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Australia’s first Shari’ah-compliant retail property fund receives registration

Posted on 21 January 2011

From Cpifinancial.net: The Chairman of Crescent Investments Australasia has announced that its wholly-owned subsidiary and fully licensed entity Crescent Funds Management (Aust) Limited has received registration of Australia’s first Shari’ah-compliant wholesale and retail property fund called The Crescent Shariah Compliant Diversified Property Fund.
“ASIC has provided The Crescent Shariah Compliant Diversified Property Fund with an Australian Registered Scheme Number of 148 080 952 authorised to hold direct real property and financial assets property” said Chaaban Omran, Chief Executive Officer. Omran added, “This new fund will not allow any conventional borrowing or debt of any kind. The fund will target solid assets which will generate steady returns and sustainable capital growth within Australia.”………………………………………Full Article: Source

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