Crescent Investments Australasia is set to launch a Sharia-compliant wrap platform in the first quarter of 2011.
The executive chairman of Crescent Investments Australasia, Talal Yassine, said the wrap offering was part of the investments firm’s plan to create Australia’s first truly Sharia-compliant organisation, which would include wholesale, retail and superannuation products across all sectors.
“In the first quarter of 2011 we will have a wrap product investors will be able to invest their superannuation through, and that complies for all the Islamic tenants and rules,” he said.
There was currently $6 billion of Muslim money in superannuation, Yassine said, yet there was no way for Muslims to invest in a Sharia-compliant manner.
However, he added that Crescent's products were being designed for all Australians and were what he called “ethical funds on steroids”.
Yassine added that there was also an exciting opportunity for Australia to become involved in this niche market to attract overseas investment.
“There is a real opportunity to get Australia involved because Australia is a great gateway into Islamic Asia,” he said, adding that the country had an exciting investment story to tell in that it was positively correlated with the China growth story, and had transparent regulations and investment rules. “Islamic countries would do well to invest in Australia.”
Yassine believes that the launch of the wrap platform would accelerate the introduction of Islamic finance and its business offering in Australia.