Financial inclusion has evolved as a critical component of societal advancement and economic prosperity in today’s interconnected and continuously changing globe. Financial inclusion is the accessibility and availability of financial resources to all societal groups, regardless of their socioeconomic situation or background. Numerous advantages can be attained, including social empowerment, economic growth, and general well-being, when people and communities have equal access to financial possibilities. Several people and communities target financial inclusivity; an excellent option for Muslims to have financial inclusivity is the Hejaz Financial Service.
The decorated Hejaz Financial Service is a Viable and promising option for Muslims. With a third of the global population being Muslim, firms like Hejaz must provide them with Financial Inclusivity.
Hakan Ozyon and Muzzammil Dhedhy co-founded Hejaz to become a fintech capable of providing Muslims in Australia the financial inclusivity that they require according to the beliefs of Islam. Dhedhy has been a key figure in promoting moral and Sharia-compliant financial solutions globally as the Co-Founder of Hejaz Group. The work of Dhedhy as the COO of the company is essential to realizing the importance of having financial inclusivity for Muslims.
Individuals with access to financial services can increase their income, accumulate assets, and protect themselves from outside shocks. Following are five ways that financial inclusion helps low-income families:
Household Income
Financial services can enhance people’s lives by providing the necessary capital for business activity that can boost household earnings. Reliable financial service providers aid in business planning and expansion, which enables families to save, manage cash flow, and lessen the need to liquidate assets in times of need.
Build Assets
Financial services give low-income households the wherewithal to buy land, build or renovate a home, buy livestock and consumer durables, or expand their businesses thanks to improved income and the capacity to save and take on loans.
Creates Jobs
Young businesspeople who use financial services can go into business for themselves. Additionally, it guarantees that expanding microenterprises will present chances for individuals in the neighborhood to get employment.
Increases Securities
Only one in five emerging nations use financial institutions to safeguard their money. Many people keep their cash in plain sight, such as under their mattresses, floors, or containers. Others use their savings to buy jewelry or livestock, a very rigid way to accumulate and access money. Families may safely save, develop, and use their money by holding it with a reputable financial institution.
Reduces Vulnerability
Financial services enable low-income moms and fathers to transition from merely surviving to make plans for the future by increasing incomes and savings. Parents can improve their living conditions, pay for their children’s tuition, and access and pay for healthcare services as needed.
Financial inclusion is a catalyst for change, not just a laudable endeavor. By accepting it, we can create a more just and wealthier world where everyone can access financial possibilities, leaving no one behind. We must all work together to make financial inclusion a reality and realize the full potential of people, groups, and economies worldwide.
