Your Questions Answered
Answering common questions about our transition from Crescent Wealth to Salaam
Your Questions Answered
Answering common questions about our transition from Crescent Wealth to Salaam
As Crescent Wealth has transitioned to Salaam, our members have asked to answer the key questions that they're wondering about. We've collected the top questions you've asked and answered them for you, so you can be fully informed about your Shariah-compliant superannuation.
Question 1.
What happened to Crescent Wealth?
As at 1 June 2024, Crescent Wealth and the whole Crescent Group rebranded as ‘Salaam’. The Salaam brand incorporates Salaam superannuation.
The new Salaam brand also includes Salaam Finance, our Shariah compliant Home Loans offering and will shortly be expanded to include a broader range of products and services - please be on the lookout for these announcements.
This rebrand has enabled us to better align with our growing range of products and services, while remaining 100% Shariah compliant and continuing to grow our experience in Islamic finance and wealth management.
Question 2.
Who is Russell Investments?
We have partnered up with Russell Investments who are a global investment manager for some of the world’s largest investors, with over AUD$450 billion in assets under management (as at 30 June 2024). This includes over $11 billion in funds under management for the Russell Investments Master Trust in Australia.
We have not been acquired by Russell Investments.
Total Risk Management Pty Limited (TRM) is the Trustee of the Russell Investments Master Trust (the Fund) and Salaam superannuation is now a part of the Fund and offers members Shariah compliant investment options.
The role of the Trustee includes ensuring that the fund is compliant with all laws and regulations regarding Australian superannuation funds, as required by Government regulators like the Australian Prudential Regulation Authority (APRA), the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC).
Question 3.
Are the investment options in Salaam superannuation
Shariah compliant?
Yes, they are. As Australia’s largest super fund offering Islamically compliant investment options, Salaam superannuation prides itself in maintaining the highest levels of Islamic compliance by adopting the investment rulings of the globally recognised AAOIFI Islamic Standards - developed by the Accounting and Auditing Organisation for Islamic Financial Institutions.
These standards are also affirmed by our Shariah Supervisory Board, Dar Al Shariah - one of the world's leading Shariah Advisers, and part of the Dubai Islamic Bank group.
At Salaam, we are dedicated to ensuring your Salaam superannuation investments remain Shariah-compliant. We remain the certifier of all Shariah compliance regarding processes and investment managers for the fund, to ensure they are not co-mingled with any non-Shariah-compliant investments.
This means you can have peace of mind knowing your investments align with your values and our shared Islamic principles.
Together, we are one team working towards your financial goals in a manner that reflects your values.
Question 4.
How did the “Your Future Your Super”
test impact the previous Crescent Wealth Super Fund?
APRA conducts an annual ‘performance test’ that evaluates the long-term performance of superannuation products against specific benchmarks.
A number of the Crescent Wealth Super Fund investment options were deemed to have ‘failed’ this performance test. However, it’s important to note that these benchmarks do not consider the unique characteristics of Shariah-compliant superannuation funds and their investment limitations – for example being prohibited from investing in Banks. The APRA performance test may not accurately reflect how the fund is performing in alignment with Shariah principles.
Question 5.
What should I expect with regards to
investment performance given the recent low returns?
Super is a long-term investment - generally over many decades. Even members retiring around 65 still have on average another 20 years of expected life. Short-term market movements and periods of negative returns are part of the overall cycle of investment performance. Markets are volatile and likely will always be so.
Your investment performance for the 2023-24 Financial Year was split between Crescent Wealth for the bulk of the financial year and then as Salaam superannuation as part of the Russell Investments Master Trust from 1 June – 30 June 2024.
The launch of Salaam superannuation on June 1st marked a new chapter. Salaam is committed to delivering strong results aligned with our Shariah-compliant investment strategy.
The new investment options in Salaam superannuation reflect a fresh approach and different strategy, tailored specifically to meet Shariah standards.
Salaam’s goal is to ensure we provide you with accurate and meaningful performance metrics, and we look forward to sharing our performance data with you shortly. We thank you for your understanding and patience as we work diligently to establish a robust performance record for our fund. We are grateful to have you on this journey with us!
Accreditations & Shariah endorsements
Salaam is accredited and endorsed by the world’s leading Islamic finance institutions.
Faith in your super
Unlike most super funds in Australia, all our investments are Shariah-compliant.
Not only do we adhere to stringent Islamic investment principles, we also give you a choice of investment strategies so that you can select the degree or risk and potential returns to match your personal preferences and circumstances.
Super that invests in
Healthcare
Property & Infrastructure
Natural resources
Utilities
Manufacturing
Renewable energy
Healthcare
Property &
Infrastructure
Natural resources
Utilities
Manufacturing
Renewable energy
Super that doesn’t empower
Interest-earning financial activities
Alcohol & tobaco
Gambling services
Weapon manufacturing
Pornography
Pork products
Interest-earning
financial activities
Alcohol & tobacco
Gambling services
Weapon manufacturing
Pornography
Pork products
Switch to an Islamic-compliant super fund
As a Salaam superannuation member you will join a community of other like-minded individuals that are investing for the good.
We're excited about the impact that Islamic Shariah-compliant investing can have to build a better world.
Salaam superannuation invests in industries and companies that comply with Islamic investment guidelines.
We provide an ethical and Shariah-compliant alternative to conventional Australian superannuation funds. View our accreditations.
Salaam superannuation members have exclusive access to three Islamic-compliant investment options.
Each option has a different investment return objective, time frame, risk, and timing strategy. Choosing the option that’s right for you brings you a step closer to ensuring your super is invested according to your Islamic values.
Salaam Wealth Super Fund offers ongoing competitive management fees but has no establishment, withdrawal, contribution or termination fees.
Beyond Islamic investing we are passionate about bringing positive change to the Australian community through our sister organisations, Salaam Foundation and Salaam Institute.
Let’s get started. Bismillah.
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