Q. How did you get started in the industry?
I started my banking career almost 18 years ago and worked in different banks and financial institutions. I worked at Commonwealth Bank (CBA), National Australia Bank (NAB), and more recently at RAMS, which was part of the Westpac Group.
I was in the retention team, and there was some restructuring. It actually worked out really well for me. I did my Cert IV, decided to start my company, and Noor Finance came into being.
Q. What made you start your own brokerage rather than joining a brand?
I contacted the Mortgage and Finance Association of Australia (MFAA), got in contact with the state manager, and we discussed different options. I even contacted some broking brands.
I decided opening my own brokerage was the way I wanted to go because it gave me that flexibility of having a business of my own instead of working for someone.
I wanted that freedom of time and flexibility to work at my own pace. That’s what Noor Finance is providing me. I have a lot of time for myself and my family, and I can work from home as well.
That was a decision I took, and I feel it has worked really well for me.
Q. Can you remember the first loan you wrote?
When I first started, my goal was to help my family and friends. I don’t know if you have read Alex Hormozi, but he talks about four different ways to generate business.
First is to go to your family and friends. Second one is to make regular social media content. Third one is referral partners. And the fourth one is you just put yourself out there.
I focused on the family and friends first. I wrote a loan for a friend that was consolidating a car loan into a home loan and reducing his repayment. So, he was very happy with the outcome.
Q. You’ve been working in sharia finance too. How does it work?
It is a different structure. So, with sharia lending obviously you can’t have the word ‘interest’ in there. There are different muftis worldwide who sit down with these financial institutions, and they do a certificate, and that is approved by the sharia board, and that talks about having an arrangement where you have a principal and rental arrangement. It’s not an interest-based arrangement. So, basically the source of funds can be coming from banks as well…
That’s called the Ijarah finance. In the Ijarah finance terms, the financial institution is basically buying that property and renting it back to the client, and the client actually pays rent over a period of time, and at the end of 30 years, they can gift them for a nominal amount, or they can readjust the purchase price. But the ownership will be in the customer name from the start.
Q. What advice would you offer new brokers?
Make sure you pick a good aggregator that can provide a good support network.
Pick a niche early and just learn the policies of several different banks. Don’t go to all the banks at once. Get accredited, but only work with four or five banks. And then once you know your tools, and then you can start going to the other banks as well.
