Funds under management in FY15 cross $100 million
Crescent Wealth, an Australian Islamic investment firm, announced it had exceeded $100 million in funds under management following a 245% growth in funds under management during the first half of this year.
After launching the world’s first Islamic Pension fund in 2013, the company has witnessed rapid growth with total member numbers growing close to ten-fold between FY14 and FY15.
Talal Yassine OAM, Managing Director of Crescent Wealth, said: “Achieving the $100 million benchmark is a significant validation of our business model and signals that we have the scale necessary to accelerate growth in Australia and abroad. It proves the depth of our market and cements Islamic finance as a significant segment of the sophisticated Australian financial services market.”
Crescent Wealth offers a series of investment funds, including an Islamic cash management fund which accounts for 29% of funds under management, a diversified property fund (27%), an Australian equity fund (21%) and an international equity fund (23%). “We’ve had significant interest from abroad and will continue our growth in the short to medium term, with the firm continuing to reach out internationally,” Mr Yassine added.
Islamic Finance Growth
Crescent Wealth has established a new office in Kuala Lumpur, Malaysia – as it pushes for further business expansion building its networks across South East Asia and the Middle East. In 2012 the firm announced it has partnered with the Bank of London and The Middle East (BLME), the largest Islamic bank in Europe, in a deal that gives Australian retail investors exposure to the growing Islamic bonds market for the first time.
