On the back of obtaining an Australian financial services licence (AFSL), mortgage lender Muslim Community Co-operative Australia (MCCA) has signalled further expansion strategies.
At the Islamic Banking and Finance Symposium held recently in Melbourne, MCCA managing director Chaaban Omran outlined plans to develop Australia's first pure Islamic superannuation fund.
"We need to continue the dialogue with the government and relevant bodies to make Islamic banking and finance a reality in Australia," Omran said.
MCCA chairman Akhtar Kalam also discussed plans for the cooperative to become the first retail Islamic bank in Australia.
"We are too big to remain a cooperative and too small to become a bank, but we will work with the government to find a solution. We will work through the challenges too so that MCCA becomes the first Islamic bank in Austrlia," Kalam said.
At the symposium, Omran presented a blueprint for the future of Islamic finance and banking in Australia that focused on wealth and job creation.
"This style of financing and banking will keep customers away from interest-based products and instead redirect them to a new form of risk profile linking the transaction to an asset as the underlying commodity," he said.
"There will be alternative careers for all Australians in all sectors from lawyers, consultants, government departments, education, audit, taxation and training."
In May, MCCA took its first steps towards expanding its wealth management capabilities, winning an AFSL.
MCCA was established in 1989 for the sole purpose of offering sharia-compliant products.
