Crescent Wealth launches first Islamic super fund
Monday, December 17, 2012/
Crescent Wealth has today launched Australia’s first Islamic superannuation fund, in attempt to corner what Crescent’s chief Talal Yassine believes will be a $22 billion market by 2020.
The super fund will not invest in banking, gambling, tobacco or companies that make weapons, or with companies who make heavy use (more than 30%) of gearing or who derive more than 5% of their income from interest.
Australia has just under half a million Muslims, whose religion forbids charging interest on loans.