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:
Online Access:http://irep.iium.edu.my/16472/1/p12.pdf
http://irep.iium.edu.my/16472/
http://www.ukm.my/hadhari/sites/default/files/prosiding/p12.pdf
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spelling my.iium.irep.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 REM 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
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
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/16472/1/p12.pdf
http://irep.iium.edu.my/16472/
http://www.ukm.my/hadhari/sites/default/files/prosiding/p12.pdf
_version_ 1643607135615975424
score 13.209306