The MCCA Income Fund was established in 2009 as part of a long-term vision of facilitating for the introduction of a variety of investment options that adhere to Islamic finance principles. MCCA was first known to exist as a cooperative- a group of members that collated their funds together to fulfill the Islamic finance needs of fellow members. In 2008, MCCA was approached by the Australian Securities and Investments Commission (ASIC) and was put on notice to structurally change its Cooperative as it was too large. In fact it was the largest in Australia. After undertaking legal and industry consultations, MCCA regarded its best option was to take up a corporate structure that made original cooperative members shareholders in a new company that undertook the management of a regulated Managed Fund. The Managed Fund would be the new investment scheme that replaced the Cooperative and would be known as the MCCA Income Fund. Furthermore, giving original members shares in the new company was a display of loyalty to those who helped build the foundations of what is now the largest Islamic Finance provider in Australia.
Since its inception, the MCCA Income Fund has outperformed all targets set and has grown at a phenomenal rate. It is the objective of MCCA to introduce further products that will allow all Australians to take advantage of Islamic investment products in the near future. Since its inception in 2009, the MCCA Income Fund has over-achieved all forecasts and KPIs set.