Transparency and accountability at Najmaa
Who holds Najmaa's licence, who audits the accounts, how Shariah oversight works and where to raise a concern, explained in plain language.
4 min read
You should be able to ask questions about an organisation you trust with your protection. You should also be able to understand the answers.
At Najmaa, transparency means explaining who is responsible, how key matters are reviewed and where members can raise concerns. Our licensing arrangements, financial audit, Shariah oversight and complaints process each have a distinct role.
Clear Responsibility for Financial Services
Najmaa Group Pty Ltd holds Australian Financial Services Licence (AFSL) 527623. It arranges protection and is responsible for the financial services provided under its licence. Najmaa Mutual Limited issues the discretionary protection, while Najmaa Management Services Australia Pty Ltd provides administration and management support as an authorised representative of the licensee. 1
Holding an AFSL brings ongoing obligations. These include providing financial services efficiently, honestly and fairly, maintaining appropriate competence, managing conflicts of interest and having arrangements for handling complaints. 2
For members, clearly identifying these roles helps explain who provides each service and where responsibility sits.
Independent Financial Auditing
Deloitte is engaged to audit Najmaa Mutual Limited's financial report.
Financial auditing brings independent examination to the financial information an organisation reports. The auditor considers evidence and forms an opinion on whether the financial report meets the applicable reporting requirements in all material respects. 3
This provides external scrutiny of financial reporting. The Board and management retain responsibility for preparing the report and maintaining the relevant controls. An auditor's opinion relates to the specified report and reporting period. 3
Ongoing Shariah Oversight
Our appointed Shariah advisers provide specialist review and ongoing guidance on Shariah compliance. Their role includes reviewing the protection arrangements against Islamic principles. 1
Najmaa's Board and management are responsible for implementing Shariah guidance in the organisation's operations. This connects scholarly advice with the practical responsibility of running the Mutual.
We welcome questions about our Shariah arrangements. Members and potential members can review the relevant certificate through our key documents and contact us for clarification. Your questions help us maintain the high standard we aim to uphold.
A Clear Path for Raising Concerns
Accountability includes giving people a clear way to be heard.
If you have a complaint, contact complaints@najmaa.com.au or 1300 625 622. Our published process provides for acknowledgement within two business days and a written response within 30 days. 4
If you are dissatisfied with our final response, or 30 days have passed without resolution, you can contact the Australian Financial Complaints Authority (AFCA). AFCA provides a free, independent external dispute resolution service for eligible complainants, subject to its rules. 4
AFCA membership is held by Najmaa Group Pty Ltd as the licensee. The complaints process explains the pathway and provides AFCA's contact details. 1
Transparency You Can Use
Our Product Disclosure Statement, Financial Services Guide and Target Market Determination explain the offering, relevant responsibilities, fees, eligibility and risks.
Read these documents before deciding whether protection is appropriate for you. If something is unclear, ask us. We want members to understand the arrangements they are joining and to feel comfortable raising questions.
Frequently Asked Questions
Does an AFSL Mean ASIC Endorses Najmaa?
No. An AFSL authorises specified financial services and carries ongoing obligations. It does not mean ASIC endorses the company, its products or its advice. 5
Do Financial Auditing and Shariah Review Cover the Same Things?
They serve different purposes. Financial auditing examines financial reporting. Shariah review considers compliance with Islamic principles. Both contribute to accountability within their respective scope.
How Can I Check the Licence?
Search ASIC's professional registers for Najmaa Group Pty Ltd or AFSL 527623. Our Financial Services Guide explains the services provided under that licence.
Your Questions Are Welcome
Explore our key documents, read our complaints process or contact us.
Trust grows when accountability is visible.
Takaful. Protection with Purpose.
Important Information
Protection is arranged by Najmaa Group Pty Ltd (AFSL 527623) and issued by Najmaa Mutual Limited. Protection is not insurance and is provided at the discretion of Najmaa Mutual Limited. Any advice is general advice only and does not take into account your objectives, financial situation or needs. Please read the relevant Product Disclosure Statement, Financial Services Guide and Target Market Determination and consider whether the product is appropriate for you.
