Hejaz and Ijarah Finance are the only two Australian providers where a household can finance a home and a car under one roof, so the real choice is often between them. Both offer home finance from a 5% deposit and both are quote-only on price. The differences are sharp elsewhere: Hejaz finances cars for PAYG employees and self-employed applicants up to $150,000 over 3 to 7 years, while Ijarah Finance's vehicle and equipment product is for self-employed applicants with an ABN and GST registration. Ijarah Finance offers a 2 to 10 year fixed rental term with no break cost; Hejaz's published home pages do not mention a fixed option. Hejaz is certified by Minarah Consulting in Australia; Ijarah Finance by FSAC in Singapore.
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Who the two companies are
Hejaz is a Melbourne group at Level 11, 2 Queen Street. Its financing arm, Hejaz Capital Pty Ltd trading as Hejaz Financial Services, is a Corporate Authorised Representative of Hejaz Financial Advisers Pty Ltd, AFSL 517686. Around the financing sit superannuation, an Islamic pension, managed investment funds, the Investa and Privia investing platforms and the Halal Money spending app. It describes itself as the closest thing Australia has to a full-stack Islamic financial institution, and that is a fair description of the product list even where the individual products are young.
Ijarah Finance is a Sydney financier at Suite 5, Level 6, 402-410 Chapel Road, Bankstown. It trades under Australian Credit Licence 387688 as a subsidiary of Mortgage Providers Pty Ltd, a full MFAA member that has traded since 2003. It is explicit about its model: it is a finance facilitator that arranges rental-based contracts between the customer and funders, which it lists as wholesale funding bodies, finance houses, major and small banks, non-bank lenders and private equity firms, and it says it does not borrow from or pay interest to those funders. It is paid fees and commissions by funders and sometimes a fee for service by the customer. It does nothing outside financing: no super, no funds, no app.
Home finance side by side
Both companies describe their home contracts as lease-based. Hejaz says the home buyer and financier agree to share beneficial ownership and that its products rest on Shariah-compliant principles including Ijarah; Ijarah Finance names the structure Ijarah Muntahiya Bit Tamleek, a lease ending in ownership, and stresses that it is a contract of exchange, not a profit-and-loss partnership. The halal home financing hub explains why that distinction matters if the property falls in value. The table compares what each publishes.
| Feature | Hejaz | Ijarah Finance |
|---|---|---|
| Structure as described | Shared beneficial ownership, Ijarah-based | Ijarah Muntahiya Bit Tamleek, single letter of offer with funder |
| Minimum deposit | 5% (Gold); 20% (Flexible and Essential) | 5% residential; 10% low doc or land and build; 20% vacant land; 25% rural or commercial |
| Maximum amount | $2,000,000 Gold; $3,000,000 Essential; $25,000,000 Flexible | Not published; set by funder |
| Fixed option | Not shown on the home finance page | Thabet: 2 to 10 years, no break cost, unlimited extra payments, no redraw or offset |
| Extra repayments | Unlimited on all three tiers | Varies by contract; unlimited under Thabet |
| Low doc and SMSF | SMSF home finance listed | Low doc from 10% deposit; Islamic SMSF listed |
| Published rate or fees | None on pages fetched | None; discharge for a nominal fee, default fees described not priced |
| Waiting list | None stated; pre-approval valid 3 months | None; open to non-residents subject to FIRB |
Read against our separate reviews, the Hejaz home financing review and the Ijarah Finance home products review, the practical difference for most buyers is the fixed option. Ijarah Finance's FAQ says variable rental rates generally move when the Reserve Bank changes the cash rate and that this is the funder's decision, and it offers Thabet to anyone who holds the stricter view that a lease rental should not change within the agreed term. Hejaz's home pages describe tiers and deposits but are silent on fixing, so ask the question directly.
