DomaCom partners with Crescent Group to deliver pioneering Shariah-compliant financing solution
- DomaCom and Crescent Group have entered into an exclusive Heads of Agreement to deliver a pioneering Islamic home finance product
- The product will leverage DomaCom’s innovative fractional model that will allow Australia’s 700,000+ Muslim population to purchase a property using Shariah-compliant financing
- Crescent Group’s plan is to source institutional Islamic funding and structure its products in accordance with the highest levels of Islamic Finance compliance
- This will be an innovative, authentic and market leading product given the data shows that the market is underserviced by current financial institutions and represents a significant economic opportunity over the medium term.
Fractional investment platform provider DomaCom Limited (ASX:DCL) (‘DomaCom’ or ‘the Company’) is pleased to announce that it has entered into an exclusive Heads of Agreement with leading Australian Islamic financial group Crescent Group to deliver a much needed and underserviced housing solution to Australia’s 700,000-strong Muslim population. Attached is a recent report and presentation from DinarStandard- the world authority on the Halal economy – highlighting the opportunity in Australia.
The legal structure of Islamic finance prohibits the paying or receiving of interest which makes traditional home loan products problematic for those Muslims who wish to comply with their religion but still need financing to purchase a home.
DomaCom and Crescent Group have been working on a model which enables Australian Muslims to purchase a property with leverage using Islamic finance while maintaining the familiar structure of a traditional home purchase.
DomaCom’s unique fractional investment platform is being extended to be able to deliver on this goal with the product launch is targeted for Q3 2021.
Crescent Group will lead the Shariah certification of the product and the delivery to the Australian Muslim community and engage its extensive global Islamic network to source institutional funding for these products.
DomaCom CEO Arthur Naoumidis said: “For several years, we have been working on a new option for our product that will deliver a solution to this growing market. We are very pleased to find a partner of the calibre and remarkable track record of Crescent Group to help us deliver this product to the Australian Muslim community.”
Crescent Group CEO Talal Yassine OAM noted “We are excited to partner with DomaCom to deliver a globally unique solution, that is authentic, compelling and competitive. In addition to a deep understanding of the Australian Islamic community, Crescent Group will help DomaCom to obtain the highest levels of Shariah certification of our products as well as sourcing the required institutional funding.”