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Islamic Co Operative Finance Australia (ICFAL) is a leading provider of Sharia-compliant financial services for the Muslim community in Melbourne and across Australia. Established in 1998, this 100% member-owned cooperative is dedicated to offering an ethical, interest-free (Riba-free) alternative to conventional banking. They specialize in property finance through a Diminishing Partnership model (Musharakah), as well as car and business financing. ICFAL stands out by using funds sourced exclusively from its members, ensuring a truly halal process from start to finish. They are committed to community development, channeling funds towards building mosques and Islamic institutions.
Customers frequently praise Islamic Co Operative Finance Australia (ICFAL) for its professionalism, helpful staff, and commitment to Sharia-compliant principles. Reviewers often highlight the smooth and straightforward financing process and appreciate the competitive rates compared to traditional lenders. The organization is commended for helping the Muslim community achieve financial goals without compromising their beliefs.
Islamic home finance often uses 'Musharakah Mutanaqisah' or Diminishing Partnership. Instead of a lender-borrower relationship, the financier and buyer jointly purchase the property. The buyer then gradually purchases the financier's...
ICFAL offers a range of Sharia-compliant financial products, including home finance (Musharakah/Diminishing Partnership), Murabaha-based car finance, and business financing. They also provide Halal investment accounts like General Membership, Children's Education Fund, and Hajj Fund accounts.
While their Melbourne office is in Coburg, ICFAL is registered to operate and serve members across Victoria, New South Wales, ACT, Queensland, Western Australia, and South Australia.
For specific operating hours for the Melbourne office, it is best to contact them directly at 1300 724 734 or check their official website as these hours are not publicly listed.
To get a quote or apply for finance, you first need to become a member of the cooperative. You can start the process by contacting them via their website (mcca.com.au) or by calling their office to discuss your needs with their team.
You can contact Islamic Co Operative Finance Australia by phone at 1300 724 734 or by visiting their Melbourne office at 167-169 Sydney Rd, Coburg VIC 3058, Australia. Their official website is www.mcca.com.au.
