DomaCom Australia Ltd (ASX:DCL) has enhanced the skillset of its board through the appointment of Hilal Yassine as a non-executive director.
Yassine is group managing director of First Quay Capital, a private equity firm that invests in early-stage high growth businesses, and is also a director of Crescent Wealth, Australia’s leading Islamic super and investment fund.
Legal and regulatory experience
DomaCom chairman Grahame Evans said: “I am delighted to welcome Hilal to the board. The appointment adds valuable skills and independence to our board.
“Hilal brings significant legal and regulatory experience as well as a passion for innovative financial solutions.
“We particularly look forward to Hilal’s contribution to the success of DomaCom’s Shariah-compliant financing solution currently being developed.”
Shariah-compliant financing solution
Late last year the company announced an exclusive Heads of Agreement with leading Australian Islamic financial group Crescent Group to deliver a pioneering Islamic home finance product.
The product will leverage DomaCom’s innovative fractional model that will allow Australia’s 700,000-plus Muslim population to purchase a property using Shariah-compliant financing.
Product launch in Q3 2021
The legal structure of Islamic finance prohibits the paying or receiving of interest which makes traditional home loan products problematic for Muslims who wish to comply with their religion but still need financing to purchase a home.
DomaCom and Crescent Group have been working on a model which enables Australian Muslims to purchase a property with leverage using Islamic finance while maintaining the familiar structure of a traditional home purchase.
The company's unique fractional investment platform is being extended to be able to deliver on this goal with the product launch targeted for the third quarter of 2021.
Crescent Group will lead the Shariah certification of the product and the delivery to the Australian Muslim community and engage its extensive global Islamic network to source institutional funding for these products.