EconPapers    
Economics at your fingertips  
 

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

Abstract: 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)
Date: 2009
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.emeraldinsight.com/10.1108/175383909110 ... RePEc&WT.mc_id=RePEc (text/html)
Access to full text is restricted to subscribers

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:eme:imefpp:v:2:y:2009:i:4:p:305-322

Ordering information: This journal article can be ordered from
Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK
http://emeraldgroupp ... ournals.htm?id=imefm

Access Statistics for this article

International Journal of Islamic and Middle Eastern Finance and Management is currently edited by Dr Kabir Hassan

More articles in International Journal of Islamic and Middle Eastern Finance and Management from Emerald Group Publishing
Bibliographic data for series maintained by Virginia Chapman ().

 
Page updated 2021-05-26
Handle: RePEc:eme:imefpp:v:2:y:2009:i:4:p:305-322