Australia will soon have its first Islamic bank. What does this mean, and what are the challenges?
- Written by: Md Safiullah (Safi), Senior Lecturer in Finance, RMIT University
Islamic banks have become an integral part of the financial system in many Muslim-majority countries, as well as in nations with sizeable Muslim minorities such as the United Kingdom, South Africa, Sri Lanka and Thailand.
Australia is poised to join them. From mid-2024, Islamic Bank Australia is set to offer Australia’s 813,000 Muslims a...