As Shariah-compliant finance gains prominence in the global financial landscape, Ikhlas Finance Australia (IFA) aspires to stand at the forefront, offering innovative solutions in property finance while adhering strictly to Islamic principles.

In this exclusive interview, Dr Mohammad Moniruzzaman, CEO at Ikhlas Finance Australia, sheds insights on their approaches, vision and what it means for the Australian market.

Could you provide an overview of with IFA’s mission and its significance in the mortgage industry?

Dr Mohammad Moniruzzaman: Certainly. At IFA, our mission is to provide accessible and ethical property financing solutions that comply with Shariah principles. We understand the importance of homeownership and financial stability for individuals and families, and we aim to facilitate this while adhering strictly to Islamic values. By offering Shariah-compliant mortgage options, we provide an alternative for those seeking home financing that aligns with their religious and ethical beliefs.

How does Shariah compliance shape the products and services offered by IFA the realm of home financing?

MM: Shariah compliance is the foundation of everything we do. In the context of home financing, it means structuring our products in a way that avoids interest (Riba) and speculative elements (Gharar). Instead, we offer financing options based on lease-to-own (Ijarah Muntahia Bittamleek), ensuring that our customers can purchase their homes in a manner consistent with Islamic teachings. Transparency and fairness are central to our approach, and we strive to provide clear and understandable terms to our clients.

What are some of the unique challenges faced by IFA as a Shariah-compliant mortgage provider, and how do you address them?

MM: One of the challenges we encounter is the misconception that Shariah-compliant financing is overly complex or inaccessible. We work diligently to educate potential clients about the principles and benefits of Shariah-compliant mortgages, emphasising transparency, fairness, and ethical conduct.

How do you envision the future of Shariah-compliant home financing, and what role does IFA aim to play in shaping this future?

MM: The future of Shariah-compliant home financing is promising, given the increasing demand for ethical financial products worldwide. We anticipate continued innovation in the industry, with a focus on providing more accessible and diverse options for homebuyers. As for IFA, we aim to be at the forefront of this evolution. We are committed to expanding our product offerings, enhancing customer experience, and fostering partnerships that promote ethical home financing. Our goal is to become the preferred choice for individuals and families seeking Shariah-compliant mortgages, contributing to the growth and development of ethical finance in Australia.

Any final thoughts or messages you’d like to share with our readers?

MM: We are excited to embark on this journey of ethical finance in Australia and invite individuals and families from all backgrounds to explore the possibilities offered by Shariah-compliant property mortgage services. Together, we can build a more inclusive and equitable financial landscape that reflects our shared values and aspirations. Our humble invitation to you to join us in shaping a brighter future for yourself and your community through ethical finance based on Islamic Principles.