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.
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Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.
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