The Maxwell equations in the MHD limit in heterogeneous axisymmetric domains composed of conducting and non-conducting regions are solved by using a mixed Fourier/Lagrange finite element technique. Finite elements are used in the meridian plane and Fourier modes are used in the azimuthal direction. Parallelization is made with respect to the Fourier modes. Continuity conditions across interfaces are enforced using an interior penalty technique. The performance of the method is validated using analytical cases in the induction regime and illustrated on different MHD problems.