The Islamic Co-operative Finance Australia Limited (ICFAL) held its 20th annual general meeting in Sydney on Sunday 14 October 2018 at Bonolota Function Centre, Rockdale.

Raising the slogan “20 Years of Community Trust” ICFAL celebrated two decades of successful operation in Australia after its establishment in 1998 and now currently being registered in NSW, Victoria, Queensland, ACT, South Australia and Western Australia.

The AGM was honoured by the participation of the distinguished invited guests, the chairman, directors and a record number of more than 120 members of the Co-operative.

The Keynote speaker at the event was Mr Chaaban Omran, CEO of Islamic Financial Services Council of Australia (IFSCA), who had been instrumental in forming and re-structuring a number of Islamic Finance organizations in Australia.

A video message by Mr Muhammad Farhan Ul Haq Usmani, Executive Vice President and Head of Sharia’h Audit and Advisory of Meezan Bank Limited highlighted the significance of Islamic Finance and his commitment to continue to work with ICFAL for the development of new sharia’h compliant products.

Mr Shah Mustaque Parvez, Chairman of ICFAL reiterated the importance of Islamic finance and its benefits in terms of fairness and transparency as key ingredients of the Islamic financial system. A maximum 10% of pool funds were invested for community infrastructure in NSW and Victoria.

Shah Mustaque Parvez, Chairman of ICFAL.

Mr Chaaban Omran outlined the need for “..renewed focus on fundamentals of sharia’h, rethinking for managing the risk and heavy investment in capital, products, people and corporate culture”. He also mentioned the importance of socially responsible investment path in order to adapt to changing business environment and develop and market products and processes to be relevant to society as a whole including Muslims and non-Muslims.

Dr Rafiqul Islam, ICFAL Secretary, highlighted that the dividend for the year 2017-18,  highest in last two financial years due to remarkable growth and performance of CFAL’s investment portfolio.

Invited guest Mr Kazi Khalequzzaman Ali, Director, Riverstone Cemetery Board explained one of the  ICFAL new products Burial Fund and Burial Expense Account.

Shaikh Yusuf Hasan, Imam of Quaker’s Hill Mosque, acted as the  Returning Officer for conducting the election at the AGM for office bearers of ICFAL.

Dr Rafiqul Islam, ICFAL Secretary.

After a transparent election process, the returning officer declared the re-election of three directors and election of a new director.

In addition to currently sitting Directors, Dr Naim Islam and Mr Mamun Ur Rashid the following  elected directors now constitute the ICFAL Board:

  1. Nashat Qadan
  2. Muhammad M A Khan
  3. Shah Mustaque Parvez
  4. Rafiqul Islam

Dr  Muhammad Khan, on behalf of the Board and the management of ICFAL  thanked all respected members, guests and those who actively participated in the AGM for their valuable opinions, support and contributions.

There were three new products launched at the AGM:

  1. Takaful: Also known as Members Mutual Assistance Fund for helping participatory members to repair/fix damages to buildings financed by ICFALfor the member concerned.
  2. Burial Fund and Burial Expense Account: An account similar to Hajj Fund account, which will help members from Islamic faith to purchase burial plot along with other associated burial expenses in instalments.
  3. Long Term Fund Account: For members willing to invest their fund for a longer time, which may potentially attract a higher annual dividend than that of General Membership accounts.

ICFAL is open to members of the Australian community to join ICFAL and invest in order to build a strong, prosperous and sustainable Islamically compliant financial institution in this country.