Islamic Cooperative Finance Australia Limited (ICFAL) celebrated a momentous milestone as it marked the 25th annual general meeting of the organisation on Sunday 10 September 2023 in Sydney bringing together more than 150 dedicated members, fostering vibrant discussions, reflection, and an outlook towards the future of Islamic finance in Australia.
As a cooperative founded a quarter of a century ago with a mission to provide ethical financial services rooted in Islamic principles, ICFAL has grown into a cornerstone of the Australian Islamic finance landscape. The organisation has continually grown expanded its services to meet the evolving needs of the community, making this 25th annual gathering a cause for celebration and reflection.
The atmosphere at the event was filled with enthusiasm and gratitude as members from diverse backgrounds and generations gathered in Granville. The organisation’s commitment to fostering community and financial inclusion was on full display.
At the heart of this year’s gathering were the engaging discussions and questions that reflected ICFAL’s dedication to transparency and member engagement. Attendees delved into a multitude of topics, showcasing the breadth of ICFAL’s impact on its community.
One of the highlights was the discussion on the cost and performance of ICFAL’s financial products and services. Members were keen to understand how the organisation continues to deliver its services and implemented processes that aligned with their values and delivering sustainable financial solutions.
The organisation’s financial health and accounting treatments were also scrutinised, ensuring that ICFAL maintains its commitment to fiscal responsibility and compliance with Islamic financial principles.
Strategic planning took centre stage as well, with members actively participating in shaping the organisation’s future. Ideas and suggestions flowed freely, highlighting the commitment to growth, innovation, and expanding the reach of Islamic finance in Australia that truly has its roots in the community.
Another topic that sparked extensive discussions was membership policies. ICFAL’s commitment to inclusivity was evident, with discussions on how to make ethical financial services more accessible to a broader audience, regardless of their financial background.
The organisation’s leadership expressed their gratitude for the active participation and unwavering support of their members. “ICFAL’s success over the past 25 years is a testament to the dedication and commitment of our members. It’s truly a community that has grown and thrived together,” remarked Parvez Shah, Chairman of ICFAL.
The AGM concluded with all attendees coming together to offer the Maghrib prayer, followed by a speech delivered by Shaykh Shady Suleiman, President of the Australian National Imams Council (ANIC). He delivered a strong message, reminding everyone of the importance of working for the benefit of the community and the significance of ethical financial practices in Islam.
As ICFAL enters its next quarter-century, it remains steadfast in its mission to provide ethical and Sharia-compliant financial services to the Australian Muslim community and beyond. The organisation’s commitment to fostering financial inclusion, community development, and transparency in the world of finance continues to shine as a beacon of hope and opportunity.
In a world marked by financial complexities and ethical concerns, ICFAL stands as a shining example of the positive impact that a dedicated cooperative Islamic financial institution can achieve.
With 25 years behind it, and the guidance of Islamic principles, the future looks bright for ICFAL as it continues to provide ethical and sustainable financial solutions, grounded in faith and community.