If you have a question, you may find the answer below. Otherwise, feel free to contact us if you have a query and our team will be happy to assist you.
The MCCA Income Fund is a “Managed Investment Scheme” registered with the Australian Securities and Investment Commission.
The scheme can invest in residential and commercial mortgage facilities. The net profit of the scheme is distributed to investors every month.
You must obtain and read the current Product Disclosure Statement (PDS) issued for the Income Fund before investing. There are risks with this investment as there are with most, as outlined in the PDS (please refer to section 5).
1000 Units is the minimum investment at AUD$ 1.00 per Unit (AUD$ 1,000.00). The maximum Units that can be invested under the Constitution are 10% of the total issued Units in the Fund.
No. The rate of return from the Income Fund is the same regardless of whether you invest AUD$1,000 or AUD$1,000,000.
The minimum term to invest in the Income Fund is 6 months.
After 6 months have passed, investors may redeem the Units (with 30 days’ notice).
Under the Fund’s Constitution, MCCA Asset Management Limited (MCCAAM) is under no obligation to process requests for return of your funds prior to the expiry of the agreed term of the Investment Option chosen by you.
However, MCCAAM may, at its discretion and subject to the availability of new investors to take your place or other available funds, consider withdrawal requests in special circumstances. There may be a fee charged for early withdrawal – please refer to Section 4 titled ‘Fees’ in the PDS.
No. There is no fee to open an investment.
By law, persons who are not Australian citizens or residents are allowed to invest in Australian registered managed investment schemes. Such persons will need to provide suitable identification and complete all the other requirements outlined in the PDS for the Income Fund.
Please refer to a suitably qualified taxation accountant to advise you on the tax consequences of investing in the Income Fund.
You have the right not to disclose your TFN but we will be required by law to withhold tax from your profit at the highest income tax bracket.
Please refer to a suitably qualified advisor to guide you on the tax consequences of investing in the Income Fund and withholding your TFN.
Following your initial application with the Fund, you will be given a unique Unit-Holder Number and can make additional investments electronically using the internet, telephone, or Bpay.
Please call on 1300 724 734 for more details on how to do so.
Distribution is credited to your account on the last day of the month. At the end of the month, we calculate the net profit of the fund that can be distributed to investors.
Each investor then receives profit based on the daily weighted average balance of their investment in the fund.
There is no cooling-off period.
Since its inception in 2009, the Income Fund has provided over $15 million o help fund the development of over 60 mosques and community centres all over Australia, and provided over $2.5 Million in sponsorships to community organisations and initiatives.
At present, the Income Fund is the only source of Shariah compliant finance for community development projects.
Your investment in the Income Fund thus has a direct impact on the betterment of the community.
Investors wanting to withdraw funds from their account are required to complete a Redemption Form and attach a copy of their certified identification. This form can be found here.
We congratulate you for making the right choice and selecting the halal home loan alternative. Firstly, complete the home mortgage form below. Once you have completed and submitted this form, a dedicated MCCA sales executive will contact you within 1 business day to walk you through the next stage of your application.