The Challenges and Potential of Improving Access to Islamic Financial Services in Non-Muslim Countries: The Case of Australia

Abu Umar Faruq Ahmad
Additional contact information
Abu Umar Faruq Ahmad: King Abdulaziz University

A chapter in Management of Shari’ah Compliant Businesses, 2019, pp 9-20 from Springer

Abstract: Abstract The purpose of this study is twofold: (1) to identify the key challenges of improving access to Islamic financial services (IFS) in Australia for its large Muslim minority and (2) to assess the potential prospects for the emergence of Islamic finance (IF) in the Australian market, parallel with its conventional practice. The method employed is a mixture of direct observation and author’s personal experience, curiosity and association with this industry. However, Islamic legal context remains the only theoretical basis of the study. The approach for the study is not supplemented by any empirical work, nor have the attempts been made to evaluate the economic efficiency and profitability or otherwise, of IF in Australia. Through a thorough examination, it seeks to argue that in order to meet the core challenges of IFS in this jurisdiction, a separate legal framework must be established to facilitate its growth and development in the Australian financial market. Besides the direct policy recommendations and suggestions for further research provided for authorities concerned, the study sheds new light on how the relevant challenges are met for improving access to IFS in Australia for its largest minority.

Keywords: Challenges; Prospects; Australia; Islamic finance (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-3-030-10907-3_2

Ordering information: This item can be ordered from
http://www.springer.com/9783030109073

DOI: 10.1007/978-3-030-10907-3_2

Access Statistics for this chapter

More chapters in Management for Professionals from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().