MCCA Islamic Finance & Investments is two licensed companies working as one brand: MCCA Ltd (Australian Credit Licence 388808) arranges and manages property finance, and MCCA Asset Management Limited (AFSL 291356) runs the Income Fund and the Property Fund. Its site states that it has operated since 1989, originated $3.6 billion of mortgages and manages $1.36 billion, both as at 30 June 2025, from a head office in Coburg, Victoria, and a Sydney office in Lakemba. Every finance product uses an Ijarah Muntahia Bittamleek lease-to-own contract certified by a published panel of Australian and international scholars. MCCA does not publish a rate; it quotes by phone. This review covers each product line, the Shariah oversight, the published numbers, and who should choose MCCA over a competitor.
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The two MCCA entities and their licences
The footer of mcca.com.au prints both licences: MCCA Ltd, ABN 45 129 968 172, Australian Credit Licence 388808, and MCCA Asset Management Limited, ABN 18 113 728 706, AFSL 291356. The credit licence covers the residential, commercial and SMSF property finance; the finance FAQ describes MCCA as an accredited mortgage manager that is "not a broker or an originator" and provides all services in-house from application to discharge. The AFSL covers the two registered managed investment schemes, and the finance pages add that MCCA Asset Management is the funder for the Tamleek product and that commercial finance is written through the Income Fund. In other words, part of MCCA's lending is funded by its own investors, which matters for the Shariah discussion later.
MCCA describes itself as an Australian Muslim community organisation with a board of seven directors, listed from Prof Akhtar Kalam, and a senior management team of six, and its home page gives the scale: 8,782 households and businesses financed and 6,789 Australian Muslims helped into home ownership since 1989. The MCCA provider profile summarises our standing verdict that this is the institution the rest of the sector measures itself against. Note that MCCA Ltd is a company with an annual general meeting rather than a co-operative in which borrowers and savers hold voting shares, as they do at ICFAL, and the member-owned Islamic finance article explains why that distinction matters.
Every MCCA product in one table
Every figure below is printed on the finance products, SMSF, Income Fund or Property Fund page. Rates are absent from all of them.
| Product | Who qualifies | Structure | Published terms |
|---|---|---|---|
| Residential finance | Owner-occupiers, investors, refinancers, builders; 10% contribution from 3 months' savings or equity | Ijarah Muntahia Bittamleek, title in client's name as agent | $50,000 to $2,000,000, up to 90% of value, 30 years, no ongoing fees, no early exit penalty |
| Commercial finance | Individuals or businesses buying or refinancing commercial property | Same lease-to-own, funded via the Income Fund | $100,000 to $50,000,000, up to 75% of value, 30 years, redraw |
| SMSF residential | SMSFs with a corporate trustee | Lease-to-own, rental facility rate only for 1 to 5 years | $100,000 to $5,000,000, max LVR 80%, no redraw, split contracts |
| SMSF commercial | SMSFs with a corporate trustee | As above | $100,000 to $10,000,000, max LVR 75% |
| Income Fund | Individuals, joint, partnerships, companies, super funds | Pooled fund of first mortgages and cash, Shariah contracts | $1,000 minimum, 6-month minimum term, monthly distributions, no entry or exit fees |
| Property Fund | Investors who approve each sub-scheme | Registered scheme with single-property sub-schemes | Current showcases closed; past Heidelberg sub-fund returned 18.83% over 2016 to 2018 |
The residential product also lists payment by principal and rental facility fee, direct or offset account deduction or salary credit, weekly, fortnightly or monthly instalments with no cap on extra payments, redraw, an offset account on selected products with a VISA debit card, and a maximum 30-year term. The MCCA home finance review takes the residential product apart line by line; this article stays at organisation level.
