Hejaz launches new direct pension product

Sharia-compliant products and Islamic financial services provider, Hejaz Group, has launched a first-of-its-kind Islamic account-based direct pension product for Australian consumers.

Hejaz Islamic Super and Pension is available directly through the company’s online member portal and providers customers with three investment selections – growth, balanced and conservative – that suit their diverse needs during both accumulation and pension phases.

The product release follows in the wake of Hejaz Group pumping $10 million into Islamic Bank of Australia as part of a strategic investment to continue its mission to provide an end-to-end wealth service for Australian Muslims and other customers desiring Sharia-compliant and ethical financial products.

“Superannuation is fundamental to ensuring a comfortable retirement but we realised that there wasn’t a Sharia account-based pension fund available to Australian Muslims,” Muzzammil Dhedhy, COO at Hejaz Group, said.

“This can be particularly frustrating for large organisations that want to do the right thing and make sure all of their employees have access to ethical superannuation options.

“We’ve made it easy and hassle-free to set up an Islamic super account and account-based pension that aligns with members’ beliefs and values. Under each of the three investment options on offer, we’re targeting returns which match industry benchmarks.

“We emphasise the importance of not disadvantaging those who choose to align their investments with their faith and values.”

This is the group’s first Sharia-compliant superannuation product to not only be available to consumers as an advised product only but also as direct-to-consumer. Hejaz currently has $1.3 billion in funds under management and advisement, with its Global Ethical Fund the largest standalone Islamic fund and its Hejaz Equities Fund and Hejaz Property Fund the first Islamic investment products to be listed on the Australian Securities Exchange (ASX).

Equity Trustees was also named trustee for the Hejaz Islamic Super and Pension Offer.

“It’s clear the Hejaz team is committed to developing innovative, faith-based customer-led financial solutions and they have created the Hejaz Super and Pension offer to meet a need in the Australian Muslim community,” Andrew Godfrey, Executive General Manager, Superannuation Trustee Services at Equity Trustees, said.

“We’re pleased to facilitate the launch of this new product by applying our specialist trustee and governance expertise.”

Acclaim Management Group is the Administrator of the product and AIA Australia Limited is the Insurer.