A new Sydney dealer group focused on Muslim clients is looking to hire up to 50 financial advisers in the next 12 months, as it nabs MSC Group's chief operating officer to lead the business.
Hejaz Financial Services will build a network of both specialist and financial advisers, totaling 150 to 200 over time under its master licence.
It will advise on Islamic-compliant investments in a Sharia compliant way.
The firm has hired Susan Wolff as general manager for wealth management. Wolff was most recently Melbourne trustee services provider MSC Group's chief operating officer. Prior to this, she has worked at Challenger, IOOF, Capstone Financial Planning and AMP.
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She will lead the development of Hejaz's adviser network.
"Muslims are a growing but underserved financial services market in Australia. To date, they have not been able to access specialist advice or products designed to help them achieve their financial goals in a way that reflects their religious faith," said Hejaz Financial Services chief executive Hakan Ozyon.
"By establishing a network of advisers who deeply understand the customers they serve, Hejaz is helping to make wealth management more accessible to Islamic communities. We believe we are also setting an example at a time when questions have been raised about how aligned advisers are to their clients' needs."
The adviser group's launch follows on from that of Hejaz's two funds: the multi-asset Global Ethical Fund and the Ethical Income Fund. Together they have about $170 million in assets.
"Hejaz is taking steps to make wealth creation more customer-centric. The market potential here is enormous - Muslim Australians are diligent savers and, given the choice, will always gravitate to financial products that align with their faith and values," Wolff said.
"I am pleased to be joining Hakan and the leadership team as Hejaz continues to create innovative new funds and solutions to everyday problems. A laser focus on what our Muslim and non-Muslim customers are actually looking for is exactly what the industry needs."