Hejaz Financial Services has released results for FY18-19, showing a gross return of 6.82 per cent for its Hejaz’s Global Ethical Fund.
The fund was Sharia-compliant and invested across multiple asset classes including domestic and global equities, property, infrastructure and fixed income assets.
It had a more stringent screening process than other environmental, social and governance (ESG) funds, as the portfolio excluded banks, pig products, alcohol, media, weaponry, tobacco and gambling.
Hakan Ozyon, senior portfolio manager for the Global Ethical Fund, said their fund was a strong offering designed for the Muslim population of Australia.
“If a client requires certain religious overlays or certain social overlays it’s a duty of ours, not just as investment managers but also financial planners, with what they require,” Ozyon said.
“We think we are a disrupting fund manager and we have a lot of demand around the world for our price at this stage.”
In addition to its fund, Hejaz said it also offered other financial services, including financial advice, accounting, estate planning and tax, all geared towards the Muslim population and were set to expand their offerings in the next 12 months to include real estate, insurance and legal services.
For the financial year 2018/19, the fund returned 6.8 per cent. It aimed to achieve CPI plus three per cent (before fees) per annum and targeted investors with a medium to long-term time horizon.