Hejaz Financial Services is the trading name of Hejaz Capital Pty Ltd, a Melbourne group founded by Hakan Ozyon that its website dates to 2014 and that now claims more than 10,000 active members and $4 billion in funds under management and advice. In October 2026 it sells four things: Shariah-compliant home finance in three tiers plus an SMSF product, murabaha car finance, a shelf of managed funds and ASX-listed active ETFs reached through the Investa and Privia platforms, and the Halal Money app. Its Islamic super and pension division is closing, with contributions refused from 30 September 2026. Home and car pricing is quote-only. This review maps each product to the entity and licence behind it, the Shariah oversight Hejaz publishes, and what it does not publish.
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What Hejaz Financial Services actually is in October 2026
The footer of every hejazfs.com.au page states the core structure: Hejaz Capital Pty Ltd, ABN 44 161 857 478, trades as Hejaz Financial Services and is a corporate authorised representative of Hejaz Financial Advisers Pty Ltd, ABN 49 634 683 613, AFSL 517686. Two more licensed entities appear on product pages. Hejaz Asset Management Pty Ltd, ABN 69 613 618 821, AFSL 550009, distributes the Investa and Privia platforms and is named as the promoter of the super fund and investment manager of its underlying funds. Hejaz Pay Pty Ltd, ABN 89 601 295 112, AFSL 481914, trading as Halal Money, issues the Halal Money account. The contact page lists offices in Australia, Bahrain, Indonesia, China and London, and the leadership page lists a Chairman, a group CEO, a Chief Compliance Officer and a Bahrain HR manager, which is a larger footprint than any other Australian Islamic finance provider we profile.
What the pages we fetched do not show is an Australian Credit Licence number for the home and car finance business. The loan pages say "No Interest, No Banks, Sharia Certified" and describe a non-bank funding model, but the ACL under which credit is arranged or provided is not printed in the footer or on the product pages. Before signing a home or car contract, ask Hejaz for the credit licence number on the credit guide you are legally entitled to receive, and check it on ASIC's professional registers. The same goes for complaints: the hejazfs.com.au complaints URL returned a page-not-found error on 10 September 2026, and the only complaints document we could locate sits under the super section of the important documents page.
Every Hejaz product line, entity and structure in one table
The table draws only on what the product pages state. Where a page gives a structure name, it is quoted; where it does not, the cell says so. The Hejaz provider profile carries our overall verdict, and the product articles linked later go deeper on each line.
| Product | Entity named on the page | Structure stated | Published numbers |
|---|---|---|---|
| Gold Home Finance | Hejaz Capital (CAR of AFSL 517686) | Shared beneficial ownership, Ijarah-based per the Sharia page | Max $2,000,000, 5% deposit, unlimited extra repayments |
| Essential Home Finance | Hejaz Capital | As above | Max $3,000,000, 20% deposit |
| Flexible Home Finance | Hejaz Capital | As above | Max $25,000,000, 20% deposit |
| Gold SMSF Finance | Hejaz Capital | Musharakah (joint venture) | Up to $2,500,000, max LVR 85 to 90% residential, 80% commercial |
| Auto Finance | Hejaz Capital | Cost plus profit (Murabaha), certified by Minarah Consulting | 3 to 7 years, up to $150,000, balloon option |
| Active ETFs and retail funds | Hejaz Asset Management (AFSL 550009) | AAOIFI-screened equities, sukuk, property, income | Investa portfolio fee 0.50%; individual ETF fees in each PDS |
| Privia wholesale funds | Hejaz Asset Management | Private credit, private equity, enhanced income | Enhanced Income Fund 1.30% fee, $100,000 minimum |
| Halal Money app | Hejaz Pay (AFSL 481914) | Transaction account plus ETF trading via Openmarkets | Not an ADI; Financial Claims Scheme does not apply |
One line is missing from the table on purpose. Hejaz Islamic Super and Pension still has its own pages, three options (Growth 75/25, Balanced 60/40, Conservative 35/65) and a fee table dated 21 February 2025, but it is no longer a product a new reader can buy. The next section explains why.
What the super closure means, and what it does not
Hejaz's own super page carries two notices. The first says rollovers and redemptions are delayed because unit pricing of underlying investments is delayed, and refers members to a Significant Event Notice issued on 20 August 2026. The second says the fund is "taking a short pause on accepting new members" while the product is reviewed. Salaam's Hejaz member options page, which quotes the SEN directly, is blunter: Hejaz Islamic Super stops accepting employer, salary-sacrifice, personal and rollover contributions from 30 September 2026; an initial payment to each member's new fund arrives on or around 10 October 2026; members who have not nominated a new fund by 12 October 2026 have their balance sent to the ATO; and the remaining balance is expected to be paid by the end of February 2027. The Hejaz super closure guide walks through the forms.
