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.
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