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I was told that Hejaz is internally funded, but I see a different entity as the Financier? Does this mean this is a third party Funded mortgage?

As we currently do not hold a banking license, we run our applications through program managers, who assist with approving the loans.

Once loans are approved, Hejaz access their funds and has them allocated to the nominated Trust accounts; such as Perpetual Corporate Trust Limited.

Regarding trust accounts: 

  • The entities listed as “lenders” are noted as such due to their role as the legal Lenders of Record (LOR). This is a legal requirement under which a Corporate Trustee is nominated as the LOR. We must make a distinction here between the role of the LOR and the Funder/Financier.
  • Hejaz Islamic Credit Solutions manages the funding of the Islamic Financing Facilities being offered, while the LOR plays the role required under the law as the Corporate Trustee. 

In essence, Hejaz still provides the funding however additional measures are taken to access those funds and have them allocated through various trust accounts.