The head of one of Australia’s largest privately-owned companies, Peregrine Corporation Managing Director Charlie (Khalil) Shahin AO, has purchased a material shareholding in Australia’s only Islamic superannuation fund and institutional investment manager.
Crescent Wealth Managing Director Prof. Talal Yassine OAM announced today that Mr Shahin had joined Crescent’s shareholding register as well as the Crescent Wealth Board. He also confirmed that Samier Dandan, who is President of the Lebanese Muslim Association, and fellow Director Hilal Yassine had stepped down from the board to focus on growing new parts of the group, while Salter Brothers Portfolio Manager Issam Eid had left the shareholding register.
Mr Shahin is the eldest son of Fred Shahin who founded the Peregrine Corporation in 1984 with the purchase of a small BP service station in Adelaide. Since then the company has grown to become South Australia’s largest privately owned employer, investing in a range of fields. Peregrine Corporation generates more than $2.9 billion revenue annually, employing more than 5000 people across its retail operations.
Mr Yassine said attracting a material shareholder and director with Mr Shahin’s experience, business success and networks to Crescent was a strong endorsement of the company’s positioning and growth prospects.
“On behalf of my fellow board members I would like to welcome Charlie to the register and the board and say how much we value his presence and look forward to his guidance and counsel. I would also like to thank Samier Dandan and Issam Eid for their work and commitment over the last decade. You go with our sincere appreciation and thanks,” he said.
Mr Shahin said he was delighted to be part of Crescent Wealth and for the opportunity for his family office to become a shareholder.
“Crescent Wealth has been a pioneer in Australian financial services and a champion for Islamic finance initiatives. We share the same values and a passion for ethical investing. I look forward to working with the Crescent Group team over the next many, many years,” he said.
On the board Mr Shahin joins chair and distinguished academic Emeritus Professor Dianne Yerbury, deputy chair Nicholas Whitlam, former chairman of NRMA Insurance/IAG and the Port Authority of NSW, and Dr John Hewson who is one of Australia’s most experienced economists and former Leader of the Liberal Party and Leader of the Opposition from 1990 to 1994.
Dr Hewson said Crescent Wealth had made strong progress in its mission to provide an ethical and Islamic compliant alternative to conventional Australian superannuation funds.
“Support from Mr Shahin will provide us with a further boost as we work to provide all Australians and in particular the Australian Islamic community with ways to invest their retirement wealth without compromising their core values and beliefs,” he said.