OpenInvest has partnered with an Islamic financial services company to launch a new sharia-compliant retail and wholesale online investment solution for Australian Muslims.
The Melbourne-based investment platform has joined with Hejaz Group to release Hejaz Investa and Hejaz Privia, aimed at retail investors, and wholesale investors and Islamic institutions, respectively.
Hejaz Investa will provide access to a professionally managed multi-asset growth portfolio, constructed and actively managed using Hejaz exchange-traded funds, via a web browser and mobile app, with planning underway for additional portfolio options.
Hejaz Privia will provide access to a range of Hejaz’s wholesale managed funds through a dedicated platform with comprehensive portfolio reporting so investors can monitor the performance of individual funds and an overall portfolio. Both vehicles will allow clients to invest in accordance with their faith and Islamic principles.
Hejaz Group founder and chief executive Hakan Ozyon said OpenInvest was chosen for its scalable technology and ability to keep investors informed with direct communications, and will expand access to its professionally managed investment solutions.
“With the launch of Hejaz Investa and Hejaz Privia, Australian Muslims and Islamic institutions can now access professionally managed investments that align with their faith, wherever they are in the country, through a simple online application,” Ozyon said.
OpenInvest head of distribution Ravi Verma added Hejaz had a clear vision for delivering a tailored investment product for retail and institutional investors and his firm’s platform aligned with those goals.
“The flexibility of our platform has allowed us to configure solutions that meet the different needs of each investor group and we look forward to supporting Hejaz as it expands access to professionally managed, sharia-compliant investments,” Verma said.
Jason Spits
SENIOR JOURNALIST
Jason is a senior journalist with Benchmark Media and writes for the selfmanagedsuper website and magazine and smstrusteenews website. He has covered financial services since 1999 and has written about life insurance, superannuation, investment management and financial advice, in both a freelance and in-house capacity, and also did a brief stint as a media manager for an industry association. He has been the editor of trade titles Money Management and Financial Standard, and was most recently senior journalist with life insurance title Riskinfo.
Articles by Jason