Islamic Banking in Australia: Challenges and Opportunities
Muslims are one of the many minorities in Australia. In this paper we report on Muslim community's reasons for discomfort with the use of the Western financial system and describe the alternative to it that has come to be known as "Islamic banking". One of the major differences between the Western and the Islamic financial systems is the use of interest (riba) which is the very foundation of the Western financial system but prohibited under the Islamic rulings governing permissible financial transactions. In this paper we will describe the activities and operations of the Islamic financial institutions and discuss why riba-free banking is likely to flourish in Australia in the future.
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|Item Type:||Journal Article|
|Keywords:||Muslim Minorities, Islamic Banking, Riba, Banking in Australia|
|Subjects:||Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BANKING FINANCE AND INVESTMENT (150200)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School|
|Copyright Owner:||Copyright 2003 Taylor & Francis|
|Copyright Statement:||First published in Journal of Muslim Minority Affairs 23(2):pp. 347-359.|
|Deposited On:||27 Sep 2006|
|Last Modified:||05 Jan 2011 23:27|
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