Expanding Islamic Finance Solutions for Australian Muslims

Australia’s 1 million strong Muslim community have reason to celebrate today with the announcement of Salaam, a groundbreaking concept in Shariah-compliant personal and wealth creation products. Upon full launch in June 2024, Salaam will offer an innovative array of superannuation and pension plans, authentic home and asset financing solutions, and exclusive SMSF property finance, all crafted to the distinct requirements of the country's burgeoning Muslim community.

Managing Director of Salaam, Professor Talal Yassine OAM, highlighted the critical gap in the Australian financial landscape that Salaam aims to address, "As a nation, we've fallen behind in integrating Islamic financial practices, despite it being the world's fastest-growing financial sector, projected to hit $8 trillion by 2026. “There's a significant portion of our community that is sidelined by mainstream financial products that don't align with their values. Salaam is our response to this urgent demand."
Salaam's introduction signals a watershed moment for inclusivity in Australia's financial sector, with a slew of innovative Islamic finance products to be launched in 2024, including a Hajj savings fund, an educational fund for school, and a Janazah (funeral) fund.

Salaam will rename and absorb the fund previously known as the Crescent Wealth Super Fund, together with its team of seasoned experts in Islamic finance and wealth management and maintain its commitment to a 100% Shariah-compliant investment approach.

“We have been investing in a 100% Shariah-compliant manner for over a decade. Our aim with Salaam’s new superannuation offerings is to empower our existing and future members to achieve their financial goals while adhering to Islamic principles of ethics and fairness, through three new superannuation products, a pension product and a home-finance offering,” said Mr Yassine. A recent survey2 of Crescent Wealth customers revealed 96% were interested in a home finance product that adheres to Islamic finance principles. While 91% ranked Shariah compliance as the most important feature for a home-finance product.

Commenting on the launch of Salaam, Chairman of the super business Nicholas Whitlam said, “At Salaam, we understand the importance of financial integrity and transparency. Our team continues to uphold the highest standards of ethical conduct, a commitment established more than ten years ago. We will guide and serve the community towards financial security and success whilst upholding the values that matter most — community, authenticity and innovation.”

Chairman of the home-finance business Dr John Hewson AM said, “Our specialised expertise in Islamic finance has enabled us to create Salaam — a unique ecosystem of financial products and services tailored to meet the needs and aspirations of Muslims in Australia. “I am particularly pleased to be a part of providing an honest and transparent housing finance product at this very challenging time in the housing sector.”
Mr Yassine said, “Salaam will increase our appeal to a broader range of members looking to have additional wealth creation products, other than their superannuation, invested in a Shariah-compliant manner. The new name will also have the effect of making the legal action by Crescent Capital Partners irrelevant to our future activities. However, we consider the legal action to be unjustified and are defending the action and will continue to do so.”

Salaam products available at launch will include:

• Three new superannuation products with retirement goal tracker and advice
• A pension product; and
• An alpha home-finance release.
Further products including, SMSF property finance, a Hajj savings fund, an educational fund for schools, and a Janazah (funeral) fund will be launched in the second half of 2024.
“We will be a focused player where size and scale are used to our advantage, and we will increase our community education and engagement through not-for-profit sister entities, Salaam Institute
and Salaam Foundation,” said Mr Yassine.
Salaam, meaning 'peace' and 'welcome’, symbolises a commitment to inclusivity, community values, and a forward-looking approach.

About Salaam

Salaam is focused on profitable, asset-based investments and products that contribute to a better, fairer world, where members aren’t penalised for their values and beliefs. With Islamic finance being the world’s largest growing financial sector, projected to hit $8 trillion by 2026, Salaam represents a significant moment of inclusivity for Australia’s financial sector through a range of innovative Islamic finance products. Meaning 'peace' and 'welcome’ Salaam is taking a forward-looking approach to shariah-compliant personal and wealth creation products for the benefit of Australia’s one million strong Muslim community.

For more visit: www.salaam.com.au

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