Establishment of Islamic Riba (Interest) free financial system for creating a peaceful, compliant, fair and simple human life.
ICFAL formed in 1998 by a group of highly motivated volunteers is a leading Islamic Finance provider operating in NSW, ACT, Victoria and South Australia providing Shariah-compliant finance for housing, vehicle and community infrastructure.
It now has 2336 members with 39.2 million Member Share Fund with $5.11 gross revenue per $100 Share worth a $3.70 distributable net profit per share.
ICFAL has its offices in Parramatta, Western Sydney and now employs five staff members in order to operate as a professional finance organization complying with Islamic financial guidelines within the stringent Australian regulations and laws pertaining to financial institutions.
The idea of ICFAL was catalyzed when one of the foremost authority on Islamic finance Mufti Muhammad Taqi Usmani visited Australia during the late nineties and exhorted the Muslim community to initial Shariah-compliant financial institutions in order to avoid usury/interest. This ICFAL was formed in 1998.
All products of ICFAL have been designed to strictly follow Islamic Shariah law and are certified by Meezan Bank of Pakistan and supervised by a Shariah board in Australia. The products have been described separately in this document.
ICFAL has celebrated 20 years of successful operation in Sydney on 20th March 2018, which was the result of
- Certified by Meezan Bank of Pakistan
- Supervised by a panel of highly renowned scholars
- Licensed by ASIC retail financial services
- Registered by ASIC for Shariah retail Investment income product
- Registered by ASIC for direct property fund that allows for Subscheme Investments within the fund.
ICFAL does not invest in the following sectors:
ICFAL does not invest in companies, which are directly active in, or derive more than 5% of their revenue (cumulatively) from the activities as follows (“prohibited activities”):
Alcohol: distillers, vintners
owners and operators of bars and pubs.
Tobacco: cigarettes and other tobacco products manufacturers and retailers.
Interest (Riba) based activities: Commercial banks involved in retail banking, corporate lending, investment banking; companies involved in mortgage and
Defense/Weapons: manufacturers of military aerospace and defense equipment (??)
Gambling: owners and operators of casinos and gaming facilities, lottery and betting services.
Adult Entertainment: owners and operators of adult entertainment products and activities.
ICFAL does not allow investment in the following activities:
Islamic Shariah investment principles do not allow investment in companies deriving income from interest or companies with large income portfolio based on interest earning. Any company or individual involved with such companies for business activities generating significant income deem non-compliant and strongly advised against it.
ICFAL does not allow portfolio buildup based on interest at any ratio
In ICFAL we believe interest (Riba) is forbidden in any form and there is no way of purification once earned and included in the asset holding and income portfolio. Therefore, we do not allow any
from the funds available rather than borrowing
Our Shariah Compliant Investment Products – ICFAL at a Glance
Invest in Peace
- 100% member funded
- Secured Investments
- 0% interest paid/received to/from banks
- 0% interest paid/received to/from members
- Fairness and equality for the benefit of members
- Temporary or Permanent Resident or Citizen of Australia, Work permit holder, students
- Living in NSW, VIC, ACT, SA or WA
- Over 18 years of age
- Parramatta Mosque, NSW
- Lakemba Islamic Centre, NSW
- Campbelltown Youth Centre, NSW
- Islamic Practice Dawah Circle, St Marys, NSW
- Tamworth Crescent Community Mosque, NSW
- Horsham Islamic Welfare Association (HIWA), VIC
- Melbourne Madinah, VIC
- 100% member funded.
- 0% interest from the banks.
- We are run for the benefit of our members.
Our Housing Finance Product
- A true partnership with our members to own property.
- Share in the property’s fixed running costs like council rates, strata
andwater supply costs.
- Payments are linked to market rental prices and property prices.
- Share in the risk of property value gain or loss.