The Muslim Community Cooperative Australia, MCCA, the pioneering Islamic Finance institution in Australia has reached a milestone of management of one billion dollars in its journey to provide Muslims Shariah compliance mortgage funds.
On 30 October MCCA held its 26th AGM in Melbourne with over 100 participating members/shareholders where its Chairman, Professor Akhter Kalam gave a brief history of the company highlighting its land mark achievements.
He also mentioned that the success of MCCA is the success of Muslims in Australia and the trust it has earned through the dedicated service to its members and genuine and unwavering support for a very large number of community events organised by different Mosques, community organisations, and Islamic Schools and Centres over the years.
MCCA Ltd is a corporate entity that was started with limited personal contributions amounting to $22,300 seeding capital from its founding members in 1989 in Melbourne.
On 29 October 1993 MCCA purchased its first business premises in Burwood, Victoria for $210,000, and on the 26 March 1996 it acquired the second business premises in Lakemba, NSW for A$392,000.
Recently, MCCA has moved to the Queensland market with the appointment of a full time staff to ensure physical presence of MCCA in Brisbane to serve its members and potential clients in the sunshine state.
The management of MCCA is headed by a General Manager who works under the direction of a Board of Directors who are directly elected by the members. The current General Manager, Mr Mohammad Najjar and his team are striving to take MCCA to its next step in the financial services industry in an increasingly competitive market and positioning MCCA to face emerging challenges.
In addition to halal home/commercial property loans, MCCA has been managing a very successful MCCA Income Fund for individual and organisational investors.
Last year MCCA distributed monthly dividend of 4-5%, much higher than the bank rate, to the investors. Within a very short time the Income Fund is expected to exceed $50 million, another milestone for MCCA.
More information on MCCA and its products can be accessed via its website at http://www.mcca.com.au/