Accommodating islamic banking and finance in australia

07 Sep

I have been waiting patiently for a halal home finance product.I saw the great effort Br Waqar and Br Asad put into developing this product.Perhaps because of this strong growth, there is increasing awareness of Islamic Finance in the non-Muslim world.

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Achieving this will be key to addressing many of our key economic issues including the funding of major infrastructure projects.’ Islamic finance is based on the principles of Islamic law (Shariah) which prohibits earning interest and instead focuses on profit sharing based on the buying and selling of tangible assets such as property.

I am very pleased the Adelaide Muslim community now have a Shariah compliant option to finance their home.

I attended one of Amanah’s evening group presentations where they explained how the product works and how it interacts with Australian regulations. The team were very clear and open, and were happy to answer and follow up on any questions I had.

Between 20, Islamic Finance has seen a 19 per cent CAGR (compound annual growth rate) - bringing it to an estimated global value of USD 1 trillion.

Future growth predictions are even more remarkable, with some forecasts suggesting Islamic Finance could continue to grow at more than four times the rate of conventional finance – and forecasting it to reach USD 5 trillion in value by 2016.