Celebrating New Horizons: The Salaam Launch Event
On the afternoon of April 22, a significant milestone was reached for Muslims in Australia as Salaam was officially launched at the University of Western Sydney, Bankstown. This event was more than just a formal occasion; it was the dawn of a new chapter aimed at bridging a crucial gap in the financial services sector and enhancing the financial well-being of the Australian Muslim community while also extending its benefits to the wider Australian society.
A Gathering of Visionaries
The launch event was adeptly hosted by Osman Karolia, Principal and CEO of Arkana College. Osman’s role as Master of Ceremonies set the stage for an event filled with profound discussions and groundbreaking announcements.
The Salaam team had the privilege of welcoming a diverse array of esteemed guests, each contributing to the event's significance. Among them were:
Their presence and ongoing support of distinguished guests like the above shows the collective commitment our community’s leadership have to enhancing the financial landscape for generations of Australian Muslims. The need for a strong Islamic financial sector and strong financial institutions is a commonly-held viewpoint among key community institutions and leaders.
Addressing a Critical Need
At the core of the launch was a powerful address by Talal Yassine, Managing Director of Salaam. Talal highlighted a pressing issue within the community: the integration of Islamic financial practices. “As a nation, we’ve fallen behind in integrating Islamic financial practices, despite it being the world’s fastest-growing financial sector, projected to hit $8 trillion by 2026,” Talal noted.
He emphasised that Salaam is designed to meet this urgent need. “There’s a significant portion of our community that are sidelined by mainstream financial products that don’t align with their values. Salaam is our response to this urgent demand,” Talal said.
Salaam aims to provide financial solutions that not only meet the needs of Australian Muslims but also uphold values of community, authenticity, and innovation.
Voices of Support and Insight
The event also featured notable endorsements from various figures, reflecting the widespread support for Salaam's mission.
Australian cricketer, Usman Khawaja, expressed his optimism about Salaam's potential impact, stating, “I think that’s the great thing about having someone like Salaam. You can be content and happy that they’ll do the due diligence for you… sometimes you just need help, guidance, and trust in an organisation.”
Usman’s comments underscore the trust and confidence the community places in Salaam to provide reliable and ethical financial services.
International geopolitical risk analyst, Sami Hamdi, also shed light on the importance of Salaam's establishment.
Sami shared that “when it comes to mobilising as a community, one of the most essential institutions that are needed within the community itself are the financial institutions.”
He emphasised that financial independence is crucial for the community to effectively convey its values and contribute positively to society. “Muslims are always a mercy, not just for Muslims themselves, but for mankind,” Sami mentioned.
He highlighted that Salaam’s role extends beyond traditional financial services, aiming to empower the community and foster a broader societal impact.
A New Era of Financial Solutions
The launch of Salaam represents a significant evolution in Islamic finance.
Salaam has integrated the Crescent Wealth Super Fund, continuing its commitment to 100% Shariah-compliant investment practices.
Talal detailed Salaam’s ambitious plans, including new superannuation products, a pension product, and home-finance solutions. “Our aim with Salaam’s new superannuation offerings is to empower our existing and future members to achieve their financial goals while adhering to Islamic principles of ethics and fairness,” he elaborated said.
In addition to these offerings, Salaam plans to introduce further products later in 2024, including SMSF property finance, a Hajj savings fund, an educational fund for schools, and a Janazah (funeral) fund.
These initiatives are designed to address a wide range of community needs and enhance financial security and planning.
Looking Ahead: Community and Innovation
Talal concluded the event with a vision for Salaam’s future. “We will be a focused player where size and scale are used to our advantage,” he said.
Salaam’s commitment to community education and engagement will be supported by its not-for-profit entities, Salaam Institute and Salaam Foundation. These entities aim to increase community awareness and support, ensuring that Salaam’s impact extends beyond financial services.
The Salaam launch event was a momentous occasion that highlighted the organisation’s potential to transform financial practices for Australian Muslims and the broader community. By addressing a critical need and fostering values of ethics and community, Salaam is set to make a meaningful impact on Australia’s financial landscape.
As Salaam embarks on this journey, the collective support and dedication of its leaders and community members signal a promising future for a more inclusive and ethical financial sector.
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