Infochoice on MCCA:
The withdrawal of GE Money from the Australian mortgage market will adversely effect the market for Islamic or sharia-compliant home loans. The largest provider of sharia compliant finance in Australia, the Muslim Community Co-Operative Australia provides home loans under the S2L label. These loans are ordinary home loans financed by GE Money Australia, but subject to a series of contracts between the borrower and the MCCA that deem them sharia compliant in the eyes of the MCCAโs religious advisers.