What the closure does not do is touch the other product lines. Hejaz Asset Management is the promoter of the super fund, not its trustee, and Salaam's page names AMG Super and Equity Trustees alongside Hejaz when it disclaims any affiliation, which is consistent with the super division having sat inside a larger trust. A Hejaz home finance contract, a car contract, an Investa account or units in a Hejaz ETF are separate legal relationships with separate entities, and nothing on the site suggests they are affected. The sensible reading is that the group has exited a line that required an APRA-regulated trustee partner, and kept the lines it controls. If you hold both super and a home contract with Hejaz, move the super and leave the home contract alone unless the pricing on its next review gives you a reason.
Shariah governance as Hejaz publishes it
Hejaz publishes more Shariah material than most Australian providers, but it is spread across three layers that do not quite line up, so it is worth stating each one. The about page lists a Sharia Board of three named scholars: Dr Faizal Ahmed Al Manjoo, Dr Samir Alamad and Bilal Omarjee. The auto finance page names Minarah Consulting as "the external Sharia Supervisory Board for Hejaz" and links a signed Shariah compliance certificate for car finance dated 28 March 2026. The investment screening methodology, a separate document on the site, says Hejaz Asset Management's compliance is overseen by Global Islamic Financial Services (GIFS), which runs semi-annual audits of holdings, selection process and marketing. The lending Sharia page describes a three-tier process (principles, screening, a global board that audits periodically) and says finance products rest on "Sharia compliant underlying principles including Ijarah finance" with shared beneficial ownership of the property.
For investments the methodology is specific and AAOIFI-aligned: impermissible income must not exceed 5% of revenue, cash plus interest-bearing investments must not exceed 30% of twelve-month average market capitalisation, interest-bearing debt must not exceed 30% on the same basis, no short selling, no conventional derivatives beyond currency hedging, and a documented breach and purification process. For lending, the equivalent document is the certificate, not a methodology; the home finance certificate is referenced on the documents page rather than embedded on the product page. Readers who want to test these claims should ask which body certified the exact contract they will sign, ask for the date, and ask whether the certifying scholar is paid by the entity being certified.
Fees and pricing: what is published and what is quote-only
Hejaz publishes investment fees and publishes no finance rates. On the investment side, the Investa Growth portfolio shows a 0.50% management fee, a model of 50% ISLM (Hejaz Equities Fund Active ETF), 25% SKUK (Hejaz Sukuk Active ETF), 20% HJHI (Hejaz High Income Active ETF) and 5% cash, an opening minimum of A$1,000 and a recommended A$5,000. The wholesale Enhanced Income Fund shows a 1.30% management fee, no performance fee, a A$100,000 minimum, a 30-month lock-in inside a three to five year horizon, a target of 9% a year net of fees before tax, quarterly distributions and a fund size of A$43.85 million at 31 May 2026. The Private Equity Fund shows a 1.85% fee. The super fee table, for what remains of it, shows Growth at 1.00% investment fees, 0.05% transaction costs and $65 a year plus 0.49% administration.
On the finance side there is no rental rate, profit rate, comparison rate, establishment fee or discharge fee on any home or car page. The home process page says a buyer's deposit is "usually 5 to 10% of the property price" at contract, which is a purchase convention rather than Hejaz's own minimum. Treat Hejaz home and car finance as quote-only and get the numbers in writing: the rental or profit rate and whether it is fixed or reviewable, the review mechanism, all upfront fees, the discharge fee, and whether lenders mortgage insurance or an equivalent applies below 20% deposit on the Gold product. The Islamic home financing hub lists the standard quote questions, and the Hejaz home financing review compares the three tiers in detail.
Home finance, car finance and the app in brief
Home finance is the headline product. Gold accepts a 5% deposit to a $2,000,000 limit, Essential and Flexible take 20% to $3,000,000 and $25,000,000 respectively, all three allow unlimited additional repayments, and the SMSF product uses a Musharakah joint venture with LVRs of 85 to 90% for residential and 80% for commercial property. The process page describes a conventional sequence of pre-approval, property search, formal approval, contract and settlement, with Hejaz paying the agreed amount at settlement.
Car finance is the best-documented Islamic auto product in the country: murabaha cost-plus, terms of three to seven years, amounts to $150,000, PAYG and self-employed applicants, a balloon option, unlimited extra repayments, new, demonstrator and used cars, and an exclusion list of grey imports, kit cars, motorcycles and scooters. The Hejaz car finance review covers the contract mechanics, and the Islamic car financing hub sets it against the other providers. The Halal Money app, run by Hejaz Pay, combines a spending account, fixed-term income investments and ETF trading executed by Openmarkets Australia (AFSL 246705) with payments through Monoova; the Hejaz page states plainly that the transactional account is not covered by the Financial Claims Scheme, and the app's own fees page returned a not-found error when we checked, so confirm the fee schedule inside the app before funding it.
