Skip to main content

Australia Keen on Islamic Finance as Industry Nears $1 Trillion


Australia’s Assistant Treasurer Nick Sherry said he is leading a trade delegation to the Middle East as the South-Pacific nation seeks to attract Islamic finance investment.
Sherry will hold four days of talks with officials, regulators and bankers in the United Arab Emirates, Qatar and Bahrain, according to an e-mailed statement today.
“My message is that in Australia we have what the wholesale Islamic finance market is calling out for,” Sherry said in the statement. “I will be focused very heavily on high- level talks on Australia’s tax treatment, regulation, promotion and export of Islamic finance, banking and insurance.”
The Islamic finance industry’s assets will keep expanding globally and may grow to at least $5 trillion from its current $950 billion, Moody’s Investors Service said this month. An Australian government report last year found that removing regulatory barriers to the development of Islamic finance products would provide the nation with better access to a “major source of offshore capital.”
Interest payments are banned under Islam’s Shariah law, which instead promotes profit-sharing agreements or structures that resemble rentals. Such deals are typically backed by physical assets, including natural resources like Australia’s.
Zaid Ibrahim & Co., Malaysia’s largest law firm, said in December that it would open overseas offices in Sydney and Melbourne due to increased demand for Islamic finance advisory services.
Westpac Banking Corp. plans to offer a Shariah-compliant commodity-trading service targeting Islamic institutions, the Sydney Morning Herald reported in February.
To contact the reporter on this story: Sarah McDonald in Sydney atsmcdonald23@bloomberg.net.



http://www.bloomberg.com/news/2010-04-26/australia-begins-talks-on-islamic-finance-as-industry-nears-1-trillion.html

Comments

Post a Comment

Popular posts from this blog

Communist party launches 'China Operating System' to oust iOS and Android

hina officials have launched a national operating system in an attempt to take back control of the country’s computer market from American companies such as Google and Apple. The software has been in development for more than a year, but has been released at a crucial time with revelations about US-led surveillance sparking fears over the integrity of American-designed software. Known simply as the China Operating System, or COS, the software can run on PCs, tablets and smartphones and has been based on the open-source Linux operating system. Chinese media say that the OS has been created “entirely independently” in order to provide better localization for a range of features – from Chinese-language keyboards, to integration with the country’s banks. At the launch of the event, one of the developers involved with the project reportedly criticized Western software , saying that Apple’s iOS was too closed, that Google’s Android OS suffered from fragmentation (ie, too many versi
Post a Comment
Read more

Best IELTS and English language training institutions in Hyderabad

IELTS stands for International English Language Testing System. As the name implies it is basically an English test for testing the proficiency of the language in an individual.  Training for IELTS can be taken to pass the IELTS exam or to develop good english language skills. I am giving the training institute addresses for Hyderabad. The test system is jointly managed by the British Council,IDP education ltd and University of Cambridge ESOL Examinations and more than 1 million candidates are taking the exam all over the world. The test has two versions : 1. Academic 2. General training Academic  version is for people who plan to continue their higher education by enrolling in universities in countries like US,UK,Australia,Canada,New Zealand etc.The academic institutions in these countries consider the IELTS score as a criteria for the admission process. General training is mostly for immigration purposes in countries like Australia,New Zealand,Canada etc. It may also be u
9 comments
Read more

How to avoid injurious sitting posture at work? Take care of Ergonomics

The impact of poor consideration of these, as well as other, ergonomic elements can be very hazardous to our  well-being. Some of the effects include increase chances of suffering from carpel tunnel syndrome, decreased eye sight, cramps in our joints, strain from overworking certain muscles and joints,  and decreased blood-flow circulation. Work productivity also decreases when we are in environments that are not designed for proper ergonomics. One other important thing to consider is the lighting levels in the space. I actually did not even think of this as an ergonomic design issue, but it truly is.  Our eye muscles are the most used muscles in our entire body.  We use our eyes in every situation throughout our entire day.  Poor considerations for lighting causes very negative short and long-term effects.  It is recommended that we use mixed levels of lighting in our environments. This allows for multiple options for each user depending on his or her preferences and physical nee
Post a Comment
Read more