We’re living in unprecedented times. The global coronavirus pandemic may be causing a lot of anxiety and stress for people across Australia. As infections grow globally, people are quite rightly worried about the wellbeing and safety of their friends and family, as well as their future livelihood. In Australia, the situation is amplified as it just happened after a serious drought and bushfire emergencies. We cannot take for granted what we have now will continue into the future.
Within just over 100 days, the coronavirus raced around the world and there are now over 3.1 million people infected and nearly 216,930 lives have been lost with COVID-19. Here in Australia, whilst the number of infections is decreasing and the outbreak appears more contained than some other countries, the economic outlook remains very uncertain.
*Source – World Health Organization, Australian Government, AAP, Reuters, Johns Hopkins, other media as of 29 April 2020.
The COVID-19 impact on the Australian economy
As the coronavirus outbreak began to take hold in the country, the government announced a huge $320 billion care package designed to subsidise wages and support the business to reduce the impact that coronavirus will have on the country and the economy.
Investing during these uncertain times
How ICFAL can help…
Since 1998, Islamic Co-operative Finance Australia Ltd (ICFAL) has been providing Shariah-compliant finance for housing, vehicles and also community infrastructure. During these uncertain times, we are doubling our efforts and are here to support each and every single one of our members with their financial needs. Our team is available from home or office as needed and equipped with safe and secure tools despite the lockdown. We have introduced extra data protection and using world-leading enterprise tools to protect privacy and financials.
We currently have over 3,500 members which have allowed us to build a Member Share Fund of over $40 million. Over the last two decades in operation, we have been able to expand our services to include a range of investment products such as:
- Ordinary Investment Accounts
- Children’s Education Funds
- Self Managed Superannuation Fund
- Hajj Funds
ICFAL has a range of finance products that can support its investment portfolio during challenging times, now or in the future.
FREE 30 MINUTES INFORMATION SESSIONDo not miss out on this limited time offer of a 100% FREE, no-obligation 30-Minute Information Session that will help effectively manage your finances, provide the most cost-effective ways to build your dreams, and earn you fast, Halal income/revenue.
Our unique and flexible real market model looks at the property market in real-time and examines the value of the rental and growth prospects. Considered as one of the most desirable modes of Islamic finance, it is typically used when one party wants to own an asset in partnership with an Islamic Finance Institute like ICFAL.
This model creates a form of shared ownership, with leasing and ongoing share purchase arrangement differentiating it from an interest-based mortgage. With the housing market looking set to potentially become a more secure method of investment post-COVID-19, then there is potential for sustainable return on investment to be made.
ICFAL property finance model already generously covers its members’ hardship conditions extremely fairly even prior to the COVID-19 economic impacts that balances both social responsibility and investment security and returns for investors. This is done by various options that take into account the financial difficulty of its members and evaluating rent and property value gain as close to market as practicable. In contrast, a COVID-19 rescue plan for mortgage owners via short term interest rate reduction by RBA and deferment of payment by traditional banks will not fulfil the mortgagees’ final financial obligation as banks are going to capitalise the deferred payments for a higher return post-COVID-19. Here is the big difference we make by putting sustained trust ahead of short term issues.