Superannuation · Australia
ICFAL – Superfund Support
Australia's only Islamic finance co-operative (est. 1998). Member funds invested in Sharia-compliant assets under a co-operative model. Not an APRA-regulated super fund.
Key Facts
Overview
ICFAL (Islamic Co-operative Finance Australia Limited) is Australia's only Islamic finance co-operative, established in 1998. It is primarily known for its Islamic home finance, but it also supports members with Shariah-compliant investment of member funds. It is not an APRA-regulated super fund and does not hold or manage compulsory super contributions. ICFAL operates as a co-operative owned and governed by its members, and membership is required to access its services.
Services Provided
ICFAL provides member-based Shariah-compliant finance including home finance, and supports members in investing member funds under a co-operative model. Investment returns are based on a profit-share arrangement rather than interest. ICFAL received IFN's 'Best Islamic Finance Cooperative' award in 2024. It does not offer conventional insurance-within-super or accumulation accounts as a regulated super fund would.
ICFAL's strength is its authentic co-operative heritage and community-first governance structure. It occupies a unique position as the only Islamic finance co-operative in Australia, which gives it a different character to commercial super funds or advice businesses. Users who care about mutuality, member ownership, and community-driven governance may find ICFAL appealing in a way that no other provider in this list replicates. The trade-off is that it is not a super fund substitute — users still need an APRA-regulated super account. ICFAL is best understood as a complementary Islamic finance institution rather than a direct super replacement.
Who They Suit
May suit community-minded Muslims who value co-operative ownership, profit-sharing models, and member governance — especially those who already have a super account elsewhere and want additional Shariah-compliant financial participation.
Things to Verify
Before proceeding with this provider, confirm the following directly:
- That ICFAL does not replace a regulated super fund — it is a co-operative, not a super product
- Membership requirements, joining process, and any costs
- How member funds are invested and the profit-share structure
- The Sharia governance process and how governance decisions are made
- Geographic and service-type limitations
Information on this page is general in nature and based on publicly available material and provider-supplied information. Always verify fees, eligibility, product structure, licensing status, and Shariah governance directly with the provider before making a decision.