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 are Russell Investments?
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 3.
Are the investment options in Salaam superannuation
Shariah compliant?
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 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!
General information
Superannuation, or super, is Australia’s compulsory long-term savings plan that enables you to save money for your retirement. Your employer pays a set percentage of your salary into a super fund nominated by you. Salaam Wealth is one such super fund you can choose. You can view the super guarantee percentage by visiting the Australian Taxation Office website.
Contributions are made into your super account. These can be from your employer, you, your spouse and/or the government. Your entitlement is arranged into a fund which is invested into various assets, so they may accumulate and grow as part of your retirement savings. You can choose the investment option for your super that best meets your needs, ethical principles, and expectations.
Super is also a tax-effective way to save for your retirement:
- You only pay 15% tax on before-tax super contributions*
- After-tax super contributions are not taxed as you have already paid tax on them
- Earnings in the funds are taxed at 15%.
(Note: You may be taxed by the government on your super withdrawal, depending on the age you make the withdrawal and the amount withdrawn.)
*Please consult a financial planner or your tax agent for advice.
Islamic investment principles refer to an investment philosophy that differs substantially from the conventional approach.
At its core is building a better world through investments that benefit society, consider the environment, and support the well-being of our future generations.
Read more about our Islamic investment principles here.
All our investments comply with and adhere to the globally recognised standards for Islamic Investment principles as set by AAOIFI. AAOIFI is comprised of dozens of the world’s leading Islamic Finance scholars who also provide these standards for the world’s leading Islamic financial institutions and determine the laws based on Islamic Jurisprudence.
We also have a globally recognised Shariah Supervisory Board from Dubai - Dar Al Sharia - consisting of scholars of Islamic finance who monitor each of our funds’ adherence to the above principles. Dar Al Sharia has been awarded the World’s Best Shariah Advisory Firm and World’s Best Islamic Consultancy Firm seven years in a row with IFN. We have their fatwas for each of our specific products should you wish to view them.
In addition, each investment undergoes in-depth analysis for its Islamic compliance by IdealRatings, the world’s most trusted Islamic investment research firm. Established in 2006, IdealRatings works with investors like Salaam Wealth who want to align their values with their investment goals. Keeping pace with the significant growth and evolution of Islamic finance, they have been enhancing and expanding their tools and services for values-based investors.
This means we actively screen out investments that earn profits from market-prohibited goods or services such as alcohol, gambling, riba/interest, weapons and more. We also filter out companies that have high levels of debt/gearing, cash or short-term investments and receivables.
Read more about our Islamic compliance and investment philosophy.
View the latest ASFA Retirement Standard estimates that a couple, or a single person will need for a comfortable requirement.
But everyone is different and may have different needs and circumstances. ASFA can give you a sense of how much you may need to retire and whether you are on track, as well as helping you understand how your options and decisions can affect your superannuation in the long term.
Your preservation age is the age you can access your super if you are retired (or start a transition to retirement income stream).
If you were born before 1 July 1960, you have already reached your preservation age of 55 years. You can access your super once you have met a condition of release. If you were born after 1 July 1960 your preservation age depends on when you were born.
(Note: Preservation age is not the same as pension age.)
| Date of birth | Preservation age |
| Before 1 July 1960 | 55 |
| 1 July 1960 – 30 June 1961 | 56 |
| 1 July 1961 – 30 June 1962 | 57 |
| 1 July 1962 – 30 June 1963 | 58 |
| 1 July 1963 – 30 June 1964 | 59 |
| From 1 July 1964 | 60 |
Once you retire or reach your preservation age you can:
- Continue to hold your money in super, paying 15% tax on earnings and making withdrawals when it suits you*
- Withdraw some or all of your money as a lump sum*
- Use some or all of this money to start a pension account that pays you a regular income
* You may be taxed on your super withdrawal, depending on your age when you make the withdrawal.
Superannuation Fund Name
Russell Investments Master Trust
Unique Superannuation Identifier
(USI) TRM0001AU
Australian Business Number
(ABN) 89 384 753 567
Salaam Wealth Funds Management (Aust) Pty Ltd. Australian Financial Services Licence (AFSL):
365260
Fund postal address:
Salaam superannuation
Locked Bag A4094
Sydney South NSW 1235
Investment options in Salaam Wealth Super and formed from combinations of unit trusts under the trusteeship of Salaam Wealth Funds Management Limited. The investments in each trust are managed by professional investment management teams (sub-advisors) who are unaffiliated with either Equity Trustees Superannuation Limited or Salaam Wealth Funds Management Pty Ltd.
Our highly skilled investment team undertakes global research and analysis, conducts due diligence and ultimately appoints the best and most appropriate investment managers as Salaam Wealth’s investment sub-advisors.
All funds are managed following Islamic investment principles while providing diversification across major asset classes such as Australian shares, international shares, Islamic money market securities, and listed and unlisted property.
Superannuation is an investment for your retirement; Australia has a comprehensive regulatory framework in place to safeguard your super. Salaam Wealth Super Fund is registered under the Australian Prudential Regulation Authority (APRA).
Salaam Wealth does not physically hold any of your money. It is held by State Street as Salaam superannuation's independent custodian.
In addition, Salaam Wealth has TRM as the independent trustee responsible for the regulatory compliance and operations of the fund.
Salaam Wealth offers competitive ongoing investment fees. These may vary depending on the underlying composition of the assets within the investment option chosen.
