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...
| Main Authors: | , , |
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| Format: | Proceeding Paper |
| Language: | English |
| Published: |
2010
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/16472/1/p12.pdf |
| _version_ | 1796876315553431552 |
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| 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 |
| collection | IIUM |
| 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. |
| first_indexed | 2024-03-05T22:50:41Z |
| format | Proceeding Paper |
| id | oai:generic.eprints.org:16472 |
| institution | International Islamic University Malaysia |
| language | English |
| last_indexed | 2024-03-05T22:50:41Z |
| publishDate | 2010 |
| record_format | dspace |
| spelling | oai:generic.eprints.org: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 Proceeding Paper 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 |
| 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 |
| title | 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_short | Islamic finance in Australia: the potential problems and prospects |
| title_sort | islamic finance in australia the potential problems and prospects |
| topic | B Philosophy (General) HJ Public Finance |
| url | http://irep.iium.edu.my/16472/1/p12.pdf |
| work_keys_str_mv | AT faruqahmadabuumar islamicfinanceinaustraliathepotentialproblemsandprospects AT osmaninoormohammad islamicfinanceinaustraliathepotentialproblemsandprospects AT karimmohdfazlul islamicfinanceinaustraliathepotentialproblemsandprospects |