The fund manager behind the first private Islamic superannuation fund in the world, Crescent Wealth, has passed $100 million in funds under management.
The benchmark figure was passed after the group reported a 245 per cent growth in funds under management for the 2015 financial year with the group tapping into demand for ethical Islamic investment products.
The group offer a range of investment funds, which include an Islamic cash management fund, a diversified property fund, an Australian equity fund and an international equity fund as well as the Crescent Wealth Superannuation Fund. The group avoids investments in activities prohibited by Sharia'a such as arms production or trade, alcohol, pornography and gambling.
Crescent Wealth, Managing Director, Talal Yassine said the $100 million figure was a validation of the firm's business model and demonstrated the depth of its market as well as Islamic finance as a significant segment of the sophisticated Australian financial services market.
Crescent Wealth launched the first private Islamic superannuation fund in the world in 2013 growing fund members close to ten-fold between the 2014 and 2015 financial years to reach 4200 members, with an expectation of further growth due to interest from overseas investors.