MCCA plans to release Shariah-compliant property trust and superannuation fund
With a growing number of non-Shariah-compliant Australian investors interested in its Islamic finance products, MCCA has confirmed that it has plans to launch a property trust and superannuation fund.
According to MCCA chairman Dr Akhtar Kalam, the wealth management firm intends to have a super product by 2013 as the company considers the impact of the Government's MySuper changes.
Although the calls for a super product initially stemmed from the demands of its Muslim clients, Kalam said the offering would also be targeted at the wider retail market.
MCCA is also planning to launch a property trust but only after it completes the wind-down of the corporate operations of MCCA Limited and focuses more on its wealth management products and services, he said.
Despite the small percentage of non-Shariah-compliant investors compared to MCCA's Muslim base, Dr Kalam said he expected demand from this market to increase, fuelled by their desire to learn more about the "conservative, community-based, corporate and socially responsible" structure of MCCA's products.
Recommended for you
Natixis Investment Managers has hired a distribution director to specifically focus on the firm’s work with research firms and consultants.
The use of total portfolio approaches by asset allocators is putting pressure on fund managers with outperformance being “no longer sufficient” when it comes to fund development.
With evergreen funds being used by financial advisers for their liquidity benefits, Harbourvest is forecasting they are set to grow by around 20 per cent a year to surpass US$1 trillion by 2029.
Total monthly ETF inflows declined by 28 per cent from highs in November with Vanguard’s $21bn Australian Shares ETF faring worst in outflows.
