In recent years, the Australian Muslim community has increasingly found itself facing significant challenges in accessing financial products aligned with their faith-based principles. One of the most pressing issues has been the severe levels of underinsurance within the community.

To address this pressing concern Haven Wealth are undertaking a groundbreaking survey to gauge the need for Takaful and Superannuation products among Australian Muslims.

Takaful, a Sharia-compliant insurance alternative, operates on the principles of mutual cooperation and shared responsibility. Unlike conventional insurance, which involves elements of uncertainty and interest, Takaful adheres to Islamic principles of fairness, transparency, and ethical conduct. 

The survey aims to uncover the potential adoption of a new Shariah-compliant insurance offering. Further, only a fraction of the community choosing a Shariah-compliant superannuation product, there exists a pressing need to understand the barriers preventing broader adoption of Islamic focused super products.

By gathering insights directly from the community, Haven Wealth seeks to tailor its offerings to meet the unique needs and preferences of Australian Muslims.

Despite the availability of Shariah compliant investment options, only a mere ~23,000 out of the 800,000 (under 3%) Australian Muslims have chosen to invest their superannuation in line with their faith. This significant gap underscores the need for greater awareness and accessibility of ethical investment opportunities within the community.

Several factors may contribute to this disparity, including a lack of awareness about Shariah-compliant financial products, limited accessibility to Takaful providers, and misconceptions surrounding Islamic finance.

Additionally, cultural and linguistic barriers may further hinder the uptake of these products among Australian Muslims. By addressing these challenges, Haven Wealth aims to empower the community to make informed financial decisions that align with their religious beliefs and values.

Furthermore, the survey seeks to identify specific areas where Takaful products can be tailored to better serve the needs of Australian Muslims. Whether it’s providing coverage for unique risks faced by the community or offering competitive pricing structures,

Haven Wealth is committed to developing innovative solutions that prioritize the financial well-being of its customers.

Beyond addressing immediate insurance needs, the survey also highlights the broader importance of financial inclusion and empowerment within the Australian Muslim community.

By providing access to Sharia-compliant financial products and services, Haven Wealth aims to foster economic resilience and prosperity among Australian Muslims.

Moreover, by promoting ethical and socially responsible investing, the company seeks to contribute to the broader societal goal of sustainable and equitable financial practices.

This survey conducted by Haven Wealth represents a crucial step towards addressing the pressing issue of underinsurance and investment disparity within the Australian Muslim community.

By listening to the voices of Australian Muslims and understanding their unique financial needs, Haven Wealth is poised to revolutionise the landscape of Islamic finance in Australia.

Through collaboration and innovation, the company endeavours to empower individuals to achieve financial security and peace of mind while staying true to their faith-based principles.