Our Mission

Establishment of Islamic Riba (Interest) free financial system for creating a peaceful, compliant, fair and simple human life.

Who we are?

ICFAL formed in 1998 by a group of highly motivated volunteers is a leading Islamic Finance provider operating in Western Australia, Queensland, NSW, ACT, Victoria and South Australia providing Shariah-compliant finance for housing, vehicle and community infrastructure.

It now has 3200 plus members with over $34 million in Member Share Fund with a $4.25 distributable net profit per share in the financial year of 2018-19

ICFAL has its offices in Parramatta, Western Sydney and now employs five staff members in order to operate as a professional finance organization complying with Islamic financial guidelines within the stringent Australian regulations and laws pertaining to financial institutions.

The idea of ICFAL was catalyzed when one of the foremost authority on Islamic finance Mufti Muhammad Taqi Usmani visited Australia during the late nineties and exhorted the Muslim community to initial Shariah-compliant financial institutions in order to avoid usury/interest. This ICFAL was formed in 1998.

ICFAL offers line of products, which include ordinary account, Children’s Education Fund Account, Superannuation fund account, Hajj fund account, Jakat fund account as well as finance products like property finance, car finance and Qard hasan.


 ICFAL has celebrated 20 years of successful operation in Sydney on 20th March 2018, which was the result of extreme hard work and dedication by its founder members, professionalism in day to day activities, maintaining trust among the members by offering 100% halal products in the simplest way for members to understand as well as allocation of fund for donation to social activities for example building mosque, Islamic institutes, schools etc.


  • 98% Member Funded
  • 100% Islamic Shari’ah Compliant
  • Supervised by renouned Islamic Scholar

ICFAL does not invest in the following sectors:

ICFAL does not invest in companies, which are directly active in, or derive more than 5% of their revenue (cumulatively) from the activities as follows (“prohibited activities”):

Alcohol: distillers, vintners and producers of alcoholic beverages, including producers of beer and malt liquors,
owners and operators of bars and pubs.

Tobacco: cigarettes and other tobacco products manufacturers and retailers.

Pork and pork related products: companies involved in the manufacture and retail of pork products.

Interest (Riba) based activities: Commercial banks involved in retail banking, corporate lending, investment banking; companies involved in mortgage and mortgage related services; providers of financial services, including insurance; credit agencies; consumer finance, credit cards, lease financing; brokerage services, securities lending; and insurance and reinsurance firms.

Defense/Weapons: manufacturers of military aerospace and defense equipment (??)

Gambling: owners and operators of casinos and gaming facilities, lottery and betting services.

Adult Entertainment: owners and operators of adult entertainment products and activities.

ICFAL does not allow investment in the following activities:

Islamic Shariah investment principles do not allow investment in companies deriving income from interest or companies with large income portfolio based on interest earning. Any company or individual involved with such companies for business activities generating significant income deem non-compliant and strongly advised against it.

ICFAL does not allow portfolio buildup based on interest at any ratio

In ICFAL we believe interest (Riba) is forbidden in any form and there is no way of purification once earned and included in the asset holding and income portfolio. Therefore, we do not allow any interest bearing fund in the form of any investment or finance to be part of our portfolio regardless of ratio. We believe in simplicity and peaceful investment and finance, which is not binding by any complex structure, which may elude members and create confusion among them. ICFAL operates based on member investment only and extends secured finances
from the funds available rather than borrowing interest bearing fund from conventional commercial banks.

Our Shariah Compliant Investment Products – ICFAL at a Glance

Invest in Peace

  •  100% member funded
  •  Secured Investments
  •  0% interest paid/received to/from banks
  •  0% interest paid/received to/from members
  •  Fairness and equality for the benefit of members

 Membership Eligibility

  •  Temporary or Permanent Resident or Citizen of Australia, Work permit holder, students
  •  Living in Queensland, NSW, VIC, ACT, SA or WA
  •  Over 18 years of age

Community Projects

  • Parramatta Mosque, NSW
  • Lakemba Islamic Centre, NSW
  • Campbelltown Youth Centre, NSW
  • Islamic Practice Dawah Circle, St Marys, NSW
  • Tamworth Crescent Community Mosque, NSW
  • Horsham Islamic Welfare Association (HIWA), VIC
  • Melbourne Madinah, VIC

We’re Different

  • 100% member funded.
  • 0% interest from the banks.
  • We are run for the benefit of our members.

Our Housing Finance Product

  • A true partnership with our members to own property.
  • Share in the property’s fixed running costs like council rates, strata and water supply costs.
  • Payments are linked to market rental prices and property prices.
  • Share in the risk of property value gain or loss.

Fine Prints:

  • APR percentages: 0% Non interest (Islamic) product.
  • Transaction Fees: Nil (One-off fee of $100 for lifetime membership)
  • Interest rates: Non-interest (Islamic) products.