Islamic financial service provider streamlines process for brokers

The Islamic finance provider has partnered with Simpology, a technology provider for broking and lending industries to simplify the application process for its third-party channel.

It’s part of the company’s move to grow its network of 400 accredited brokers, including through its recent partnership with outsource Financial, as well as Finsure.

The company, which specialises in offering a range of Islamic law-compliant products, said the partnership with Simpology will “reduce the difficulties” that Australian Muslims face when accessing suitable financing.

The platform unifies all interactions for an application, including from third-party providers and back-channel requests, into one dashboard to enable brokers access to readily available information making it easier for brokers to onboard customers.

It said Simpology will make it easier for brokers to onboard customers, by using its digital solution to process mortgage applications.

Chief operations officer Muzzammil Dhedhy said the partnership will make it easier for Australians to hear about Hejaz services through their “trusted adviser”, their mortgage broker.

“Many Australian Muslims don’t engage with the financial system simply because it is hard to find home loans that comply with their faith,” Mr Dhedhy said.

“By partnering with Simpology, we’re reducing the friction created in the onboarding process, ensuring brokers can spend more time focusing on their clients.”

As traditional loan products are often not an option for Muslim borrowers, due to interest being charged on home loans, sharia-compliant products can work to fill that cultural gap.

Islamic-law compliant products involve the financier buying a property and then the customer buying a share over time, by paying rent, rather than being charged interest.

Mr Dhedy said upgrading its technology platform is a “key step” to creating digital infrastructure needed to service more Australians directly.

“Australia is the only country in the Western world with an advanced economy without an Islamic bank, and we want to be the first to change that,” Mr Dhedhy said.

Simpology chief executive Kate Gubbins said the partnership was a great example of how its “tech stack” can support different credit streams, requirements and audiences.

“We really look forward to supporting Hejaz more as they expand their networks and customer base,” Ms Gubbins said.

[Related: Islamic financial provider expands its broker network]