I have put in a redemption to transfer out my Hejaz super elsewhere. Why is it taking long and what is the status of it?

Most super fund transfers will take up to 4-6 weeks from the date the rollover forms have been submitted. However, on the odd occasion, it can take longer.

The ATO website does state it generally can take up to 3 days to complete the transfer. However, this is just an expectation set and not a regulation. Due to the complexity of our funds the process takes longer than usual to complete.

Hejaz funds are structured to comply with strict Sharia principles, which means they operate differently from conventional funds. This includes careful considerations regarding asset composition and compliance requirements, making the process slightly more complex. The delay is primarily due to the sell-down of assets in your existing Hejaz super fund. While this process is necessary to maintain the integrity of your portfolio, it can take a little more time depending on the assets involved.