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

LIC Buys Double as Prices Dive - 10 Aug 2011

http://licreddy.com/Content/information/insurancenews_details.asp?NewsCode=4872 LIC Buys Double as Prices Dive 10-Aug-2011 Life Insurance Corp of India, the government's institution of choice to stabilise the stock market whenever it gets wobbly, has more than doubled stock purchases in the past three days as the global debt worry-triggered selloff made valuations attractive. LIC, the country's biggest investor with stakes in L&T, Axis Bank and Grasim, will raise its secondary market purchases this fiscal as IPOs dry up with promoters not keen to sell shares at lower valuations. "We have been buying in the past few days,'' said a LIC executive involved in decisionmaking. "With the market correcting and not many public issues coming up, we would be investing more in secondary market," said the person who did not want to be identified. LIC to Invest . 50k Cr More LIC, which had been buying stocks for an average of . 120 crore in the first four...
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 ...
9 comments
Read more

Home loan or Car loan calculator

A good EMI calculator http://www.bankbazaar.com/home-loan-emi-calculator.html Tax benefits: Tax benefit is only on the interest paid on the loan taken. Prohibition of Usury in Various Religions Hinduism The earliest such record derives from the   Vedic   texts of Ancient India (2,000-1,400 BC) in which the "usurer" ( kusidin ) is mentioned several times and interpreted as any lender at interest.  More frequent and detailed references to interest payment are to be found in the later   Sutra   texts (700-100 BC), as well as the Buddhist   Jatakas   (600-400 BC).  It is during this latter period that the first sentiments of contempt for usury are expressed.  For example, Vasishtha, a well known Hindu law-maker of that time, made a special law which forbade the higher castes of   Brahmanas   (priests) and   Kshatriyas   (warriors) from being usurers or lenders at interest.  Also, in the   J...
3 comments
Read more