Crescent Wealth launches Shariah-compliant super fund

Wealth management firm Crescent Wealth has launched a new ultra-ethical, Shariah-compliant superannuation fund. 

It has developed its own platform for its four investment options and has appointed Corporate Combined Superannuation (CCSL) as trustee. 

The Shariah-compliant funds - Australian equities, international equities, income fund and Australian infrastructure and property - were previously only available on the Association of Independently Owned Financial Planners Personal Choice Private e-wrap platform, after they were launched late last year. 

The company is also in talks with industry super funds to white-label the product as an ultra-ethical investment option. 

Crescent Wealth managing director Talal Yassine said that although the product followed Islamic finance principles, the company expected the majority of its clients to be attracted to its ultra-ethical investing philosophy. 

“There’s going to be a significant flight of superannuation flows over a period of time as people realise where their money’s invested,” he said. 

“Especially women as they zero in and focus on their superannuation - they tend to not only want a good return but also to know how their money is invested and if it is invested on an ethical basis.” 

The fund based its investments on strict qualitative guidelines with a quantitative overlay. 

Yassine said it did not invest in organisations that gave or took interest such as banks and other financial institutions, and also refrained from investing in pornography, tobacco, weapons and gambling. 

The quantitative filter focuses on a company’s financials and includes taking into account levels of debt, liquid assets and accounts receivable, amongst other things 

Crescent Wealth’s Australian equities product was seeded by Aon Hewitt and is also available via the Asgard platform.