Hejaz Financial Services Hejaz Islamic Super & Pension
Islamic Retirement & Super in Victoria
Sharia-compliant super and account-based pension promoted by Hejaz Asset Management within AMG Super, with three AAOIFI-screened options - Growth (75/25), Balanced (60/40) and Conservative (35/65) - and performance inception 8 August 2023. Published fees (as of 21 Feb 2025): 1.00-1.15% p.a. investment fees plus 0.02-0.05% transaction costs, $65 p.a. per account and an estimated 0.49% p.a. admin. Administration runs through Acclaim/SS&C with Deloitte as auditor and AIA Australia as group insurer. Currently paused to new members during a product review - prospective members can only register interest (re-verified 2026-08-05).
On disclosure, Hejaz Islamic Super & Pension is genuinely good: full fee tables dated February 2025, published option allocations, a downloadable AAOIFI screening methodology, a Sharia certificate, and a fully-named administration stack (AMG Super, Acclaim/SS&C, Deloitte, AIA). That's more transparency than most Islamic super products globally. But two facts dominate any 2026 verdict. First, the fund is paused to new members while Hejaz 'reviews the offering' - you literally cannot join today, only register interest. Second, all-in costs (investment fees plus $65 and ~0.49% admin) are materially higher than mainstream super defaults, a real drag on 30-year compounding that faith-based savers should weigh consciously. Existing members retain full service. If and when membership reopens, this is the most institutionally documented halal super option in Australia; until then it's a watchlist product.
Pros
- Full fee transparency: 1.00-1.15% investment fees + 0.02-0.05% transaction costs + $65 p.a. + ~0.49% admin, dated 21 Feb 2025
- Published target allocations for all three options (Growth 75/25, Balanced 60/40, Conservative 35/65)
- AAOIFI screening methodology and Sharia certificate both downloadable; excluded industries listed
- Institutional-grade stack disclosed: AMG Super with Acclaim/SS&C administration, Deloitte audit, AIA insurance, Atchison asset consulting
Cons
- PAUSED to new members as of August 2026 while the offering is reviewed - new savers can only register interest
- Total costs approach ~1.5-1.7% p.a. on modest balances once admin fees are included, well above index super options
- Short track record - performance inception only 8 August 2023
- Insurance (Hayat) cross-sold with no public pricing or standalone documentation
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Product Details
Structure
Screened portfolio (AAOIFI)
Best For
Muslim Australians wanting AAOIFI-screened super with full fee disclosure - once new membership reopens
Hejaz Financial Services in Victoria
Hejaz Financial Services's Hejaz Islamic Super & Pension accepts members from Victoria, structured as Screened portfolio (AAOIFI). Superannuation is a national system, so Islamic super options are equally available in every state and territory. Hejaz Financial Services operates across Australia, so Victoria residents have full access to this product.
Shariah Compliance & Oversight
3-tier Sharia governance with AAOIFI screening methodology (downloadable) and a downloadable Sharia certificate for 'Super and Investments'; group Sharia Board named as Dr Faizal Ahmed Al Manjoo, Dr Samir Alamad, Bilal Omarjee, with Minarah Consulting as external Sharia Supervisory Board.
2026-08-05
Why It's Halal
Hejaz Islamic Super & Pension applies AAOIFI-based screening to superannuation portfolios: the how-we-invest page publishes the excluded-industries list (weapons and defense, interest-based financial institutions, tobacco, gambling and speculative investments, non-compliant entertainment, alcohol/pork/non-halal food), describes an ongoing divestment-and-reinvestment review cycle for holdings that fall out of compliance, and links both an AAOIFI screening methodology document and a Sharia certificate covering super and investments. Governance is the group's 3-tier process - Sharia principles, investment screening, and a 'global shariah board' that audits periodically - with three named scholars and Minarah Consulting as external supervisory board. Structurally the product is conventional Australian superannuation (within AMG Super, with Acclaim/SS&C administration, Deloitte audit, AIA group insurance) whose investment options are Sharia-screened - the halal claim rests on portfolio screening and governance, not on a distinct Islamic contract. Fee disclosure is complete and current. The overriding practical fact: as of this verification the fund is not accepting new members while Hejaz reviews the offering, so the product is effectively closed to new savers until further notice.
Regional Availability
Hejaz Financial Services serves all of Australia
✓ Available nationwide including Victoria
Start Planning: Hejaz Financial Services
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Compare With Other Options in Victoria
4 other retirement products available to Victoria residents
Frequently Asked Questions
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Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.