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Federal Immigration Minister Hon. Chris Bowen MP

Crescent Wealth Launched Australia’s First Islamic Superannuation Fund in Sydney
(Coverage by: Syed Talal, Deputy Editor Sada-e-Watan Sydney)

In an attempt to cater for the country's 500,000 plus Muslim population, Crescent Wealth launched Australia’s first ever Islamic superannuation fund option. Crescent Wealth’s executive director Talal Yassine believes they have entered a market which will be worth $22 Billion by 2020. The launch of Australia's first Islamic Superannuation Investment was held on the evening of Monday, 17 December 2012 at the LMA Grand Hall in Lakemba, Sydney.

The launch ceremony was attended by Investors, Members of Parliament, Important Media Personalities, University Students, Religious Scholars & Community Leaders from diverse ethnic backgrounds and Prominent Australian Dignitaries. Federal Immigration Minister Hon. Chris Bowen MP was Chief Guest. Amongst those in attendance were former Mayor of Auburn Hicham Zraika, Trevor Khan MLC and Chris Bowen's chief-of-staff James Cullen. Crescent Wealth together with the Association of Independently Owned Financial Planners (AIOFP), the Trustee of Personal Choice Private eWrap and the Promoter, Personal Choice Management Pty Ltd have for the first time made it possible for Australians to invest their superannuation savings through a leading superannuation fund into a series of investment options that comply with Islamic investment principles and that are managed by Crescent Wealth.

Australia's federal government has welcomed news of the nation's first superannuation option compliant with Islamic doctrine, launched by Sydney-based Crescent Wealth.

The event was hosted by executive director of Crescent Wealth Talal Yassine who also gave the first speech after a short tilawat. Mr. Yassine said,

“The unique selling proposition of our product is that it is Australia’s only 100% Sharia law compliant super fund …

We will invest conservatively and this will appeal to a broad base of consumers,

Our product is for all Australians seeking value-based investments, not just the Muslim population.”

The new option of Crescent Wealth was showcased by Mr. Talal Yassine, managing director of Crescent Wealth. Talal Yassine OAM (BA, LLB, LLM, MBA) is the Founder and Managing Director of Crescent Wealth. He is an experienced lawyer, banker and company director. Mr. Yassine currently serves as a Non-Executive Director on the Board of Australia Post. Previously, he spent 10 years at PwC as a Director and strategist, he then joined investment firm Babcock & Brown in the Corporate Finance Group and later in the Technical Real Estate Division. Later Talal co-founded and held leadership positions in Better Place Australia. Mr. Yassine has served on the Board of Macquarie University; and as the Deputy Chairman of a government regulator, Director of Sydney Ports as well as a Director of the Whitlam Institute and the Deputy Chairman of the Gulf Australia Business Council. In 2010, Talal Yassine was awarded a Medal of the Order of Australia (OAM) for his service to business and to the community through a range of education, health and multicultural organisations.

Crescent Wealth’s Islamic super fund is seen by many as the launch pad for the growth of Islamic finance products in Australia. The fund was launched after an agreement between the Association of Independently Owned Financial Planners (AIOFP) and Crescent Wealth.

"For Islamic investors it is welcome news because, for the first time, they will have an opportunity to invest their superannuation savings in a manner that complies with their faith," Mr. Yassine said. "We have delivered on our commitment to establish Australia's first Islamic-compliant superannuation option - a major step toward realising the huge growth potential of this industry."

Crescent Wealth also intends to launch a diversified property fund in the near future. All of its investment options conform to the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOFI), a global not-for-profit organisation that promotes Sharia-compliant investment and banking practice.

Talal Yassine was followed by Samier Dandan, who is a non-executive director at Crescent Wealth. Samier said in his speech that this super option was exemplary of the successful integration of a minority community into society. He added that the super option was also one of the many positive contributions by multiculturalism to Australia.

Samier Dandan is the Co-Founder and Chief Operating Officer of ManageNET, an IT infrastructure and services company. He is also President of the Lebanese Muslim Association. Samier has held a variety of operational and technical roles at Maxis Corporation and Managed Networks. He also served on the Federal Muslim Community Referral Group to the then Australian Prime Minister, John Howard.

Leading Businessman Samier Dandan congratulated MD Crescent Wealth Mr. Talal Yassine and the Board of Directors for providing such a great investment option. The President of the Lebanese Muslim Association said,

"I and our organisation welcome all investment efforts and positive financial planning of Crescent Wealth."

Mr. Samier Dandan, expects that Australia's Muslim community will celebrate the opportunity provided by Crescent Wealth's new arrangement.

Last to give a speech was the chief guest, Immigration Minister Chris Bowen. Mr. Bowen hailed the concept of Superannuation for all Australians introduced by Former Australian Prime Minister Paul Keating. He referred to the ex-PM as ‘the boy from Bankstown.’ Previously, superannuation - known as a pension fund anywhere else in the world, was only available to a select few until Paul Keating introduced the national superannuation scheme in 1992 which made it compulsory for all Australians.

The Federal Immigration Minister Hon. Chris Bowen said the launch will help to cement the international standing of Australia's financial services industry. Just last month, the Immigration Minister introduced significant investor visas to help attract foreign investment. It is clear that the former mayor of Fairfield is determined to help Australia grow as a major economic hub.

"The Federal government is committed to promoting Australia as a major financial services hub in Asia, which is home to around two thirds of the world's Muslim population," Hon. Chris Bowen said.

"Islamic finance is a rapidly growing part of the global financial system and Australia is in an excellent position to capitalise on that growth," he added. "Today's launch is therefore welcome news and I congratulate all involved in making it a reality."

Australia's Federal Immigration Minister also said,

“There’s no reason why London should be the home of Islamic finance products,

Australia has two cities, Sydney and Melbourne, which have the potential and are big enough to overtake London as the world’s home for Islamic finance products and services."

The Hon. Chris Bowen added that while he was Finance Minister he ordered the Australian Taxation Office to conduct an enquiry into whether there were any laws preventing the sale of Islamic finance products in Australia. His reason for this was to ensure that Australia was able to develop as a major financial services hub in the Asia and Oceania region.

After Hon. Chris Bowen concluded his speech, a short video presentation was played for the audience which can be viewed by the readers of Sada-e-Watan Sydney below.