On the 24th August, we welcomed many of you as you joined us for a webinar about Islamic investing principles.

While open to all Australians, Crescent Wealth is a specialist superannuation fund that services the specific requirements of Australia’s Muslim community by providing investment options that are aligned to Islamic finance principles and values.

Over 100 people joined us to learn from the experts on the 101’s of Islamic Finance and Investing from Imam of Heidelberg Mosque, Member of Australia Fatwa Council and Member of Board of Imams Victoria, Sheikh Alaa Elzokm and Crescent Wealth’s Chief Investment Officer (CIO), Jason Hazell. The session was hosted by Waqas Siddiqi.

The session was broken up into the following three main areas with time for Q and A after:

– What is Super?

– Pillars of Islamic Investing?

– How Crescent Wealth ensures it is Islamically compliant?

 

What is Super?

Waqas Siddiqi kicked off the session, giving us an introduction to the guests and taking us through a quick dive into the basic elements of super.

Super or superannuation is money set aside during your working life for when you retire. Super is your money. Super funds invest your money in a number of things such as shares, property and managed investment schemes. Since Super is your money, you have a choice in being able to decide where the money gets invested.

Pillars of Islamic Investing?

Sheikh Alaa then took us through the pillars of Islamic Investing which were as follows:

  • Avoiding Riba / Interest
  • Abstaining from uncertainty and speculation
  • Restraining from financing certain economic sectors
  • The profit and loss sharing principle
  • The Asset backing principle

 

The Sheikh then went into detail describing the principles in detail, as well as expanding on the sources and industries that are prohibited to profit from. These include areas that would be apparent from the offset. Areas such as gambling, interest, alcohol and weapons manufacturing etc. However, he expanded that it can also extend to areas which may not be immediately apparent.

Industries that may profit from promoting uncertainty and speculation, companies that may be in various sectors of the entertainment industry, companies that may be holding too much debt on their books etc.

Sheikh Alaa said he was a proud and long-term member of Crescent Wealth. He joined  Crescent Wealth as he now had the choice I having a super alternative that was invested in a manner that pleased Allah swt and provide a service of the community.

Since joining he’s gotten to know the Crescent Wealth team and is even more motivated to spread the positive message of Islamic investing. Sheikh Alaa said he regarded this as one of the main projects in Australia now and was deeply proud of Crescent Wealth being one of the main representatives for Muslim in Australia.

He said also invited the community to look at where their super is currently invested and considering Crescent Wealth is providing such a vital service, in his opinion, we should all become ambassadors of Crescent Wealth and is excited our community had a platform to positively contribute.

 

How Crescent Wealth ensures it is Islamically compliant?

Crescent Wealth’s Chief Investment Officer, Jason Hazell then elaborated on that. He reaffirmed that the reason Crescent Wealth exists is to provide Muslims with an option to invest their money in an Islamically compliant manner. Jason confirmed that Crescent Wealth is Australia’s only Australian Government regulated and licenced superannuation fund.

Outlining the thorough research, hard work and technical knowledge it takes to ensure that Crescent Wealth is operating in accordance with our stated Islamic investing objectives.

He said in his opinion the reason more super funds do not operate like Crescent Wealth is because it is extremely challenging. He said to invest in Australia whilst complying with Crescent Wealth investment filers, you are likely shutting off more than 30% of listed companies straight off the bat. More once you do some thorough research.

Crescent Wealth ensures it is always operating Islamically. Taking their guidance from the globally recognised AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions). Ensuring that all investments comply with globally recognised Islamic Investment standards. However, claiming to be Islamic is one thing and it means absolutely nothing without independent verification. Jason proudly presented Crescent Wealth’s independent Islamic Audit certification by Dar Al Sharia which verifies that Crescent Wealth is maintaining it’s Islamic investing principals, operating in a Sharia-compliant manner for all its investments.

 

Q and A Session

Several questions on a wide range of topics were addressed about what makes investments Islamic.

In response to this question, Sheikh Alaa went into further detail about the difference between conventional banking and Islamic banking. Similarly, Jason was asked whether Crescent Wealth invested in Australian tech companies. The Sheikh was then asked if he thought investing in Bitcoin was Halal or not? Short answer, No. There will be a detailed answer posted on our socials soon. As we can see from the above examples, there was great interest in finding out more.

How can you join the Crescent Wealth Super Fund?. It is very simple.

There are a few ways:

We take the hard work and hassle out of it for you and everything is done in a simple step by step manner. We also offer to assist in transferring funds from your previous super. It is a complimentary service.

In finishing up, everyone encouraged all those who attended and had not become members to make the switch and join the revolution. The guests thanked all the attendees for giving us their precious time, showed empathy as we are going through some very testing times and wished everyone and their family well.

We look forward to our next webinar in the future.

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