IslamicFinance.de

The Muslim Community Co-operative (Australia) (MCCA) has recently received an Australian financial services licence from the Australian Securities and Investments Commission (ASIC). It is necessary for the MCCA to set up its Managed Investment Scheme, the ‘MCCA Islamic Finance Investment Fund’, by which the MCCA plans to launch its Shari’ah-compliant home finance products.

The MCCA has until now been a mutually-owned co-operative. The plan for the next three years is to wind down the co-operative outfit and sell its assets to the new fund. And the intended launch date will either be 1st May or 1st July 2009.

Chaaban Omran is the managing director of the MCCA