How it works

How it works

  1. The home buyer and Financier agree to share beneficial ownership of the property.
  2. Ownership: The two parties buy the home and the beneficial ownership of the property is determined by each party’s down payment.
  3. The home buyer makes monthly payments to the Financier. Part of the payment is a rental charge for full use of the home and the rest is a payment to increase the buyer’s beneficial ownership/equity in the property.
  4. Over the course of the arrangement, the home buyer acquires more equity in the property from the financier and becomes the sole legal and beneficial owner of the property.

How is my home loan 100% Halal

Islamic Credit Corporation operates as a subsidiary of Australian Mortgage Managers PL, a 100% Australian-owned Mortgage Broking Firm holding Australian Credit License 381438. Both Australian Mortgage Managers PL and its subsidiary, Islamic Credit Corporation, refer all Halal home loan requests to Hejaz Financial Services PL is a representative of Hejaz Financial Advisers Pty Ltd ABN 49 634 683 613 AFSL 517686. Hejaz Financial Services PL holds the exclusive authority for all Sharia lending approvals and possesses an authenticity certificate from global entities AAOIFI and GIFS, ensuring the absolute legitimacy of all Sharia-compliant loans, which are inherently Interest-Free (No Riba).

Adhering to Islamic law, Riba (interest) is strictly prohibited due to its exploitative nature, perpetuating a cycle of increasing debt for the less fortunate while allowing the wealthy to accumulate wealth without contributing additional value.
The structure of Shariah governance is fortified through a dual-layered approach. This includes an internal Shariah compliance function and an independent external Shariah auditor. Our finance and mortgage products strictly adhere to Shariah-compliant underlying principles, with a foundation in Ijarah finance. All contracts are designed to be fair, clear, and transparent, meticulously reviewed by both legal and Shariah teams to ensure compliance with regulatory and Shariah requirements. The terms are presented upfront in clear and simple language, reflecting our commitment to transparency and ethical financial practices.

Non Bank Funding:

As an Islamic Investment Management firm, Hejaz funds mortgages through its investment funds. A truly unique, Shariah-compliant, ecosystem.
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is an autonomous international non-profit organization dedicated to formulating standards in accounting, auditing, governance, ethics, and Shariah for the Islamic financial sector and its institutions.
GIFS (Global Islamic Financial Services Firm Proprietary Limited) is a company based in South Africa that specializes in offering Shariah Advisory services, supervision, Shariah auditing, and human capital development. The advisory board of GIFS is composed of seasoned scholars and financial experts.