Argaam)

 

 

Trade Developments


Philippines / Saudi Arabia

Philippines seeks new partnership with Saudi Arabia in sustainability, halal industries

The Philippines sent a halal trade mission to Saudi Arabia from October 27 to November 5, aiming to strengthen trade ties with the kingdom.

 

Organized by the Department of Trade and Industry, the mission visited Riyadh and Jeddah to promote the country’s growing halal industry.

 

Philippine officials are working to expand the domestic halal sector while enhancing economic relations with Saudi Arabia, according to Rommel Romato, charge d'affaires of the Philippine Embassy in Riyadh. (The Filipino Times)

 

Operational Developments


Malaysia

Jakim to improve halal certification process

The Malaysian Islamic Development Department (Jakim) will continue enhancing the halal certification process, which it recently expedited to within 30 days, according to Dr. Zulkifli Hasan, deputy minister in the Prime Minister's Department (Religious Affairs).

 

Jakim's improvements have driven notable growth in halal certification revenue, reaching over RM12 million in 2023. (The Star)

 

Regulatory


Morocco

Morocco tightens rules on imported red meat 

Morocco is bolstering the safety of imported red meat through a rigorous control system led by the National Office for Food Safety.

 

The framework ensures compliance with national and international health standards, starting with risk assessments of exporting countries.

 

Only nations meeting strict criteria, including sanitary conditions of slaughterhouses and veterinary oversight, are authorized to supply meat.

 

Approved suppliers include the US, Australia, EU members, Brazil, Paraguay, and Ukraine. (Morocco World News)

 

 


UPCOMING EVENTS :

Islamic Finance
A modern Muslim’s guide to estate planning

One moment, Ahmed was laughing with his children over breakfast; the next, he was gone.

The whirlwind of his family’s grief was quickly followed by an avalanche of bills and bureaucracy. The funeral director quoted €4,800, probate fees totaled €5,000 to access Ahmed's frozen accounts. Add to that unpaid loans and Ahmed’s savings left his family less than a month’s rent.

Ahmed’s experience is not uncommon; the average cost of death is about two months' salary in the US, three months in Europe, and up to four months in Muslim countries like Malaysia. As Muslims, estate planning is an act of worship and it’s our duty to prepare for death by providing stability for our loved ones in a Shariah-compliant way. Keep reading to learn how you can protect your family and future.

The Islamic mandate for legacy planning
The Qur’an explicitly addresses inheritance in Surah An-Nisa (4:11-12), providing clear guidelines for the distribution of wealth after one’s passing. Unlike secular wills, which may allow total autonomy, the Islamic system is divinely ordained.

It ensures fairness and prevents disputes, emphasizing that estate planning is not just a practical step but a spiritual duty.

The Prophet Muhammad (ﷺ) said, “It is the duty of a Muslim who has anything to bequeath not to let two nights pass without writing a will about it.” (Sahih al-Bukhari). This Hadith is a powerful reminder that preparing for our departure is not morbid; it is an act of foresight and responsibility.

Protecting wealth the Islamic way
Estate planning is not just about dividing wealth; it’s about protecting it in a way that benefits your heirs and upholds Islamic ethics.

One part of safeguarding wealth means addressing debts; an obligation that is often overlooked. The Prophet Muhammad (ﷺ) warned, “The soul of the believer is held hostage by his debt until it is paid off.” (Sunan al-Tirmidhi). 

Planning your estate ensures that outstanding obligations are settled, freeing yourself and providing peace to your family.

Shariah-compliant estate planning solutions are now more accessible than ever. Islamic wills, trusts, and inheritance calculators help Muslims navigate the complexities of dividing assets while adhering to both religious and local legal requirements. Make sure to do your research and consult reputable sources before implementing your plan.

A modern Muslim’s step-by-step plan  
 

- Leverage modern Shariah-compliant wealth solutions

Leverage modern technology to align wealth management with Islamic principles. For example, The LifeDAO offers a Shariah-compliant alternative to life insurance, providing borderless, community-driven coverage inspired by the Aqilah system of the Prophet Muhammad’s ﷺ time. This ensures financial security for your family through collective support.

Islamic will
Without a proper Islamic will, your wealth may be distributed against Shariah laws. Learn about Islamic inheritance principles and ensure your will complies with both Shariah and local laws. Consult scholars and estate planners for guidance.

Appoint guardians for children
Appoint a guardian in your will to ensure your children are raised with Islamic values. Choose someone you trust who shares your beliefs to avoid court-appointed custody decisions.

Healthcare directives
Prepare a living will to ensure your medical care aligns with Islamic principles, like prohibiting euthanasia. Discuss your preferences with family and healthcare providers.

Power of Attorney
Assign a trusted individual to manage your affairs if you’re incapacitated. Ensure they understand and follow Islamic values when making decisions on your behalf.

Charitable giving
Leave a lasting impact through sadaqah jariyah or a waqf by dedicating assets to benefit causes like education or mosques. Seek advice to comply with Shariah and local laws.

Review your estate plan
Regularly update your estate plan to reflect life changes like marriage, divorce, or children, ensuring continued alignment with Shariah.

Resting in peace begins today
As Ahmed’s story shows, planning for your departure is not a luxury for the wealthy or elderly, but a vital obligation for every Muslim. Estate planning is a vital part of our Islamic identity, deeply rooted in the values of preparation, responsibility, and compassion. The question isn’t just whether you can afford to rest in peace - it’s whether your family can afford for you not to.

By using the tools we have to address this responsibility today, we ensure that tomorrow, we leave behind not just wealth, but a legacy of love, care, and adherence to our faith.

Sharene Lee is chief operating officer and Ameerah Langer is brand & communications head at Takadao

Islamic Finance
Australia’s Hejaz launches halal investment app

Australian Islamic financial services provider Hejaz has launched a financial app to offer Shariah-compliant financial services to the country’s growing Muslim community.

The Halal Money app provides features tailored to the needs of Muslim investors, including Sharia-compliant superannuation services, home loans, auto finance and exchange traded funds (ETFs) that would otherwise be forbidden.

Hejaz has teamed up with Bahrain’s ruling family to launch a regional HQ in Bahrain, in tandem with the Australian launch. 

The move facilitates Hejaz's expansion into the UK and European markets, leveraging Bahrain as a springboard for its global growth, the company said in a statement. 

Currently, two billion Muslims worldwide hold $4.5 trillion in assets yet face slim pickings in terms of investment options with financial institutions that offer Shariah-compliant services. 

Muslims comprise 3.2% of Australia’s approximately 25.5 million people in 2021, according to the country’s latest census data. 

“The Muslim community, like all other communities globally, must be empowered to have values-aligned access to finances, payment infrastructure, and investment opportunities. And yet this growing global market has been underserviced in this regard for decades, including in Australia,” said Hakan Ozyon, founder and CEO of Hejaz Group.  

The platform aims to democratise access to halal investments and provide a user-friendly interface for managing Islamic finance portfolios in one single app, he added. 

“We’re not like the big four banks that have a million apps for every service they offer, with the Hejaz app you can spend, invest and save, all in one.”
 


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