Legal and regulatory issues of Islamic finance in Australia
Abu Umar Ahmad () and
M. Kabir Hassan ()
International Journal of Islamic and Middle Eastern Finance and Management, 2009, vol. 2, issue 4, 305-322
Purpose - The purpose of this paper is to contribute to the existing body of work in the area of Islamic finance by examining the regulation of Islamic finance in Australia. Design/methodology/approach - The method employed in this paper is a mixture of direct observation from legal and regulatory perspectives and authors' personal experience, curiosity, and association with this industry. Findings - In Australia, where Muslims are minorities and full-fledged Islamic banks are absent, it is expected that regulatory authorities would ensure there is a level playing field, so that neither Islamic financial services providers (IFSPs) nor conventional financial institutions are disadvantaged. They have also been expected to approve and monitor Islamic financial products, including those offered by Islamic managed funds. Research limitations/implications - The study is undertaken through the Practical implications - The paper practically examines: the impact of banking and financial services regulation on Islamic banking and financing practice in Australia; and what further legislative measures and changes are needed to accommodate Islamic financing practice into Australian society to make it a truly viable alternative system of financing for Muslims in Australia. Originality/value - Examination of the issues of the study is originally undertaken through one of the authors' personal expertise and working experience with some IFSPs in Australia, aiming at developing the relevant regulations by the Australian regulatory regime to make Islamic finance a viable alternative system of financing for Muslims in Australia.
Keywords: Regulation; Law; Finance; Banking; Islam; Australia (search for similar items in EconPapers)
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