Is Hejaz halal? The honest answer
The question behind most searches for this group is whether the products are genuinely Shariah-compliant. On the evidence Hejaz publishes, the investment products are the strongest case: a written AAOIFI-based methodology, a named external auditor in GIFS, a purification process, and funds that are listed and disclosed under ASIC rules. The car product has a named certifier and a dated certificate. The home product has a described structure and a certificate referenced on the documents page, but the contract itself, the pricing mechanism and the funding source are not published, so a reader cannot check from the website whether the rental benchmark or the funder's arrangements meet the standard the scholars signed off. That is not an accusation; it is the gap between what is claimed and what is shown, and it is the gap to close in your own conversation with Hejaz before you sign.
- Ask Hejaz for the Shariah certificate that names the exact home or car contract you will sign, with its date and the certifying body.
- Ask for the credit licence number and the credit guide, and confirm the licence on ASIC's professional registers.
- Ask what benchmark the rental or profit rate tracks, how often it is reviewed, and whether the review is capped.
- Ask who funds the home finance book and whether the funder's own arrangements have been certified.
- For investments, read the PDS fee table and the screening methodology, and ask when the last GIFS audit was completed.
- Confirm whether any insurance or protection product bundled with the contract is takaful-based or conventional.
Verdict: who Hejaz suits and who should look elsewhere
Hejaz suits a household that wants one counterparty for several needs: a home contract, a car contract, an investment account and an app, with a published investment methodology and ASX-listed funds it can see priced every day. It also suits an investor who wants Shariah-screened managed exposure in a single Investa portfolio for 0.50% rather than assembling ETFs alone. It is the wrong choice for a saver who needs Financial Claims Scheme protection, because the Halal Money account is not a deposit, and the Islamic investing hub sets out the alternatives. A home buyer who prioritises a published rate or a member-owned pricing model should compare MCCA, ICFAL and Amanah before deciding, and anyone still holding Hejaz super should treat the 12 October 2026 nomination deadline as the only date that matters this month; the halal superannuation hub and the Salaam provider profile are the places to start. Facts checked against hejazfs.com.au, halalmoney.com.au, salaam.com.au on 10 September 2026.
Frequently asked questions
Is Hejaz Financial Services a bank?
No. Hejaz is not an authorised deposit-taking institution and no Hejaz entity holds a banking licence. Its home finance pages advertise "No Banks" as a feature, meaning it funds property through non-bank arrangements, and the Halal Money account issued by Hejaz Pay is explicitly outside the Financial Claims Scheme. Hejaz operates under Australian financial services licences for advice, funds management and the app, and arranges credit for home and car finance.
Who certifies Hejaz products as Shariah-compliant?
Three names appear on the site. The about page lists a Sharia Board of Dr Faizal Ahmed Al Manjoo, Dr Samir Alamad and Bilal Omarjee. The car finance page names Minarah Consulting as the external Sharia Supervisory Board and links a certificate dated 28 March 2026. The investment screening methodology names Global Islamic Financial Services as the external board that audits Hejaz Asset Management twice a year against AAOIFI standards.
What does Hejaz home finance cost?
Hejaz does not publish a rate, fee or comparison figure for any home tier. The pages state deposits (5% for Gold, 20% for Essential and Flexible), maximum amounts ($2,000,000, $3,000,000 and $25,000,000) and unlimited extra repayments, nothing more. Pricing is quote-only, so ask for the rental rate, the review mechanism, all upfront and discharge fees, and any insurance requirement in writing before comparing it with another provider.
Is Hejaz super still open?
No. Hejaz's page says it has paused new members while reviewing the product, and the Significant Event Notice quoted on Salaam's site says contributions stopped on 30 September 2026. Existing members must nominate a new fund by 12 October 2026 or their balance goes to the ATO, with an initial transfer around 10 October 2026 and the remainder expected by the end of February 2027. The other Hejaz products are unaffected.
What is the minimum to invest with Hejaz?
It depends on the platform. Hejaz Investa, the retail managed portfolio of three Hejaz ETFs, can be opened with A$1,000, with A$5,000 recommended so that all securities are held. Hejaz Privia is for wholesale investors only; its Enhanced Income Fund lists a A$100,000 minimum and a 30-month lock-in. The individual ETFs can be bought on the ASX through any broker at market price.
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Does Hejaz publish its complaints process and AFCA membership?
Not on the pages we fetched. The complaints page address on hejazfs.com.au returned a not-found error on 10 September 2026, and the only privacy and complaints document listed sits under the super section of the important documents page. Ask Hejaz for its complaints policy and its AFCA member number in writing, and check the number on the AFCA website, before you rely on external dispute resolution.
