Hejaz Financial Services partners with fintech Simpology

Digital solution simplifies process for brokers

Hejaz Financial Services partners with fintech Simpology

Hejaz Financial Services has partnered with technology provider Simpology to simplify the application process for brokers.

The Islamic finance provider wants to assist by providing a digital solution for its broker partners.

Simpology is an innovative fintech that offers a solution for processing mortgage applications by unifying all interactions for an application including third-party providers and channel requests on one dashboard.

The partnership aims to ease the Hejaz onboarding process for brokers and reduce the difficulties Australian Muslims face in accessing suitable financing.

Hejaz Financial Services chief operations officer Muzzammil Dhedhy (pictured above) said the partnership would make it easier for brokers to access information on Hejaz’s lending products.

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

“As we work towards realising our ambition of becoming Australia’s first Islamic Bank, we are streamlining our loan applications online, making the whole process faster, more efficient and ultimately more transparent for customers seeking alternative sharia-compliant financing options.”

Simpology CEO Kate Gubbins said she was thrilled that Hejaz had partnered with Simpology through its broker network.

“It’s a great example of how our flexible tech stack can support different credit streams, requirements and audiences,” she said. “We really look forward to supporting Hejaz more as they expand their networks and customer base.”

Dhedhy said Hejaz’s vision was to make it as easy as possible for Australians to access world-class Sharia-compliant financial products. He said many Australian Muslims do not engage with the financial system because it was hard to find home loans, superannuation, or investment products that comply with their faith.

In the Islamic faith, charging interest on loans is not permitted and Islamic laws outline the process that needs to be undertaken to make a financial product sharia compliant.

Hejaz Financial Services uses the ijara financial model for its loans. Ijara is based on the notion of a shared equity rental.

Hejaz Finance has approximately 6,500 customers directly or through its 400 accredited brokers. It  is working with APRA towards its goal of becoming the first Islamic financial service provider to obtain a banking licence.

“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. Our partnership is a key step to creating the digital infrastructure needed to service Australians directly,” Dhedhy said.

Hejaz Financial Services recently announced it had appointed Dominic Savrimoutoo to the role of head of broker distribution.

"Dom is an experienced bank manager, project manager, people leader, business improvement coach and customer service manager within the finance industry for the past 18 years," Dhedhy said. 

"Dom is specialised in consumer markets, residential and commercial lending fields and consumter protection. With a background working at Bank of Melbourne and GE Money, he brings a wealth of experience to the team and leading our broker division. We are excited to be working alongside him."

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