Senior managers at Australia's largest Muslim group have been accused of profiting from taxpayer funds distributed to schools.

The ABC has obtained leaked documents alleging some representatives at the Australian Federation of Islamic Councils (AFIC), including Muslims New South Wales president Amjad Mehboob, have received up to $500,000.

The documents also show a $1.4 million loan was issued from the Malek Fahd Islamic School in Sydney to AFIC, while the school's business manager Agim Garana received $500,000 for "unidentified services".

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