Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem?
The purpose of this study is to explore the nature and extent of financial exclusion in Australia focussing particularly the Muslim community. Financial exclusion refers to a situation where people lack access to affordable and appropriate financial services and products. In 2013, 16.9% of adults li...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
University of Wollongong
2016-09-01
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| Series: | Australasian Accounting, Business and Finance Journal |
| Subjects: | |
| Online Access: | http://ro.uow.edu.au/cgi/siteview.cgi/aabfj/vol10/iss3/6 |
| _version_ | 1818272408250875904 |
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| author | Mohamed Rosli Mohamed Sain Mohammad Mafizar Rahman Rasheda Khanam |
| author_facet | Mohamed Rosli Mohamed Sain Mohammad Mafizar Rahman Rasheda Khanam |
| author_sort | Mohamed Rosli Mohamed Sain |
| collection | DOAJ |
| description | The purpose of this study is to explore the nature and extent of financial exclusion in Australia focussing particularly the Muslim community. Financial exclusion refers to a situation where people lack access to affordable and appropriate financial services and products. In 2013, 16.9% of adults living in Australia were severely or fully financially excluded; that is, almost one in six adults had no access to at least two basic financial products. This paper is based on literature reviews, secondary data and the authors’ personal experience in association with banking industry. The finding of this paper concludes that financial exclusion remains a problem in Australia and there is still lack of information about financial exclusion based on ethnicity or religious group in Australia. It also appears that very limited financial institutions in Australia are offering Islamic financial products and services to cater for the needs of some 476,000 Muslims in Australia. These Muslims communities may have been financially excluded due to their faith and religious belief, because Islam prohibits Riba (usury and/or interest) which is widely practiced in conventional banking. Islamic finance can mitigate the severity of the problem. |
| first_indexed | 2024-12-12T21:41:35Z |
| format | Article |
| id | doaj.art-dc6a3be6a82141429bf679732a2815e7 |
| institution | Directory Open Access Journal |
| issn | 1834-2000 1834-2019 |
| language | English |
| last_indexed | 2024-12-12T21:41:35Z |
| publishDate | 2016-09-01 |
| publisher | University of Wollongong |
| record_format | Article |
| series | Australasian Accounting, Business and Finance Journal |
| spelling | doaj.art-dc6a3be6a82141429bf679732a2815e72022-12-22T00:11:02ZengUniversity of WollongongAustralasian Accounting, Business and Finance Journal1834-20001834-20192016-09-011038910410.14453/aabfj.v10i3.6Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem?Mohamed Rosli Mohamed Sain0Mohammad Mafizar Rahman1Rasheda Khanam2University of Southern Queensland, Australia.University of Southern Queensland, Australia.University of Southern Queensland, Australia.The purpose of this study is to explore the nature and extent of financial exclusion in Australia focussing particularly the Muslim community. Financial exclusion refers to a situation where people lack access to affordable and appropriate financial services and products. In 2013, 16.9% of adults living in Australia were severely or fully financially excluded; that is, almost one in six adults had no access to at least two basic financial products. This paper is based on literature reviews, secondary data and the authors’ personal experience in association with banking industry. The finding of this paper concludes that financial exclusion remains a problem in Australia and there is still lack of information about financial exclusion based on ethnicity or religious group in Australia. It also appears that very limited financial institutions in Australia are offering Islamic financial products and services to cater for the needs of some 476,000 Muslims in Australia. These Muslims communities may have been financially excluded due to their faith and religious belief, because Islam prohibits Riba (usury and/or interest) which is widely practiced in conventional banking. Islamic finance can mitigate the severity of the problem.http://ro.uow.edu.au/cgi/siteview.cgi/aabfj/vol10/iss3/6Financial exclusionMuslimsAustraliaIslamic finance |
| spellingShingle | Mohamed Rosli Mohamed Sain Mohammad Mafizar Rahman Rasheda Khanam Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem? Australasian Accounting, Business and Finance Journal Financial exclusion Muslims Australia Islamic finance |
| title | Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem? |
| title_full | Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem? |
| title_fullStr | Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem? |
| title_full_unstemmed | Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem? |
| title_short | Financial Exclusion in Australia: Can Islamic Finance Minimise the Problem? |
| title_sort | financial exclusion in australia can islamic finance minimise the problem |
| topic | Financial exclusion Muslims Australia Islamic finance |
| url | http://ro.uow.edu.au/cgi/siteview.cgi/aabfj/vol10/iss3/6 |
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