Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01

MCCA Launches Islamic Mortgage Investment Fund

The Muslim Community Cooperative – Australia (MCCA) launched an real estate investment fund this week that complies with Islamic law geared toward such investors in the country. The company said it believes it is the first such retail managed investment mortgage fund following Shariah principles, including strict guidelines on industries or services where funds can be invested. The principles prohibit usury or interest-based investment products. Shariah principles also dictate investors must have a stake in the collateral of a debt, and that is generally accomplished by selling a portion of ownership in the collateral to the investors. The MCCA Income Fund will be issued in September and investors can get into the fund with as little as $500. While geared toward Muslim investors, it is open to “any Australian investors seeking ethical investments that comply with Shariah principles,” MCCA said in a statement. The fund is registered with the Australian Securities and Investments Commission (ASIC) and a product disclosure statement will be issued in September. The news comes as another Islamic bank, Kuwait Finance House, announced it’s getting back into the US residential mortgage secondary market. Write to Austin Kilgore.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please