How the Ijarah Muntahia Bittamleek contract works at MCCA
MCCA's finance FAQ sets out the sequence in its own words. You apply and pass a serviceability assessment; MCCA issues a conditional letter of funding on behalf of the funder; you are appointed wakeel (agent) to find a property; you buy it as agent of the funder and undertake to lease it to own; your periodic payments are lease rentals; you may buy out the funder's remaining share at any time; and on the final payment the funder transfers title by way of hiba, a promissory gift. Your name goes on the title from day one, held on the Shariah understanding that you are the funder's agent during the term. The FAQ also answers the question most readers have about profit and loss: because ijarah and murabaha are contracts of exchange rather than partnership, MCCA neither shares in a sale profit nor absorbs a sale loss during the term.
Two further FAQ points deserve attention. The rental facility fee, if variable, can change after signing. And lenders mortgage insurance applies above 80% finance, which MCCA says its Shariah advisors approved "on the basis that it is mandatory in the industry" for higher-risk finance, with the premium able to be added to the facility. Readers who prefer a structure in which the financier shares property-market risk will find ICFAL's diminishing musharakah a different model, and the Islamic home financing hub compares the two contract families.
Shariah oversight as MCCA publishes it
MCCA's Shariah advisors page is the most detailed in Australian retail Islamic finance. The Australian panel is Dr Ibrahim Abu Muhammad, described as the current Grand Mufti of Australia; Sheikh Wissam Zaatiti, appointed September 2009; Dr Shabbir Ahmed, appointed September 2014; and Almir Colan, appointed January 2017, a director of the Australian Centre for Islamic Finance. International certification runs through Amanie Advisors, with Dr Mohamed Ali Elgari, Dr Muhammad Qattan, Dr Osama Al Dereai and Prof Dr Abdul Aziz Khalifa Al Qassar named. The page offers downloads of an annual Shariah compliance certificate issued by Amanie for 1 July 2020 to 30 June 2021 and separate fatwas for the Income Fund and for the Amlak, Tamleek and Bayti products.
That is a strong disclosure with one visible weakness: the certificate offered for download covers a financial year that ended in 2021. MCCA may hold more recent certificates, but they are not on the page we fetched. When you apply, ask for the current year's certificate and for the fatwa that matches the product name on your contract, since the site names three home products (Amlak, Tamleek, Bayti) while the product page describes a single residential offering. The governance verification checklist sets out the questions in order.
Rates and fees: what MCCA publishes and what it does not
The FAQ's first question is "What are MCCA's rates?" and the answer is "Please contact us on 1300 724 734. We will quote you our best rate, tailored specifically for your circumstances." There is no rental facility rate, no comparison rate and no fee schedule in dollars on any finance page. The pages do commit to some costs in kind: no ongoing or monthly fees on residential finance, no early exit penalties, a 10% deposit payable only after formal approval, and non-refundable valuation and finance processing fees whose amounts are not printed. They also publish processing commitments of three business days at each stage (application, mortgage insurance, valuation, funder), two days for document preparation and ten business days to arrange settlement, with conditional approvals generally valid for 90 days.
On the investment side the numbers are published. The Income Fund page tabulates five financial years: fund returns of 4.09% for the year to 30 June 2026, 4.28% for 2025, 4.47% for 2024, 3.78% for 2023 and 2.39% for 2022, against its Bloomberg AusBond Bank Bill Index benchmark of 3.79%, 4.30%, 4.28%, 2.84% and 0.09%, with funds under management rising from $84.82 million to $102.98 million over the same period. It states a $1,000 minimum, a six-month minimum term with a possible fee for earlier withdrawal, no entry or exit fees subject to conditions, monthly distributions, a cap of 10% of issued units per investor, and six-monthly audits by a Big 4 firm. The MCCA Income Fund guide and the halal savings hub put those returns beside the alternatives.
Is MCCA halal? Answering the question directly
On the published structure, yes, with the caveats any careful reader should hold. The contract is a recognised AAOIFI-style lease ending in ownership, the agency and gift steps are described explicitly, the panel includes scholars with international standing, and the funding for commercial finance and the Tamleek product comes from Shariah-screened investor money rather than a conventional warehouse line. The elements a strict reader will question are the use of conventional lenders mortgage insurance above 80%, the fact that the rental facility fee is a variable price the site does not explain in terms of a rental benchmark, and the absence of a current-year certificate online. None of these is unusual in Australian Islamic finance, and MCCA is more open about them than most, but they are the points to raise with your own scholar if you want a view beyond the panel's.
