Foundations of Islamic Finance series
Edited by Mervyn K. Lewis, Mohamed Ariff and Shamsher Mohamad
Chapter 15: Islamic finance in Australia
Once ‘Islamic finance in Australia’ could have been covered in a very short paper. Other than informal examples operating from local mosques, there would be little if anything to discuss. The position now may not appear much different, but there is some progress and its potential has certainly awakened both the government and finance industry. This chapter reports on the current position. It starts by noting the small but growing importance of Islam within Australia. It then identifies our few local specialist Islamic finance providers, mentions some modest Islamic efforts by our commercial banks and explains some promising developments in the fund management industry. Consideration is then given to the potential prudential regulation, commercial and other laws and taxation issues facing Islamic finance before concluding with some comments on the potential for Islamic finance in Australia.
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