Excerpt:

Melbourne-based First Guardian plans to launch an Islamic pension fund in January, collaborating with some of Australia's most well-known Muslim organisations to tap the country's $1.5 trillion private pension system, the world's fourth largest.

The fund has received regulatory approval and documentation is in the final stages, said Almir Colan, director at the Australian Centre for Islamic Finance who worked with First Guardian in the design of the product.

The fund has been developed with the Muslim Community Cooperative of Australia and the Islamic Council of Victoria, the governing body for the state's Muslim community, has endorsed the product as well, Colan added.


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