MCCA Welcomes New Board Members & Celebrates Significant Business Achievements

At the recent Annual General Meeting
(AGM) of the MCCA Group, Dr. Aladin Zayegh on behalf of the Chairman Dr.
Akhtar Kalam welcomed Mr. Hyder Gulam and Mr. Mohammad Helmy to the
MCCA Ltd. Board.
Dr. Zayegh also acknowledged and extended his appreciation and gratitude
to the MCCA Group’s directors, management staff and above all our
customers for their contribution and support of MCCA.
MCCA started business in 1989 as a registered cooperative in the inner
Melbourne suburb of Burwood with $20,000 and a vision to address the
financial, banking and investment needs of the Australian Muslim community
by offering Shariah-compliant housing mortgage loan products.
Regarded as the pioneer of Islamic finance in Australia, MCCA now operates
from two modern offices –
169 Sydney Road Coburg (Head Office and Victorian Branch)
125 Haldon Street, Lakemba (Sydney / New South Wales Branch)
The MCCA Ltd. Board of Directors is comprised as follows –
Dr. Akhtar Kalam – Chairman
Dr. Zuhair Segu Dr. Abdul Khair Jalaluddin Dr. Zehdi Ferkh
Dr. Aladin Zayegh Mr. Hyder Gulam Mr.Mohammad Helmy
This year MCCA celebrated its 21st birthday – a significant milestone for the
business and a testament to its steadfast commitment to the organisation’s
vision and values of Integrity, Excellence, Innovation, Faith and People.
These very important values have provided the foundation for MCCA’s business longevity, direction, financial success and product development.
Furthermore, the Directors remained committed to the MCCA’s long term
objective to be Australia’s first Islamic retail bank.
In 2009 MCCA developed and launched the ASIC regulated MCCA Income
Fund in response to a growing demand within the Australian Muslim
community for a Shariah compliant investment based on ethical investing
principles as an alternative to nontraditional / mainstream investments.
The MCCA Income Fund has been well received by the Muslim community
and last quarter the Fund targeted a distribution of 5% return (annualized).
New product development plans are well advanced and MCCA Group is on
target to release three new Shariah compliant products by the second
quarter of 2011 –
Property Trust
Superannuation Trust
Equity Trust
During his AGM address Dr. Zayegh also made mention of the Australian
Taxation Board Review that is currently underway.
Dr. Zayegh said he welcomed the Review and hoped that it will address
many of the anomalies that have adversely impacted on Islamic Finance
and future Islamic Banking products and product development / innovation.
Dr. Zayegh concluded, “We are confident that the MCCA Group will
continue to grow and develop new and innovative Shariah compliant
financial products and services demanded by Australian Muslims and in
doing so provide the benchmark for the Australian Islamic Banking & Finance
industry.”

A dedicated Islamic finance media company - in Melbourne

A revolution in Islamic finance media ...



The Islamic finance industry has long suffered from an absence of very high quality media. In some instances the media that has existed has found itself bowing to the commercial pressures of sponsors or advertisers. And the reality is that the people who suffer most are the readers of these products – as they scramble to find out what is really going on amidst the hype and misinformation.

Melbourne-based Eaglemont Media has changed all of that with the simultaneous launch of three Islamic finance media products aimed at both the professional and the investor with a keen interest in the Islamic finance sphere.

The Islamic Globe – a weekly e-newspaper that does not simply report the news but digs behind the news to help readers understand what is really going on.
While there are numerous sources of news within the industry, many of them simply reprint press releases verbatim without questioning the authenticity of some of the data contained in them. The result is a very biased view of the news – written in large part by the people who write the press releases. The Islamic Globe changes all of that by digging into the story behind the press release to find out what is really going on – as well as covering stories that everyone else has missed. The result is an indispensable weekly guide to what is really going on around the globe in the industry.


The Compass – is a monthly e-magazine that is produced as a supplement to The Islamic Globe and carries features, insights and opinion from professional journalists and industry pundits.
What readers will not find in the magazine is self-serving promotional material written by ‘industry experts’ whose only agenda is raising their own profile and getting job offers. The result is a forum that addresses the difficult questions and provides a realistic overview of the state of the industry. But just because this is a serious business does not mean that it has to be a chore to read about it. The Compass is written in a lively and engaging style and uses some of the best young designers in the world to give it an edgy and contemporary feel.


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At long last it seems as if the Islamic finance industry is about to get the kind of incisive media that it has long waited for.