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
Research house Genium Investment Partners has appointed a head of investment solutions from Mason Stevens.
ASIC has made two appointments to its senior executive leadership team covering regulation and enforcement following an international search.
Perpetual has reported positive quarterly net inflows for the first time in 12 months, the first under the remit of new chief executive Bernard Reilly.
The global financial services firm has taken on a second AFSL as it looks to capitalise on the high-net-worth market in Australia.