Hejaz Financial Services is the scale story of Australian Islamic finance: founded in Melbourne in 2014 by Hakan Ozyon, claiming more than 10,000 active members and a portfolio it markets at $4 billion, with ASX-listed Islamic ETFs, superannuation, auto finance and home financing under one roof. This review covers the home financing lineup as Hejaz publishes it, verified August 5, 2026, including the things it does not publish, which matter just as much.
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The three tiers, in numbers
Hejaz publishes real product parameters, which in this market counts as a virtue. Gold Home Finance runs to $2,000,000 with just a 5% deposit, and separate Target Market Determinations exist for fixed and variable Gold variants, confirming both rate types. Essential Home Finance reaches $3,000,000 with a 20% deposit. Flexible Home Finance goes to $25,000,000 with 20% down, including a construction variant with its own TMD, giving Hejaz the largest published residential capacity of any Islamic provider in the country. All three tiers allow unlimited additional repayments.
| Tier | Max finance | Deposit | Notes |
|---|---|---|---|
| Gold | $2,000,000 | 5% | Fixed and variable TMDs; the low-deposit flagship |
| Essential | $3,000,000 | 20% | Mid-tier capacity |
| Flexible | $25,000,000 | 20% | Includes construction finance variant |
Eligibility documentation is unusually complete. PAYG applicants need their last two payslips and three months of bank statements showing salary credits no older than 30 days. Employment minimums: three months full-time (or twelve months continuous same-industry work if under six months in the current role), twelve months for casuals and second jobs, twenty-four months in the same industry for contractors. Self-employed applicants need two years of personal and business tax returns or financial statements. If your file is thin, you know before you apply.
The structure: Ijarah with shared beneficial ownership
Hejaz describes its financing as based only on Sharia-compliant underlying principles including Ijarah finance, and frames the arrangement as home buyer and financier agreeing to share beneficial ownership of the property, in explicit contrast with an interest-based loan. It also makes a claim most competitors cannot: Non Bank Funding, meaning its funding sources themselves are said to comply with Islamic principles rather than being warehoused from conventional credit lines. That addresses the funding-purity objection often raised against Islamic products funded by conventional platforms, though, as with much at Hejaz, the supporting detail sits behind the application wall.
What is not publicly documented: the contract mechanics. How the rent is benchmarked, how the ownership transfer completes, what the discharge costs - none of this is on the site the way MCCA's FAQ or Amanah's structure pages spell out their equivalents. Buyers should ask for the contract set and read it before committing.
Governance: the strongest paper stack in the market
Hejaz publishes a named three-scholar Sharia board (Dr Faizal Ahmed Al Manjoo, Dr Samir Alamad and Bilal Omarjee) plus Minarah Consulting as an external Sharia Supervisory Board that independently certifies Hejaz offerings and conducts audits. Dual-layer governance with named people is more than most Australian competitors publish. One asymmetry worth noting: Hejaz's auto finance page links a signed, dated Minarah certificate (28 March 2026), but the home financing page links no equivalent product-specific certificate. The governance is real; the product-level paper trail for home finance is thinner than for the car product. Ask for the applicable certificate early in your application.
The pricing problem
Hejaz publishes no profit rate, no comparison rate and no fee schedule for any home financing tier, anywhere on its site. Prospective buyers are funnelled to an application or an appointment. External reports have circulated indicative Hejaz rates, but we could not verify them on the current site and will not repeat them. For a group of this size, in a market whose biggest structural weakness is pricing opacity, this is the single thing we would most like to see change. Practical consequence: treat Hejaz as a serious shortlist entry whose cost you will only learn by engaging, and force the rate and all fees into writing before you compare it against MCCA, Amanah and Ijarah Finance quotes.
Adjacent pieces worth knowing
Hejaz runs a Deposit Builder program that invests savings in the Hejaz Income Fund while you accumulate a deposit (an investment, not a guaranteed account; see our deposit guide). Its home loan process page walks six steps from conditional pre-approval, valid around six months, to settlement, noting deposits usually land at 5-10% of the property price. For property inside superannuation, Hejaz SMSF finance uses a Musharakah joint venture structure up to $2,500,000 at 85-90% residential LVR, covered in our SMSF guide.
How Hejaz compares
Against the field, Hejaz's position is clear. On deposits, its 5% Gold entry matches Amanah and Ijarah Finance and undercuts MCCA's 10% seasoned requirement and ICFAL's 20%. On capacity, nothing else is close: MCCA's residential ceiling is $2,000,000 and ICFAL's is $700,000, while Hejaz Flexible reaches $25,000,000, making it the only published Islamic option for genuinely expensive property. On governance paper, Amanah's monthly audits and MCCA's downloadable fatwas beat what the Hejaz home pages currently show, though the group's dual-layer structure is stronger than most. On track record, MCCA's 36 years and $3.6 billion originated dwarf everyone, Hejaz included. The practical read: Hejaz wins shortlist places on deposit flexibility and capacity, and should be made to compete on price and paper like everyone else.
Verdict
Hejaz is the most institutionally complete Islamic home financier in Australia: published tiers with real parameters, a 5% deposit option at meaningful scale, named dual-layer governance, and capacity ($25 million) nobody else touches. It is also the market's most prominent example of pricing opacity, and its home product's contract mechanics and certificate are not public. If you can tolerate learning the price by appointment, it belongs on nearly every shortlist; just make the rate sheet and the home finance certificate your first two asks, and compare the answers against at least one competitor's written quote. Start at our home financing hub or get matched.
Frequently asked questions
What deposit does Hejaz home finance require?
5% on the Gold tier (finance to $2,000,000) and 20% on Essential (to $3,000,000) and Flexible (to $25,000,000). All tiers permit unlimited additional repayments.
Does Hejaz publish its home finance rates?
No. No profit rates, comparison rates or fee schedules appear anywhere on the crawled site as of August 5, 2026. Pricing emerges through an application or appointment, so get it in writing and date it.
Is Hejaz home finance Shariah-certified?
Hejaz publishes a named three-scholar Sharia board plus Minarah Consulting as external Sharia Supervisory Board covering Hejaz offerings. Unlike its auto finance product, the home financing page links no product-specific dated certificate, so request the applicable certification during your application.
Does Hejaz offer fixed rates?
Yes on the Gold tier, evidenced by separate Target Market Determinations for Hejaz Gold Fixed and Hejaz Gold Variable home finance. Fixed-term lengths and pricing are not published; ask at quote stage.
Who is Hejaz best for?
Buyers who want a large, professionally governed Islamic financier with a 5% deposit entry point or big-ticket capacity, and who are comfortable extracting pricing through the application process rather than comparing from public rate sheets.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Does Hejaz help with the deposit itself?
Yes, through its Deposit Builder program, which invests savings in the Hejaz Income Fund while you accumulate toward a home. It is an investment rather than a guaranteed account, so returns can vary and units can fall; see our deposit-saving guide for how to use it without endangering a fixed settlement date.