Car finance side by side
This is where the two part company. Hejaz's auto page lists a 3 to 7 year term, finance up to $150,000, PAYG and self-employed applicants, a balloon payment option, unlimited additional repayments and new, demo and used vehicles, and it excludes grey imports, kit cars, motorcycles and scooters. Ijarah Finance's vehicle and asset product uses Ijarah Thumma Al Bai, which it calls the purest form of Islamic finance, and its FAQ states it can assist self-employed customers with a valid ABN and GST registration to buy cars and business equipment. An employee with no ABN cannot use it. The halal car financing hub lists every other provider that fills that gap.
| Feature | Hejaz auto finance | Ijarah Finance vehicle and asset |
|---|---|---|
| Structure | Lease-based, Minarah-certified | Ijarah Thumma Al Bai (lease then sale) |
| Who can apply | PAYG employees and self-employed | Self-employed with ABN and GST registration |
| Term | 3 to 7 years | Not published; set by funder |
| Amount | Up to $150,000 | Not published |
| Vehicle types | New, demo, used; no grey imports, kit cars, motorcycles, scooters | Cars, trucks, plant, machinery, business equipment |
| Balloon or residual | Balloon option available | Residual or balloon payout and discharge costs may apply |
| Published fees | None on page fetched | None; dishonour and default notification fees described |
Our Hejaz car finance review rates it the best-documented Islamic auto product in the country, and the Ijarah Finance vehicle and asset review treats it as the certified business option. Those two verdicts are consistent with the pages we re-read: Hejaz publishes consumer terms, Ijarah Finance publishes a structure and an eligibility gate.
Shariah certification and disclosure compared
Hejaz names Minarah Consulting as its external Sharia Supervisory Board, responsible for independently certifying all Hejaz offerings and conducting Sharia audits. Ijarah Finance says its contracts have been reviewed and certified by FSAC, the Financial Shariah Advisory and Consultancy, an independent firm in Singapore, and devotes two FAQ answers to why it chose a Singaporean board: it argues no Australian firm specialises in financial contract certification and that Singapore's credit, contract and tax laws are similar to Australia's. Neither site names individual scholars on the pages we fetched, and we do not state names we have not read.
On disclosure of mechanics, Ijarah Finance is the more forthcoming. Its FAQ explains the index percentage (which it calls the rental rate), says Australian law requires that rate to be disclosed, confirms the customer holds title as custodian with the funder holding a beneficial interest, states there is no profit or loss sharing, and describes what happens on default and on final payment. Hejaz's pages describe shared beneficial ownership and quote Surah Al-Baqarah 2:275 but leave contract mechanics to the appointment. If you want to read how the contract works before you call, Ijarah Finance gives you more to read.
Group breadth: what Hejaz offers that Ijarah Finance does not
Hejaz is the only one of the two that can hold your super, run your pension, manage your investments and issue a spending account. That breadth is real, with one caution: the Hejaz Islamic Super product is closing, and members need to decide where to move, which we cover in the Hejaz Islamic Super closing guide. Investa and Privia are investing platforms, Privia for wholesale-eligible investors, and the Halal Money app is a spending account with halal investing attached. Ijarah Finance offers none of this and does not pretend to; its homepage lists home, Thabet, vehicle and asset, SMSF, refinancing and low doc, and stops.
Breadth cuts both ways. A household that wants one login for finance, super and investing will prefer Hejaz. A household that wants a specialist whose only job is the finance contract, and whose funders are mainstream Australian institutions, will prefer Ijarah Finance. Neither is a bank; both leave your transaction account elsewhere.
Service footprint, process and turnaround as published
Hejaz works from Melbourne by appointment and online application. Its home loan process page sets out six steps, says conditional pre-approval is valid for 3 months, and tells buyers to expect to pay a deposit of usually 5 to 10% of the price at contract. Ijarah Finance works from Bankstown with a 1300 452 724 line open Monday to Friday 9am to 5pm, says there is no waiting list, accepts citizens, permanent residents and non-residents subject to FIRB, and will consider bad credit case by case depending on the loan-to-value ratio and the type of listing. Neither publishes a settlement turnaround in days.
