On behalf of the executive team and all of our employees, I am honoured to wish our Crescent Wealth Super members and community an Eid Al Adha Mubarak. As we experience yet another special Islamic occasion with the COVID restrictions and of course with Hajj sadly cancelled this year we are once again reminded of just how important patience is and to maintain our connection with our family and friends. Muslims should always take due precautions and follow the Prophetic teachings regarding avoiding spreading infectious diseases. We pray that everyone is kept safe and health, Ameen.
Our strength lies in our unity
One of the great lessons that I have been reminded of through the global pandemic is that our strength as a community grows when we act as one. When we all simultaneously acted on the advice of our elected leaders in the spirit of looking after each other, we were able to witness the flattening of the curve and the saving of lives in record time.
As I watched the news each night with my family, I felt a tremendous sense of pride in this display of unity across Australia. Each person adapted their lives, many making incredible sacrifices and difficult decisions in order to protect strangers and our health system.
As we came together under a strong & shared vision to minimise the spread of coronavirus, we were able to achieve outcomes at a speed unimaginable otherwise. The journey to recovery will, unfortunately, be a long one, but I believe we have new systems and tighter relationships that will enable us to rebuild.
Looking after our members
I am very proud of our team’s commitment to delivering exceptional support to each and every one of our Members, ensuring all Member Services remain fully operational. As we adapted to new working environments and channels of communication, I really commend the dedicated effort by the team to provide continuous open and transparent information & updates.
We embraced webinars in an effort to stay as connected to our members as possible which we have thoroughly enjoyed and will continue in the future.
While the mandatory social distancing meant Ramadan and Eid al-Fitr and now Eid Al Adha was not celebrated in our usual Crescent Wealth style with our major Eid@Luna Park and Taronga Zoo, we know many of our members experienced a new (and in some cases) deeper sense of connection to their faith, with live sermons and video calls bringing together families all around the world. We will no doubt reunite and celebrate together once more.
Working towards a better future
While most of us have now adapted to our new situations at home and at work, the opportunity now is to carry this forward and think about how your superannuation can be invested for a stronger and more resilient future.
In that respect, Islamic superannuation represents an expression of our values and it is particularly important to keep this in mind during challenging times. Similarly, as people find themselves locked down, various social vices such as alcohol and tobacco become harder to resist in a home setting. We know health authorities are predicting an increase in health concerns as a result and we must be more conscious than ever of leveraging our values and beliefs in order to promote a better world.
Summary of Investment Markets & Performance
COVID-19 was completely unexpected and something the world has not had to deal with since the Spanish Flu of 1919. 6 months into this global pandemic, we are still witnessing increasing global active cases around the world. We have now witnessed a global synchronised recession, with over 90% of countries around the world now in recession. This is higher than the Great Depression of 1929. Australia has fared relatively well compared with other developed countries, but it is still way too early to declare an end to the pandemic or the recession.
Investment markets do not react well to uncertainty and the COVID-19 pandemic provided significant uncertainty
Next month we will be issuing the fund annual report, member statements, Year in Review and of course the returns of the fund discussing the context and markets generally.
Meanwhile, we believe that long-term disciplined investing that is broadly diversified across a range of asset classes, countries and currencies, will provide a strategic benefit to our members. Crescent Wealth has and will continue to hold no banks and insurance companies consistent with Islamic investing principles.
As Australians begin the slow transition out of isolation, what we do know is that the country’s economic recovery will come out of strategic investment in sectors such as health, property, infrastructure, utilities and innovation/technology. These are all industries in which Crescent Wealth invests.
Thank you for being a member of Crescent Wealth and for investing in a future in which our community prospers collectively.
Managing Director, Crescent Wealth
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Talal currently serves as a Non-Executive Director on the Whitlam Institute and Western Sydney University Foundation Council Board. He also serves as Chairman of First Quay Capital and Chairman of the Australian Arab Dialogue. Talal has also served on the Australia Post, Board of Sydney Ports, Macquarie University and the Western Sydney Area Health Service and the Chairman of the Department of Foreign Affairs and Trade; Council of Australia Arab Relations. In an executive capacity, Talal spent 10 years at PwC as a director and strategist, and at investment firm Babcock & Brown in the Corporate Finance Group and later in the Technical Real Estate Division. Later Talal held leadership positions in Better Place Australia, Platinum Hearing and Star Transport Australia.