Since launching in 2014, Hejaz Financial Services has rapidly grown to become Australia’s leading Islamic financial group. In addition to providing a broad range of Islamic financial services, its founding vision is to provide “an Islamically permissible alternative without compromising the integrity of the product or service”.
Ten years on, and Hejaz continues to deliver on its promise, with US$330 million of funds under management and administration and more than 6,200 active members.
Yet the ambition of CEO and Founder Hakan Ozyon has never been limited to Islamic finance alone, he tells The CEO Magazine.
“We always envisioned helping the community, that’s what we’re here for,” he says. “We see Hejaz as an organization that Muslims around the world, not just in Australia, view as an institution for them.
“And hence we feel like we should not just be a financial institution, we should be more than that.”
“Muslims are already placing their trust in us, so we feel like we have a responsibility for the community.”
With this already in mind, inspiration struck Ozyon several years ago when he was driving through the suburbs of Melbourne.
“I spotted a religious-based hospital and asked myself, ‘Why haven’t Muslims got a hospital dedicated to themselves?’ Here in Australia, there are mosques and schools for the community, but there are no Islamic hospitals,” he says.
“I’ve been thinking about this for many years, and now the opportunity is right. I feel it’s time to start these sorts of projects.
“Muslims are already placing their trust in us, so we feel like we have a responsibility for the community. Therefore, it’s only natural for us to go down this path.”
Closing the gap
Ozyon explains there are shortcomings in the provision of healthcare, including aged care that caters to the religious needs of Muslims. The healthcare system is primarily tailored to the needs, values and beliefs of the dominant cultural group in Australian society: English-speaking people of European descent.
But as society becomes increasingly diverse, there is a need to meet the needs of people from different backgrounds.
Many Muslims encounter difficulties when attempting to adhere to the principles of their faith in non-Islamic healthcare environments, Ozyon outlines. Examples include adhering to their religious principles concerning prayer, fasting, diet, clothing and gender interactions, issues that are often overlooked by non-Islamic institutions.
“There are around one million Muslims in Australia today, and we want to cater for them.”
In predominantly Muslim countries, hospitals that operate according to Islamic principles focus on the little things that matter, Ozyon says.
“For example, females cannot be in the presence of men, such as when patients are in bed and sharing a room with male patients,” he explains.
“Likewise, having male medical professionals caring for female patients can be quite awkward for female patients. You can’t always find halal food in hospitals or prayer rooms, and there’s a halal element to pharmaceuticals. Not every drug or medicine is automatically certified halal.”
Another part of this includes catering to older migrants who struggle with the English language. While many hospitals have literature in various languages, these patients will benefit from having a medical professional who speaks their language.
“Even though these things may not seem like much to non-Muslims, these are very important issues to help make Muslims feel comfortable,” Ozyon points out. “There are around one million Muslims in Australia today, and we want to cater for them.”
Grand plans
While Ozyon’s plans to launch an Islamic hospital have been met with enthusiasm by Australia’s Muslim community, one of the challenges he’s encountered is deciding upon the location.
“For our first facility, we’re looking at a location in the suburbs of Melbourne, about 10 kilometers from the central business district,” Ozyon reveals. “Although property prices have gone through the roof over the last two decades, we want it to be accessible to as many Muslims in the area as possible.
“However, many people in Sydney and Brisbane have asked us, ‘Why aren’t you opening up here?’ And they’re making a valid argument, because there are a lot more Muslims in Sydney than in Melbourne.
“I hope that once we are successful with this first location, we can replicate this, not just in Sydney and Brisbane, but around the world.”
While the concrete plans for the facility are yet to be finalized, Ozyon predicts that construction will start in the second half of 2025 and be completed within three-to-four years.
“We’re not just planning to create a hospital, but a state-of-the-art healthcare hub that includes aged care, childcare, consultancy rooms and a few other things,” Ozyon says.
“We want it to be the envy of other communities because the Islamic faith always encourages Muslims to do whatever they can to the best of their ability.”
“Australia is a multicultural country so it’s important that everyone feels like they belong.”
Yet Ozyon is keen to point out that all these facilities will be open to everyone, not just Muslims.
“Even though we call our health hub Islamic, I know there are lots of non-Muslims who have similar values as we do. We encourage everyone to come because, at the end of the day, anyone who shares our concerns or has specific requirements, we’re here for them,” he says.
The project has already attracted positive reception from Muslim healthcare professionals who are excited by the prospect of working in an Islamic hospital.
“This will not only benefit patients, but also the people who will work there,” he adds. “Working in an environment that shares their values and allows them to help other Muslims is great for their identity.
“For many Muslim medical professionals in Australia, they have to work on whatever portfolio is given to them, even if it goes against their faith. This can cause some to leave Australia, contributing to the lack of skilled professionals here.
“So, by creating an Islamic healthcare hub, we hope to encourage more young Muslim men and women to pursue excellence in healthcare here. Australia is a multicultural country so it’s important that everyone feels like they belong.”
Community building
The provision of healthcare according to Islamic principles goes beyond just how healthcare is provided, it’s about creating a community, according to Ozyon.
“When we talk with our customer base, we hear their interest in certain financial products, but they would also love us to invest in their community as well,” he says. “So clearly a hospital will provide a central location for them to bond around.
“It will be like a rallying point for the community. Somewhere people can see as their home, a place of belonging, and having a specialized health facility tailored to the community is important for any community.
“It’s where people go to see their loved ones while they’re receiving care, and right now, the Muslim community doesn’t have this. Even though they’re in Australia and they’re Australians, they need this sort of location to feel like they belong.”
“We see this as a blueprint to take to the whole world and not just with the health sector.”
Another benefit is the ability to help the Muslims circulate money within their community, Ozyon adds.
“If you look at other communities that have really thrived in Australia, or around the world, there is a conversation about where a community’s finance goes,” he says. “In Australia, the Muslim community’s dollar does not revolve more than once within its own community.
“Typically, if a Muslim person earns a dollar, it automatically leaves the community. We don’t leverage the power of our own wealth. Our communities are now slowly starting to wake up to this, and as Australia’s leading Islamic finance institution, we have the ability to help.”
Global ambitions
Alongside these plans, Hejaz Financial Services is growing globally, with offices opening in the Middle East and in several locations across Europe, presenting an opportunity for Ozyon to expand his company’s impact worldwide.
“The world is transitioning and genuinely becoming one. As a result, no matter where you are in the world, people have different requirements,” he says.
“It’s getting to the stage where every good company needs to identify this and start providing solutions for community needs. I think it’s important that the world sees this and we hope to inspire other companies to move in the same direction.
“We see this as a blueprint to take to the whole world and not just with the health sector. We’re looking at all sectors right now; this is only the beginning.”
