Hejaz Financial Services Discusses the Economic Impact of the Russia-Ukraine Conflict

Islam finance gurus weigh in on the war among Russia and Ukraine and its financial outcomes.

Press Launch

Could 3, 2022 08:00 AEST

The impact of Ukraine and Russia’s conflict has been found across the globe – socially, politically and economically. Halal finance supplier Hejaz Financial Services describes the financial effects of the war that will be felt in this article in Australia by way of source chain impacts.

Already, Australian people have complained of greatly increased petrol prices, studies the Halal home personal loan suppliers. Motorists have noticed petrol charges soar to above $2 for each litre worldwide, the value of a barrel of oil has risen additional than 10 per cent and the rate of petrol is up by 20 per cent. Hejaz Financial Services explains that this is for the reason that the two Ukraine and Russia are major suppliers of oil and other commodities – currently, they supply close to 30 p.c of the world’s oil and gas. Even though the ACCC is closely monitoring fuel charges as directed by the Federal Government, Hejaz warns that shoppers may perhaps not see drops down to standard costs for a long time nevertheless. 

Alongside with petrol, Australians have experienced a significant increase in grocery store charges. About 20 % of the world’s corn and 25 per cent of the world’s wheat comes from Russia and Ukraine, driving up the charges of all wheat and corn merchandise close to the globe. Supermarket officers also report a rise in crimson meat and packaged products prices. Paired with the increased fuel prices influencing source chain and transportation, the Islamic finance suppliers forecast that many much more grocery store objects may possibly increase in price.

For all those on the lookout in advance toward retirement, the Halal financial loans pro advises that superannuation fund balances may possibly drop in the around long term as world share selling prices encounter a slide. Share marketplaces have fallen since the commencing of the Russia-Ukraine conflict in specific, retail, products and monetary firms have felt the outcomes the most. As the conflict grows, so much too will inflation, according to specialists. Despite the fact that economic progress may perhaps be limited in Australia, Hejaz reassures shoppers that they will keep obtain to Sharia financial loans and other financial services.

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