What kinds of memberships are available?

Normally, there is one type of membership only. This is referred to as active membership, following the applicable rules of the Co-operative (ICFAL).

• Active membership criteria require members to be 18 years or over and an Australian resident. An active member pays $100 as a one off membership fee and purchases at least 5 shares ($100 per share per year). An active member also exercises voting rights at the Annual General Meeting (AGM) for ICFAL. The joining member contributes at least 2 hours a month for the overall promotional activity of the Co-operative on a voluntary basis.
• Children under 18 years of age may join the Co-operative under the Children Education Fund by paying a minimum of 10% of normal membership fee. Such membership must be managed by a legal guardian and is only for the purpose of purchasing shares of the Fund for higher education purpose. A member under this category does not have any voting right at the AGM.
• A self managed super fund may also join as an active member of the Co-operative by nominating a long term investment provision. This provision may attract a better return than the dividend earned by the regular active membership pooled fund as decided at the AGM or at the discretion of the board of directors of ICFAL.
• Conditions of additional dividend for the long term provision requires keeping the investment at least for six months, limited to two redemptions per financial year each not exceeding 50% of the member equity. Violating this policy may entitle the respective member to receive the same dividend as that received under general membership.
• Please consult a professional tax agent or accountant to set up your own super fund. The Co-operative is not a fund manager but simply allows this membership as a viable Halal investment alternative/opportunity to that of an interest bearing business activities.