Australian website Financial Standard Online reports that the Muslim Community Co-operative Australia (MCCA) is in advanced discussions with an unnamed Middle Eastern company with a view to setting up a $180 million mortgage fund, a $150 million property fund, a $180 million Sukuk fund and a $5 million asset-leasing fund.
MCCA manages a Shari’ah compliant property income fund out of its headquarters in Melbourne and has just surpassed $30 million in assets under management and MCCA chairman Dr. Akhtar Kalam said this growth shows strong support for Islamic finance products within Australia. "It's not just family office and ultra high net worth investors who want to be part of the fund. Our client base is much more diverse than that," he told Financial Standard. "We're not really interested in the Muslim population specifically, we're interested in all Australian mums and dads."
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