Empowering Islamic Finance with Modern Calculators

In recent years, there has been an increase in the number of non-Muslims choosing Islamic super funds in Australia.
This is due to a number of factors, including the ethical and socially responsible nature of Islamic finance.

One of the key principles of Islamic finance is that investments should have a positive impact on society and the environment.

  • This is achieved through the use of investment screens that filter out companies involved in industries that are considered harmful to society, such as gambling, tobacco, and alcohol.
  • Instead, Islamic finance promotes investment in socially responsible and environmentally sustainable projects, which aligns with the values of many non-Muslim investors.

Another reason why non-Muslims are choosing Islamic super funds is the stability and resilience of Islamic finance.

Islamic finance is based on real assets, which provides a strong foundation for investments.
Additionally, Islamic finance prohibits speculative practices that are considered unethical, which can reduce the risk of financial instability.

The top bodies which certify whether an investment fund is ethical or not mainly focus on whether the fund invests in conventional or nuclear weapons and tobacco.

  • Islamic investing adds extra screens against additional “sin” stocks
  • Many ethical funds include investments in alcohol, gambling, and adult entertainment while Islamic funds do not

Hejaz Financial Services is a leading Islamic super fund in Australia that operates according to the principles of Islamic finance.
This means that the financial products and services offered by Hejaz are in line with Islamic law (Sharia) and its practical application through the development of Islamic economics.

The company uses profit and loss sharing arrangements, rental-based financing, and other interest-free options to provide financial services that align with Islamic values.

One of Hejaz’s core values is responsible and ethical investing.

Hejaz Financial Services invests proactively in the following areas:

  • Clean energy and technology
  • Sustainable agriculture
  • Circular economy
  • Employment
  • Community services
  • Healthcare

On the other hand, Hejaz Financial Services does not invest in the following:

  • Conventional weapons
  • Banks’ interests
  • Alcohol
  • Tobacco production
  • Nuclear weapons
  • Gambling
  • Animal cruelty

Hejaz Financial Services has partnered with GBST, a leading financial technology provider, to offer customers accurate and reliable calculators for their financial needs.

The GBST financial interactive calculators used by Hejaz Financial Services, such as the borrowing and retirement adequacy calculators, provide customers with accurate and reliable estimates based on their financial situation.


Retirement Adequacy Calculator

The Hejaz Financial Services Retirement Adequacy Calculator is a powerful tool that can help individuals plan for their retirement.

  • The calculator allows users to estimate how much money they will need to live comfortably in retirement based on their current financial situation.
  • Using the Retirement Adequacy Calculator can be beneficial for individuals who are unsure about how much money they will need in retirement.

The calculator takes into account a range of factors, including:

  • Income
  • Expenses
  • Expected retirement age
  • Expected retirement income

Based on this information, the calculator provides an estimate of how much money will be required for a comfortable retirement.

Some of the benefits of using the Retirement Adequacy Calculator include:

  • Getting a clear understanding of how much money is needed for retirement
  • Making informed decisions about savings and investments
  • Planning finances more effectively


Borrowing Calculator

The Hejaz Financial Services and GBST borrowing power calculator is a useful tool for individuals seeking loans or mortgages.

There are several benefits to using this calculator, including:

  • Determines borrowing capacity: The calculator considers income, expenses, and debt to estimate an individual’s borrowing capacity.
  • Saves time: Instead of visiting multiple banks or lenders, the calculator provides a quick and easy estimate.
  • Provides a realistic picture: The calculator gives a realistic view of how much can be borrowed based on an individual’s financial situation.
  • Aligns with Islamic finance principles: The calculator is in line with Islamic finance principles, which prohibit interest (riba) and other unethical practices.

As a financial group focused on Islamic finance principles, Hejaz uses distinct terminology.
For instance, instead of using the term “interest rate,” they use “Ijarah rate.”

To accommodate these changes, GBST has provided a CMS solution that allows Hejaz to easily edit field labels, rates, and text without extra costs. This capability empowers Hejaz to efficiently manage and customise their website according to their specific needs.


Feel free to reach out to us if you would like to know more about GBST technology and financial calculators.

Our team will be happy to provide you with further information and answer any questions you may have.

By Mariusz Arcimonowicz
Published: 11/05/2023

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