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ECONOMIES AROUND the world were undeniably doing it tough in 2020 through the onset of the Covid-19 pandemic , Australia being no exception .
However , Australia ’ s economy has bounced back quickly and performed very well throughout 2021 . Hejaz Financial Services , the leading Australian provider of Islamic finance , gives a review of 2021 ’ s economy and explains how it managed to stand firm throughout the pandemic .
According to Hejaz Financial Services , 2021 saw the Australian government pouring stimuli into the economy to protect businesses and households around the country from a prolonged recession . JobKeeper was extended to help businesses retain their employees , financing rates were lowered , and credit was boosted , explains the halal home loan expert .
This attempt to revive the economy was successful , seeing a 9.6 per cent expansion in the second fiscal quarter due to increased consumer spending and an unexpectedly strong resurgence in the employment market .
As awareness of the Islamic finance industry has grown over the last couple of years , Hejaz Financial Services has seen significant growth in the Islam finance sector . They explain that 2020 and 2021 enjoyed a rise in halal loans , and the industry has been seeing an increasing number of competitors pop up during that time .
According to Hejaz Financial Services , the next step is to establish the industry ’ s first Islamic bank to provide Australians with a full suite of financial and banking services that align with their beliefs and values .
Looking ahead to the remainder of
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2022 , the expert Shariah loans provider predicts continued economic growth , especially as eased restrictions mean Australians return to offices , shopping centres and restaurants . Opening international borders allow tourists and international students to return . Notably , tourism and education are two of the most significant contributors to the Australian economy .
Already in the process of applying to become Australia ’ s first 100 per cent digital Islamic bank , Hejaz Financial Services is confident that it is the leading provider of Islamic financial services in Australia and will continue to serve Australians ethically , in as many ways as possible , for a long time to come .
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SHARIAH EXPERTS Ltd . has become the world ’ s first halal advisory firm to issue shariah compliance certificates on blockchain in the form of nonfungible tokens ( NFTs ).
The halal NFT certificates are minted and issued by the firm on Souq NFT , which is powered by MRHB DeFi , a decentralised ethical finance ( DeFi ) platform . Singaporebased gold crypto platform Cache . Gold has become the first receiver of the halal certification in the form of NFT .
Shariah Experts is a London-based halal advisory firm founded in 2020 with the vision to achieve shared prosperity for the Muslim world through technological advancements and Industrial Revolution ( IR ) 4.0 advancements . It aims to guide Web3 projects in the light of halal principles and Islamic rulings .
Shariah Experts ’ scope includes not only cryptocurrencies , NFTs , decentralised finance ( DeFi ), and metaverse , but also fintech , traditional Islamic finance , banking , capital markets ( sukuk ), takaful , social finance ( zakat , waqf , Islamic charity ), wealth management and financial planning .
The company is headed by world-renowned Shariah scholars Dr Farrukh Habib and Mufti Billal Omarjee , who have over 15 years of combined experience . Both scholars have deep and vast experience in crypto-verse and blockchain projects .
“ Shariah Experts believe that tokenisation of certificates in the form of NFTs can bring more transparency and auditability ; hence more confidence and trust , which is
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much needed in the halal industry . NFTs can help prevent forgery and cumbersome authentication methods and slow verification processes ,” said Dr Habib , Co-founder of Shariah Experts .
He further added : “ Other methods are prone to multiple points of failure along the way , such as loss or destruction of a paper or digital certificate . NFTs are a more streamlined and permanent solution .”
These immutable NFTs are the first of their kind that holds records of shariah compliance that are publicly verifiable on a blockchain , providing newfound transparency to the halal certification sector . These NFTs will allow companies to show definitive proof that their business practices and products are certified halal , which means they are ethical according to Islamic jurisprudence principles .
“ The trustless nature of NFT-based halal compliance certifications fills a pressing need in the halal economy sector , where certificate forgeries are common or difficult to validate , especially in the halal food industry . NFTs are unique and neither replaceable nor interchangeable — this makes them a perfect technology for immutable certificates ,” said MRHB DeFi CEO Naquib Mohammed .
“ The complete transparency of blockchain also means that anybody can easily cross-check a certificate with Shariah Expert ’ s public key to verify beyond a shadow of a doubt that it was this specific Shariah advisory firm that minted the NFT and issued the Certificate . By default , NFTs incorporate proof of ownership .”
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