December 2016 E-newsletter

 

Adelaide

The Pakistani Medical Association South Australia (PMASA)

The PMASA business luncheon in Adelaide on 29th November was attended by MCCA Melbourne staff, attendees were: Mohammad Najjar (General Manager), Mubashar Hassan (Sales Executive) and Ahmed Saadeldin (Marketing Executive) who were joined by MCCA's Sales Executive in South Australia Rezwan Ahmed.

PMASA meeting pics 29-11-2016-3.jpgMCCA staff with Dr. Zafar Usmani (President, PMASA)

Meeting with Islamic Society of SA

MCCA staff members met with Ahmed Zerika, President of Islamic Society of South Australia to establish a working relationship between the two organizations. MCCA's General Manager, Mohammad Najjar, took the opportunity to also consult with Sheikh Riad El-Rifai,  Imam of Marion Mosque.

Marion Mosque.jpgMarion Mosque

Centre of Islamic Thought and Education (CITE) Information session

MCCA was represented at CITE's information session on 13 December by Mohammad Najjar, General Manager.

CITE IMG_1.jpgDylan Chown, Dr Mahmood Nathie, Mohammad Najjar and Prof Mohamad Abdalla

CITE IMG_2.jpgRezwan Farid Ahmed, Mohammad Najjar, Dr Mahmood Nathie and Dr Nezar Faris

 Fixed rates vs variable – market update and funder perspective (Blog)

Unless you’ve been stuck in the north pole feeding Rudolf, you’d no doubt be aware that yet again mortgage holders are amid an out-of-cycle rate increase with the major banks raising rates (mostly) for investors by 0.08% - 0.2%.

Fixed-Rate-Mortgage-vs-Adjustable-Rate-Mortgage-612x281.jpg

No surprise that owner-occupiers have (mostly) been spared this rate hike… bad PR to eat into stretched household budgets in the mortgage belt during the festive season. To read more click here

AGM 18 November 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).

AGM 2016 20.01.42.jpg

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

To read more click here

MCCA Income Fund Outperformed AusBond Index

Over the past three years the MCCA Income Fund annual return has exceeded the AusBond Index by more than 150 BPS.

To see the five years Summary Report, please click here

MCCA Property Fund Investment Projects

MCCA Asset Management Limited (the Manager) offered investors an opportunity to invest in a boutique property development project.

10 Almay Grove Sub Scheme Investment (Sub scheme):

3D_Render_4.jpg

  • the development of five, architecturally-designed luxury town residences in the heart of Heidelberg. Heidelberg is an inner northern suburb located some 13 kilometres from the Melbourne CBD.
  • The Sub scheme investment comprises the acquisition of the subject land from an unrelated third party for $2.217million inclusive of costs.
  • A further $1.273 million is required to develop the five town residences, inclusive of all costs and fees. The five units are expected to sell for a total of $4.575 million.
  • $2.3 Million been raised and FUND is CLOSED.

To read more click here

42 Grant Crescent Ringwood VIC 3134 Sub Scheme Investment (Sub scheme).

Mullum1.jpg

  • The Sub Scheme investment comprises the acquisition of the subject land with plans and
    permits from an unrelated third party for $3.072 million inclusive of costs. A further $3.358
    million is required to develop the ten villas. The ten villas are expected to sell for a total
    of $8.75 million.
  • It is expected that the Sub Scheme project will have a lifespan of 16 months from the time of
    acquisition of the subject land to final settlement of the development.
  • $4.3 Million been raised and FUND is CLOSED.

To read more click here

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