A Parramatta co-operative specialising in financial products compatible with sharia law has spruiked Islamic schools as a profitable investment venture that's failsafe because the Australian government ultimately backs them.

In a speech delivered via video to Islamic Co-operative Finance Australia Ltd last December, Sheik Tawfique Chowdhury said investment in the schools offered a high rate of return.

He said investment in the schools would generate huge wealth, which would put an end to so-called bullying of Muslims.

Sheik Chowdhury, a medical doctor who also established worldwide Muslim charity Mercy Mission, suggested applying the same principles to investing in retirement villages because mainstream facilities were where a lot of people "lose a lot of their Islam".

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