The government of the Australian state of New South Wales, home to the country's financial capital Sydney, will send a group to Dubai this week to discuss ways to develop the Islamic finance industry, officials said.
The delegation, led by New South Wales premier Barry O'Farrell and including financial services professionals, will explore regulatory and legal issues at a roundtable discussion with the Dubai Export Development Corp on Tuesday.
Islamic banking could help the Australian Government overcome infrastructure funding shortfalls, an Australian finance head says.
The head of Australia's first Islamic finance company, Talal Yassine, met with government ministers in Australia's capital, Canberra, this week.
Thomson Reuters is on the brink of giving Australia its first Islamic index.
Starting in early February, Thomson Reuters and Australia’s Crescent Wealth are jointly launching Islamic Australia Index — a research-based index that will offer local and international investors a tool to help invest in accordance with Islamic investment principles in the local market.
It’s every Islamic home financing company’s dream to become an Islamic bank, but it is not necessarily the dream of every community cooperative.
However, that is just what is about to happen to Australia’s MCCA as the building blocks are put in place to see the launch of Australia’s first Islamic retail bank catering to the needs of the domestic population – both Muslim and non-Muslim alike.
The Federal Board of Taxation has received submissions following last year’s release of a Discussion Paper entitled “Review of the Taxation Treatment of Islamic Finance”.
Various stakeholders made contributions including: Australian law firms; accountancy firms; academics; individuals; industry bodies (ie the Financial Services Council, CPA Australia and a joint submission from the Tax Institute of Australia and the AFMA); and the Department of NSW Treasury and Department of Industry & Investment NSW. For details of the Discussion Paper see our previous
alert.
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.
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