How Australia’s economy is bouncing back from COVID-19

Halal financial services provider Hejaz Financial Services explains how the Australian economy has remained healthy after the 2020 recession and provides economic forecasts for the rest of 2022.

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halal home loan

MELBOURNE, Australia, April 04, 2022 (GLOBE NEWSWIRE) — Economies around the world were undeniably struggling in 2020 with the onset of the COVID-19 pandemic, with Australia being no exception. However, the Australian economy rebounded quickly and performed very well throughout 2021. Hejaz Financial ServicesAustralia’s leading provider of Islamic finance, takes stock of the economy in 2021 and explains how it has managed to stay strong throughout the pandemic.

According to Hejaz Financial Services, 2021 has seen the Australian government inject stimulus into the economy in an effort to protect the country’s businesses and households from a prolonged recession. JobKeeper has been extended to help companies retain employees, finance rates have been lowered and credit has been boosted, says the halal mortgage expert. This attempt to revive the economy was successful, expanding by 9.6% in the second fiscal quarter due to increased consumer spending and a surprisingly strong resurgence in the job market.

According to Hejaz Financial Services, 2021 has seen the Australian government inject stimulus into the economy in an effort to protect the country’s businesses and households from a prolonged recession. JobKeeper has been extended to help companies retain employees, finance rates have been lowered and credit has been boosted, says the halal mortgage expert. This attempt to revive the economy was successful, expanding by 9.6% in the second fiscal quarter due to increased consumer spending and a surprisingly strong resurgence in the job market.

As awareness of the Islamic finance industry has grown over the past couple of years, Hejaz Financial Services has experienced significant growth in the Islamic finance industry in particular. They explain that 2020 and 2021 have seen an increase in halal lending and the industry has seen an increasing number of competitors emerge during this time. The next step, according to Hejaz Financial Services, is to establish the industry’s first Islamic bank to provide Australians with a full range of financial and banking services in line with their beliefs and values.

For the rest of 2022, the expert sharia loan provider predicts continued economic growth, especially as the easing of restrictions means Australians return to offices, shopping malls and restaurants and the opening international borders allows tourists and international students to return. Notably, tourism and education are two of the major contributors to the Australian economy.

Already applying to become Australia’s first all-digital Islamic bank, Hejaz Financial Services is confident that it is Australia’s leading provider of Islamic financial services and will continue to serve Australians ethically in every way. possible, for a long time to come.

Contact us –

Level 11, 2 Queen Street Melbourne 3000

PO BOX 96 Flinders Lane VIC 8009

1300 043 529

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