AGM 2016

On Friday 18th of November 2016, MCCA held its 27th Annual General Meeting (AGM). Notable attendees at the event in addition to the Board of Directors and members of MCCA, were MCCA's Ambassador Bachar Elhaouli, representatives from the Auditor KPMG, Sheik Shabbir Ahmed, one of MCCA's Shariah Advisors (Imam of Rooty Hill Mosque, NSW) and Sheik Rabih Beytie (Imam of Maidstone Mosque, Victoria).

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The MC for the AGM Hisham Moustafa invited Sheik Rabih to open proceeding with a recitation from the Holy Quran, followed by attendees being warmly welcomed by MCCA’s Chairman Prof. Akhtar Kalam. The Directors Report (by Prof. Kalam), the Treasurer's Report (by Dr. AbulKhair Jalaluddin) and the 2016 Director Election results (by Nadeem Butt, Chief Financial Officer) were presented to members.

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Prof. Kalam highlighted that while MCCA continued to improve its financial performance and expand its products, it remained committed to strongly supporting community initiatives and had donated/sponsored $106,000 in 2016. The MCCA Property Fund was presented to the meeting at the newest product offered by MCCA that had already two projects worth $6.6 Million underway. He also declared to the meeting that the Board had appointed Kingsley (Dawud) David as Executive Director in July 2016 to assist it to deliver on the strategic vision for MCCA.

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The 2016 Director Election results were declared, with Hisham Moustafa and Ghaith Krayem being elected to the Board of Directors.

Dr. Jalaluddin presented MCCA's 2016 financial performance noting that both Revenue and Net Profit had substantially increased from 2015 as had shareholder funds.

Following the Auditor KPMG's feedback to the members, the AGM was formally concluded after an enthusiastic Q&A session with members querying the Board and management on a variety of topics.

With many attendees staying on after the close of formal proceedings, another successful AGM continued the unbroken 27-year track record of MCCA as a key institution of the Australian Muslim community.

 

Highlights

  1. MCCA appointed Amanie-world renowned International Shariah Advisors.
  2. KPMG appointed as Auditor.
  3. MCCA has 2 projects underway, $6.6 million have been raised with expected return of 15%PA.
  4. Since inception of the MCCA Income Fund in 2009, the Fund has allocated:
  • Over $20 Million in funding for approximately 40 Islamic Centres, Mosques and Muslim community organizations.
  • Over $80 Million in funding to 231 Australian Muslim families to purchase properties.

 

                                                                                      2015                       2016

Distribution for MCCA Income Fund                     3.8%                        4.33%

New Mortgages Originated                                     $169.2Million         $179.4Million

Funds Under Management – Income Fund         $46.7 Million          $45Million

 

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