Professor Akhtar Kalam
Chairman, board of directors
Muslim Community Co-operative (Australia) Ltd
Melbourne, Victoria, Australia
Could you provide a brief journey of how you arrived where you are today?
MCCA offered a limited range of halal financial services, predominantly to meet the needs of Muslims in purchasing a home. MCCA operates as a co-operative and specifically deals with investment accounts.
Today, MCCA has over 9,000 member investors. Membership has seen healthy growth throughout its inception. MCCA can truly claim to be the largest provider of specialized financial services in Australia that complies with both conventional credit laws and Islamic requirements. There are three offices currently operating in Australia — Coburg, Lakemba and Auburn.
What does your role involve?
Also, as many members are new migrants struggling to make ends meet, the board has to gain their trust that not only are the members getting reasonable returns but also that the investment is halal.
What is your greatest achievement to date?
The Enterprise category acknowledges businesses that have shown the initiative and willingness to undertake bold new ventures while Community Contribution recognizes those who demonstrate examples of policies on projects that have a positive impact on the community and generate outcomes that have a long-term benefit.
MCCA financing products are designed to dually comply with all applicable Australian laws and regulations such as the UCCC and with generally accepted principles of Shariah, as interpreted by MCCA’s Shariah advisers from time to time. Our Shariah advisers are of the opinion that taken as a whole, the contractual and other documentation utilized in evidencing our financing products result in an arrangement that is Shariah compliant.
What are the strengths of your business?
What are the factors contributing to the success of your company?
What are the obstacles faced in running your business today?
Where do you see the Islamic finance industry, maybe in the next five years?
Name one thing you would like to see change in the world of Islamic finance?
With over 9,000 members in Victoria and New South Wales, MCCA is Australia’s pioneer in Islamic finance. It is also the country’s largest provider of specialized financial services that comply with both conventional credits and Islamic requirements. MCCA is a member of the Accounting and Auditing Organization for Islamic Financial Institutions and the Mortgage & Finance Association of Australia. Visit www.mcca.com.au