MCCA & Coronavirus (COVID-19)
At MCCA, we are continuously monitoring COVID-19 developments. In order to contain the risk of the virus and ensure the health and safety of our people and their families, our clients and the community, we have set up a dedicated project team to monitor the situation and respond appropriately.
In addition, we have debriefed our staff and have a work from home protocol for anyone experiencing illness or has been in touch with new arrivals from overseas.
We kindly ask that our clients do not visit MCCA Branches in accordance with State Government shutdown measures, until further notice.
MCCA’s service arrangements are primarily delivered by our people and supporting technology. At this stage, we do not anticipate that there will be any material impact on our capacity to deliver services to our clients.
How will MCCA engage in business during this period?
MCCA has the resources in place to provide you with a continued service in any type of contingency situation.
MCCA has in place a business continuity & disaster recovery plan which is the backbone of this ability. We vigorously test this plan annually to ensure we can continue to deliver a high level of service to our clients, which includes contingency planning should the situation escalate rapidly.
Has Covid-19 impacted MCCA Income Fund investments?
As a result of the Coronavirus (Covid-19), the Australian and Global stock markets are experiencing higher than usual volatility. It is understandable that you may have concerns regarding your investment in the MCCA Income Fund.
MCCA has been in business for over 30 years. In this lifetime we have been through significant economic cycles and believe we have the experience to manage through this current crisis.
The MCCA Income Fund is not experiencing the same level of downturn as the stock market. This is because the Income Fund is a Shariah Compliant investment product which is secured by residential and commercial properties in establish suburbs in Australia’s capital cities.
Tamleek refers to the finance product derived from the Income Fund. MCCA’s risk mitigation means that Tamleek clients are financed up to a maximum of 80% of the property’s value. Having a strict financing criterion means we have been able to safeguard investments, while outperforming industry benchmarks consistently. Part and parcel of our risk mitigation, MCCA has the Income Fund audited every 6 months by independent auditors (KPMG).
In addition, the Income Fund has given investors the confidence of receiving healthy returns and given Australians an ethical way to invest their funds. The beneficiaries of receiving Islamic Finance from this fund includes Australian Muslim families and Islamic Societies/Associations, as a result of this fund financing over 54 Mosques and Islamic Centres nationwide.
In summary, the MCCA Income Fund is an avenue for Australian Muslims to be financed for properties in accordance to their Islamic values and communities needing funds to finance their local Mosques and Islamic centres. The instability of stocks worldwide has not meant that the MCCA Income Fund has experienced lower than usual returns nor higher risk appetites. Without the continued support of the Australian Muslim community, such initiatives are impossible.
The below link will take you to the MCCA Income Fund quarterly report which boasts a funds under management of over $66 Million. Here, you may also download the MCCA Income Fund 5 Year Performance Summary, where you can see the outperformance of industry benchmarks and growth of the fund.
Without doubt these are unprecedented and challenging times. However, this is when we lean on community organisations and make supplications to our Lord. We ask Allah swt to provide us all with shifa and ease our hardships.
We believe our business is resilient to the upcoming challenges ahead of us. MCCA will continue to be a pillar in the Australian Muslim Community and aim to have regular communications with updates of our products and services during this period.
Please do not hesitate to reach out to one of our friendly staff if you have any queries or concerns. If you are calling from NSW/ACT, please call 02 9784 5700 and if you’re calling from any other state please call 03 9384 9000. We are open 9:30 AM – 5:00 PM AEST Monday – Friday.
We recommend obtaining personal advice as to your personal objectives. This foregoing statement is for general information purposes and is not meant to be directed to your personal financial situation.