On 22 January 2025, leaders in Islamic finance, wealth building, and community empowerment gathered at the Muslim Wealth Summit in Bankstown. Organised by Invest Wholesum, the event brought together industry figures such as Dr. Tanvir Uddin (CEO, Invest Wholesum), Selma Krcić (Director, Armada Advisors), and Sheikh Shabir Moosa (Director, CIEA). The summit focused on addressing the challenges and opportunities in wealth management for Australian Muslims, particularly during turbulent economic times. With topics ranging from business structuring and ethical investing to societal challenges like financial abuse, the event provided practical guidance for attendees. It also offered a much-needed space for collaboration, education, and inspiration within the Muslim community.
The summit’s theme, "Wealth Building in Turbulent Times," resonated with the audience, given the current global economic instability. It emphasised that effective wealth management is not merely about personal gain but about fostering communal well-being, in alignment with Islamic values. The speakers shared actionable insights on how Muslims can navigate these uncertain times while adhering to Sharia principles, ensuring their financial practices are ethical, sustainable, and beneficial to society. Below are the key lessons and strategies discussed at the event, focusing on the critical role wealth plays in Islam and the importance of professional advice, community collaboration, and innovative solutions for long-term financial growth.
Wealth holds a significant place in Islam, viewed as both a blessing and a test from Allah. As Sheikh Shabir Moosa highlighted, the Quran frequently addresses wealth, urging Muslims to manage it responsibly and use it as a means to uplift themselves and others. For instance, the verse “And spend of your substance in the cause of Allah and make not your own hands contribute to your destruction...” (Quran 2:195) serves as a reminder to approach wealth with care, ensuring it is spent in ways that benefit society and fulfil religious obligations. Sheikh Moosa stressed that wealth is not merely a personal possession but a trust (Amanah) to be used wisely and justly.
Anti-bank sentiments in Islam stem largely from the prohibition of riba (usury), which is considered exploitative and unjust. The Quran strongly opposes financial systems that perpetuate inequality and harm the vulnerable. Instead, Islam promotes ethical financial practices that emphasise fairness, mutual benefit, and the well-being of all parties involved. Sheikh Moosa also discussed the role of Zakat (obligatory charity) and Sadaqah (voluntary charity) in redistributing wealth and addressing societal inequities, urging Muslims to view wealth as a tool for positive change. These principles underscore the importance of aligning financial goals with spiritual values, a theme echoed throughout the summit.
One of the most crucial lessons from the summit was the emphasis on seeking professional advice rather than adopting a DIY approach to financial management. Selma Krcić, Director of Armada Advisors, highlighted the complexities involved in areas such as taxation, business structuring, and superannuation, especially when striving to comply with Islamic principles. Without the guidance of qualified professionals, individuals risk making costly mistakes or failing to fully optimise their financial potential.
Selma underscored that proper financial planning is not just about securing personal wealth but also about ensuring long-term sustainability and ethical compliance. For Australian Muslims, navigating the financial landscape can be particularly challenging due to the limited availability of Sharia-compliant tools and the general lack of awareness about their benefits. By partnering with experts who understand both Islamic values and local regulations, individuals can create robust financial strategies that align with their faith and maximise opportunities for growth. The importance of this approach cannot be overstated, as it ensures both efficiency and peace of mind in financial decision-making.
A key theme discussed by Dr. Tanvir Uddin was the urgent need to bridge knowledge gaps within the Muslim community. He highlighted the lack of corporate, technical, and entrepreneurial skills necessary for developing financial products tailored to the needs of Australian Muslims. This gap has limited the growth of the Islamic finance sector and hindered the community’s ability to build momentum in wealth creation. Dr. Tanvir called for more investment in education and skill development, which are essential for fostering innovation and expanding access to Sharia-compliant financial solutions.
One of the significant barriers identified was the lack of venture capital exposure for Muslim-led businesses in Australia. This has stifled opportunities for entrepreneurs who wish to create scalable and ethical financial products. Dr. Tanvir stressed that addressing this issue requires collaborative efforts between financial institutions, community leaders, and government bodies. He also encouraged Australian Muslims to take proactive steps in seeking knowledge and developing the skills needed to navigate the financial landscape effectively. Education and awareness are key to empowering the community and unlocking its full potential in wealth management.
Arshad Zacky, Co-Founder of Zacky Property, emphasised the importance of surrounding oneself with the right team to build a secure financial future. He pointed out that wealth management is not a solitary journey but a collaborative effort that requires input from trusted professionals who share your values. Whether it’s financial advisors, legal experts, or business partners, having the right people in your corner can make all the difference in achieving long-term success.
Arshad also stressed that wealth creation should go beyond individual goals to include broader community benefits - fostering a spirit of collaboration and collective responsibility, Muslims can create financial solutions that uplift not just themselves but the entire ummah. This approach aligns with the Islamic emphasis on social justice and community welfare, reminding us that wealth is most impactful when it is used to benefit others.
Ammar Awan from Muslim Wills and Awqaf Australia discussed the importance of Waqf (endowment) funds, a concept deeply rooted in Islamic history and principles. Waqf is a charitable endowment in which assets or wealth are dedicated to serving the community and are preserved for long-term benefits. Ammar explained how Waqf funds not only provide financial sustainability for various projects but also promote equity, social welfare, and ethical financial practices.
Historically, Waqf institutions played a vital role in supporting education, healthcare, and infrastructure in Muslim societies, functioning as a community-driven financial model. Ammar highlighted that by creating a personal Waqf or an Islamic will, individuals can leave a lasting legacy that aligns with their faith. This ensures that wealth continues to benefit the community even after one’s passing.
Modern applications of Waqf funds include supporting educational institutions, funding community projects, and providing resources for the underprivileged. This model aligns closely with Islamic principles by prioritising long-term community development over short-term financial gains. Australian Muslims can create a financial ecosystem that serves both worldly and spiritual objectives.
The speakers collectively offered actionable strategies for Australian Muslims seeking to grow their wealth while adhering to Islamic principles:
The Muslim Wealth Summit 2025 demonstrated the critical role wealth plays in building stronger individuals and communities. Rooted in Qur'anic principles, wealth management is not just about personal success but about creating a more equitable and just society. The insights shared by the speakers provided a roadmap for Australian Muslims to navigate financial challenges while staying true to their faith.
We look forward to expanding the summit in the coming years, providing more opportunities for education, collaboration, and empowerment. Together, we can build wealth with purpose, ensuring it serves as a force for good in our lives and our communities.
Understanding Ijarah with Trust Structures in Islamic Finance Islamic finance follows principles that prohibit interest-based transactions (riba) and instead focus on ethical, asset-backed investments. For property financing in Australia, Ijarah with Trust Structures is a widely accepted Islamic financial solution, enabling investors to acquire properties in a Shariah-compliant manner while benefiting from asset protection and […]
On 22 January 2025, leaders in Islamic finance, wealth building, and community empowerment gathered at the Muslim Wealth Summit in Bankstown. Organised by Invest Wholesum, the event brought together industry figures such as Dr. Tanvir Uddin (CEO, Invest Wholesum), Selma Krcić (Director, Armada Advisors), and Sheikh Shabir Moosa (Director, CIEA). The summit focused on addressing […]