- The contract is Ijarah Muntahia Bittamleek with wakala and hiba steps, documented on the site.
- Certification is by a named panel, with Amanie Advisors providing international sign-off and downloadable fatwas.
- The Income Fund invests only in registered first mortgages and cash under Shariah contracts, audited six-monthly.
- Lenders mortgage insurance above 80% finance is conventional insurance that the panel has approved on necessity grounds.
- The most recent certificate on the page covers the year to 30 June 2021; ask for the current one.
Verdict: who should choose which MCCA product
An owner-occupier with a 10% to 20% deposit who wants a long-established financier, a 30-year term, offset and redraw, and a contract their imam will recognise should put MCCA on a shortlist of two or three and compare written quotes, because the rate is the one thing MCCA will not show you until you ask. An investor buying a second property gets the same product with the same caveats. An SMSF trustee with a corporate trustee and a commercial premises in mind has few Shariah-compliant options at all, and MCCA's $100,000 to $10,000,000 range at 75% LVR is the deepest; read the Islamic SMSF property finance guide first. A saver who wants monthly halal income with a $1,000 entry and a six-month lock should compare the Income Fund's 4.09% for 2026 with ICFAL's member dividend and Hejaz's wholesale funds, remembering that none of them is a deposit and none carries the Financial Claims Scheme. A business owner wanting equipment or working capital finance rather than property should look at the Islamic business financing hub, because MCCA finances property only. Facts checked against mcca.com.au on 27 September 2026.
Frequently asked questions
Is MCCA a bank?
No. MCCA Ltd holds an Australian Credit Licence and acts as an accredited mortgage manager, and MCCA Asset Management Limited holds an AFSL to run registered managed investment schemes. Neither is an authorised deposit-taking institution, so the Income Fund is not a deposit and the Financial Claims Scheme does not apply. MCCA's pages say so directly: the fund is not a term deposit and carries investment risk.
What are MCCA's rates?
MCCA does not publish them. Its FAQ answers the question by inviting you to call 1300 724 734 for a quote tailored to your circumstances. The rental facility fee can be fixed or variable, and if variable it can change after you sign. What the site does commit to is no ongoing monthly fees, no early exit penalty, and a non-refundable valuation and processing fee whose amount is also not published.
What deposit does MCCA require?
The application form states that to qualify you need a minimum 10% of the property value from at least three months of savings or from equity in another property, and the product page allows finance up to 90% of value. Finance above 80% attracts lenders mortgage insurance, which MCCA's Shariah advisors have approved and which can be added to the facility. The 10% deposit is payable only after a formal approval letter.
Does MCCA finance SMSF property?
Yes, for SMSFs with a company as trustee only. Residential SMSF finance runs from $100,000 to $5,000,000 at a maximum 80% LVR; commercial runs to $10,000,000 at 75%. Both are rental-facility-rate-only for one to five years, have no redraw, allow split contracts and permit refinancing of existing SMSF finance. MCCA advises independent financial, legal and tax advice before applying.
What has the MCCA Income Fund returned?
The fund page shows 4.09% for the year to 30 June 2026, 4.28% for 2025, 4.47% for 2024, 3.78% for 2023 and 2.39% for 2022, each compared with the Bloomberg AusBond Bank Bill Index, which it beat in four of those five years. Funds under management were $102.98 million at 30 June 2026. Distributions are monthly, the minimum is $1,000, and past performance is not a guide to future returns.
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See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Who are MCCA's Shariah advisors?
The site names four Australian advisors: Dr Ibrahim Abu Muhammad, Sheikh Wissam Zaatiti, Dr Shabbir Ahmed and Almir Colan. International certification is through Amanie Advisors, with Dr Mohamed Ali Elgari, Dr Muhammad Qattan, Dr Osama Al Dereai and Prof Dr Abdul Aziz Khalifa Al Qassar listed. Fatwas for the Income Fund and the Amlak, Tamleek and Bayti products are offered for download, alongside an Amanie certificate for the 2020 to 2021 financial year.
