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Monday, 27 July 2009

Islamic finance takes root in Australia

SYDNEY // The pioneers of Islamic finance in Australia have predicted that strong demand for their services can help prevent further global economic meltdowns.

Sharia-compliant banking is a multibillion-dollar worldwide industry, and while commonplace in Indonesia and Malaysia, it remains on the fringes of Australia’s financial sector. Its proponents believe that an ethical system that eschews the payment of interest in adherence to Islamic principles can help conventional banks steer a more stable and less greedy course.



“There have been many studies done to prove that Islamic banking could have avoided the global financial crisis. The Islamic banks have fared much, much better in this recession. There is a lot that the conventional world is now studying to see how it could do things better or differently to potentially avoid another global crisis,” explained Nail Aykan, from the Muslim Community Co-operative in Melbourne, which has helped hundreds of Muslim families in Australia buy a home.



“As the Muslim world is rediscovering its faith, people are coming to the realisation that they must make every possible effort to avoid interest and, hence, in the last decade there has been an incredible demand from the Muslim world for an alternative banking model,” he said.

The Muslim Community Co-operative was founded in the early 1990s. It was initially funded by shareholders but now borrows from non-banking lenders and has lofty ambitions.

(The National)

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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Consultant/Speaker/Motivator : www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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