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
Ausbil is growing its active ETF range with an ESG product in collaboration with sister company Candriam.
Philanthropic investment group Future Generation’s CEO, Caroline Gurney, will step down from her role at the start of next year.
The newly combined L1 Group is expectant of stabilising Platinum’s falling funds under management within the next 18 months, unveiling four growth pathways and a $330 million equity raise.
Janus Henderson Investors has launched a global small-cap fund for Australian investors, which includes a 5.4 per cent weighting to Australian equities.