View the product disclosure statement for a detailed breakdown of fees.
There are things you can do today to increase your super for retirement:
- Find lost super.
There are millions of ‘lost’ super accounts in Australia worth billions of dollars. Some of this could be yours. Call us on 1300 926 626 and we’ll help you find any unclaimed super. - Consolidate your funds*
If you have multiple super funds, you may be paying multiple sets of fees every year that, over a lifetime, can add up to thousands of dollars. Let Salaam Wealth help you consolidate your super into one account. You can do this online or call us on 1300 926 626 and we’ll gladly take you through the process over the phone. - Make additional contributions
There are several ways you can make additional contributions to your super, including voluntary contributions, salary sacrifice and spouse contributions. Learn more about making additional contributions. - Discover government incentives
Several government incentives are designed to help low- and middle-income earners build their super, including co-contributions and spouse contributions. Learn more about applicable government incentives.
*Before deciding whether to consolidate your super, consider any applicable fees (e.g. exit fees) or loss of benefits (e.g. insurance).
**Please consult a financial planner or your tax agent for advice.
Switching funds, rollovers & contributions
Simply forward the Choosing Salaam Superannuation form to your new employer, or call us on 1300 926 626, and we will assist you over the phone.
If you’re not a Salaam Wealth member, you can join in under five minutes and we will help you find your lost super. This service is free of charge and only requires your Tax File Number (TFN). Join online or call our Concierge Team on 1300 926 626.
Alternatively, log in to or create a myGov account to find your lost super.
There are two ways you can make or receive contributions on behalf of your spouse:
- Spouse contributions
If your spouse earns a low or no income, you may be able to claim a tax offset if you contribute to their super fund by making a spouse contribution. See the ATO website for details. - Contribution splitting
You may be able to split your employer's super contributions with your spouse. Please refer to the contributions splitting on the ATO website for more information.
If you have questions, we’re happy to answer them. Call us on 1300 926 626.
Yes, you can. Please call us on 1300 926 626 and we’ll be happy to assist you.
Investment, returns & tax
Salaam superannuation offers three Islamically-compliant investment options. Each provides the opportunity to invest in a variety of global and domestic markets, asset classes and investments; and each has a different investment return objective, time frame, risk, and timing strategy.
Choosing the right option brings you a step closer to ensuring your super is invested according to your Islamic values.
Tax rules frequently change and can be complex. If you have specific questions, you should talk to your tax advisor or the ATO.
Currently:
- You pay 15% contributions tax on before-tax super contributions.
- After-tax super contributions are not taxed as you have already paid tax on them.
- Earnings in the funds are taxed at 15%.
- If you exceed the contribution limits set by the government, then you may need to pay more tax on your contributions.
- You may be taxed by the government on your super withdrawal, depending on your age when you make the withdrawal and the amount withdrawn.
Life events & your super
Once you retire or reach your preservation age you can:
- Continue to hold your money in super, paying 15% tax on earnings and making withdrawals when it suits you^
- Withdraw some or all your money as a lump sum^
- Use some or all of this money to start a pension account that pays you a regular income.
If you die before being eligible to receive your super, the Trustee of the Salaam Wealth Super Fund must determine who to pay your super balance and any insurance benefits (if applicable) to, having regard to superannuation laws.
If you don’t nominate any beneficiaries or make a preferred nomination (also known as a non-binding nomination), the Trustee will exercise discretion and pay your death benefit to eligible beneficiaries – which could be your legal personal representative and/or any one or more of your dependents.
You can set up or change a preferred nomination (non-binding nomination) by logging onto your Member Portal at any time, or by calling us on 1300 926 626.
You can set up or change your binding nomination by completing a valid, binding death benefit nomination form. Once completed, it must be posted to us.
(Note: You’ll need to submit a new binding nomination form every three years if you wish to maintain your nomination. If you don’t renew, the nomination automatically becomes preferred.)
You may be granted limited early access to your super in special circumstances (e.g. severe financial hardship, terminal illness, temporary or permanent incapacity etc.). For more information, call us or visit the ATO website.
Separation and divorce can be difficult and it’s important to understand the impact it can have on your retirement savings and finances. Guidance is given on the Family Court website.
Helpful links
The Salaam team is here to help. Please get in touch using one of the links below or check out our contact us page.
Joining Salaam
We’re excited to welcome you to Salaam super – Australia’s first Islamically compliant super fund.
Why invest with Salaam Wealth?
Accessibility
This website has been designed with accessibility in mind. If you have any concerns or suggestions on how we can improve, please get in touch with a member of our Concierge Team.My Superannuation
Our concierge team is available to assist Monday to Friday from 8:30am to 5:30pm AEST via our contact details page.
Do you need to
- Login to your account?
- Find your lost super?
- Change job details?
- Change your name or DOB?
- Additional contribution?
Helpful links
Interpretation Service
If you need an interpreter, please get in touch on 1300 926 626. Our Concierge Team will gladly arrange for an interpreter to assist.Account Access
Looking for your username or member number?
Your username is the 9-digit member number on the top right corner of your annual statement.
If you’re unable to find your member number, please contact our Concierge Team for assistance on 1300 926 626.
If you do know your username, but have forgotten your PIN, input your username in the Member Login Portal, click Reset PIN' and follow the instructions.
Customer Feedback
If you have feedback about your superannuation product or wish to lodge a complaint, please get in touch. You can visit our Complaints Policy or send us your feedback directly.