- Ask Hejaz whether a fixed rental term is available on the tier you qualify for, and for how long.
- Ask Ijarah Finance which funder your file will go to and whether that funder's variable rate moves with the cash rate.
- Ask both for the full fee schedule in dollars: application, valuation, settlement, discharge, dishonour and any fixed-term break cost.
- Ask both for the current Shariah certificate as a document, not a logo.
- Ask both what happens to the contract if you sell within the term, and whether the financier shares in any loss.
Verdict: which to approach first
A PAYG first home buyer with a 5% deposit can approach either; the deciding question is the fixed option. If you want payments locked for several years without a break cost, go to Ijarah Finance and ask for Thabet. If you want a group that can also take your super and investments, go to Hejaz Gold. An ABN holder who needs a work vehicle should start with Ijarah Finance, whose Ijarah Thumma Al Bai product is built for exactly that file. An employee who needs a car cannot use Ijarah Finance and should go to Hejaz, which finances PAYG applicants up to $150,000 over 3 to 7 years.
A household that wants one provider for home and car will find Hejaz the only option if anyone in it is an employee buying a car; if the car is a business asset, Ijarah Finance can do both. Whichever you choose, get the other's quote too, because neither publishes a rate and our provider comparison tool can only line up what you bring back. Facts checked against hejazfs.com.au and ijarahfinance.com.au on 16 September 2026.
Frequently asked questions
Is Hejaz or Ijarah Finance cheaper for home finance?
Neither publishes a rate, so nobody can say without two written quotes. Hejaz lists tiers and deposits but no pricing; Ijarah Finance says its rates are competitive and that a larger deposit earns a better rental rate, and that rates are set by its funders. Ask each for the rental rate, every fee in dollars and the total payable over the term, then compare the two documents line by line.
Can an employee get car finance from Ijarah Finance?
No. Ijarah Finance's FAQ says it can assist self-employed customers with a valid ABN and GST registration to buy cars and business equipment under its Ijarah Thumma Al Bai structure. A PAYG employee without an ABN should look at Hejaz, which finances PAYG and self-employed applicants up to $150,000 over 3 to 7 years, or at the other providers in our car finance comparison.
Does Hejaz offer a fixed rate on home finance?
Hejaz's home finance page does not mention a fixed option; it describes Gold, Flexible and Essential tiers with unlimited additional repayments. Ijarah Finance does offer one, Thabet, fixed for 2 to 10 years with no break cost but no redraw or offset. If payment certainty is your priority, ask Hejaz directly whether fixing is available and compare its answer with Ijarah Finance's published terms.
Who certifies Hejaz and Ijarah Finance as Shariah compliant?
Hejaz names Minarah Consulting as its external Sharia Supervisory Board, which certifies its offerings and conducts audits. Ijarah Finance says its contracts are certified by FSAC, the Financial Shariah Advisory and Consultancy in Singapore, and explains it chose a Singaporean firm because none in Australia specialises in financial contract certification. Ask either for the current certificate as a document before signing.
What is the minimum deposit at Hejaz and Ijarah Finance?
Both start at 5% for a standard residential purchase. Hejaz's Gold tier requires 5% with a maximum finance amount of $2,000,000, while its Flexible and Essential tiers require 20%. Ijarah Finance requires 5% for residential property, 10% for low doc or joint land and construction, 20% for vacant land and 25% for rural or commercial property, and says you must also cover costs such as stamp duty.
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 either provider share losses if the property falls in value?
Ijarah Finance says no: its Ijarah is a rent-to-own contract of exchange, not a profit or loss sharing agreement, and the customer bears maintenance and any shortfall. Hejaz describes shared beneficial ownership but its pages do not say whether it shares in a loss on sale, so ask. ICFAL in Parramatta is the Australian provider that explicitly states it shares profit and loss on sale under Diminishing Musharakah.
