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.”