Islamic finance in Australia: the potential problems and prospects

Islamic finance began in the 1960s, accelerated rapidly during the 1970s and has grown significantly in the 1990s as a result of banking deregulation in the 1980s. Although Islamic finance emerged in Australia in 1990s in response to the growing demand of 350,000 of its Muslim population throu...

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Main Authors:	Faruq Ahmad, Abu Umar, Osmani, Noor Mohammad, Karim, Mohd Fazlul
Format:	Conference or Workshop Item
Language:	English
Published:	2010
Subjects:	B Philosophy (General) HJ Public Finance
Online Access:	http://irep.iium.edu.my/16472/ http://irep.iium.edu.my/16472/ http://irep.iium.edu.my/16472/1/p12.pdf

id	iium-16472
recordtype	eprints
spelling	iium-164722013-08-16T04:02:22Z http://irep.iium.edu.my/16472/ Islamic finance in Australia: the potential problems and prospects Faruq Ahmad, Abu Umar Osmani, Noor Mohammad Karim, Mohd Fazlul B Philosophy (General) HJ Public Finance Islamic finance began in the 1960s, accelerated rapidly during the 1970s and has grown significantly in the 1990s as a result of banking deregulation in the 1980s. Although Islamic finance emerged in Australia in 1990s in response to the growing demand of 350,000 of its Muslim population through establishment of the Muslim Community Cooperative Australia Limited, it did not grow substantially due to an enormous problems faced by Islamic finance industry. The underlying problem in this regard is Australia’s legislative and regulatory framework. In order to thrash out these problems and examine the potentials of Islamic finance in this continent we did not attempt to evaluate the economic efficiency and profitability or otherwise, of Islamic finance in Australia. Also, the approach for the study is not supplemented by any empirical work. The method employed in this study is a mixture of direct observation from legal and regulatory perspectives and authors’ personal experience, curiosity and association with this industry. However, Shari`ah remains the only theoretical basis of the study. Through examining the above the paper seeks to argue that since the principles Islamic finance differ from its conventional counterparts a separate legal framework should be established to facilitate its growth and development in the Australian financial market. 2010 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/16472/1/p12.pdf Faruq Ahmad, Abu Umar and Osmani, Noor Mohammad and Karim, Mohd Fazlul (2010) Islamic finance in Australia: the potential problems and prospects. In: 7th International Conference on the Tawhidi Epistemology: Zakat and Waqf Economy, 6-7 January 2010, UKM, Kuala Lumpur. http://www.ukm.my/hadhari/sites/default/files/prosiding/p12.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	B Philosophy (General) HJ Public Finance
spellingShingle	B Philosophy (General) HJ Public Finance Faruq Ahmad, Abu Umar Osmani, Noor Mohammad Karim, Mohd Fazlul Islamic finance in Australia: the potential problems and prospects
description	Islamic finance began in the 1960s, accelerated rapidly during the 1970s and has grown significantly in the 1990s as a result of banking deregulation in the 1980s. Although Islamic finance emerged in Australia in 1990s in response to the growing demand of 350,000 of its Muslim population through establishment of the Muslim Community Cooperative Australia Limited, it did not grow substantially due to an enormous problems faced by Islamic finance industry. The underlying problem in this regard is Australia’s legislative and regulatory framework. In order to thrash out these problems and examine the potentials of Islamic finance in this continent we did not attempt to evaluate the economic efficiency and profitability or otherwise, of Islamic finance in Australia. Also, the approach for the study is not supplemented by any empirical work. The method employed in this study is a mixture of direct observation from legal and regulatory perspectives and authors’ personal experience, curiosity and association with this industry. However, Shari`ah remains the only theoretical basis of the study. Through examining the above the paper seeks to argue that since the principles Islamic finance differ from its conventional counterparts a separate legal framework should be established to facilitate its growth and development in the Australian financial market.
format	Conference or Workshop Item
author	Faruq Ahmad, Abu Umar Osmani, Noor Mohammad Karim, Mohd Fazlul
author_facet	Faruq Ahmad, Abu Umar Osmani, Noor Mohammad Karim, Mohd Fazlul
author_sort	Faruq Ahmad, Abu Umar
title	Islamic finance in Australia: the potential problems and prospects
title_short	Islamic finance in Australia: the potential problems and prospects
title_full	Islamic finance in Australia: the potential problems and prospects
title_fullStr	Islamic finance in Australia: the potential problems and prospects
title_full_unstemmed	Islamic finance in Australia: the potential problems and prospects
title_sort	islamic finance in australia: the potential problems and prospects
publishDate	2010
url	http://irep.iium.edu.my/16472/ http://irep.iium.edu.my/16472/ http://irep.iium.edu.my/16472/1/p12.pdf
first_indexed	2023-09-18T20:25:16Z
last_indexed	2023-09-18T20:25:16Z
_version_	1777408374780985344

Islamic finance in Australia: the potential problems and prospects

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