What is it about?

The study investigates the key challenges of improving access to Islamic financial services in Australia for its large Muslim minority and to assess the potential prospects for the emergence of Islamic finance in the Australian market, parallel with its conventional practice.

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Why is it important?

The study is important because it argues that in order to meet the core challenges of Islamic finance service in Australia, a separate legal framework must be established to facilitate its growth and development in the Australian financial market. Besides the direct policy recommendations and suggestions for further research provided for authorities concerned, it sheds new light on how the relevant challenges are met for improving access to IFS in Australia for its largest minority.

Perspectives

The study is the results of my of direct observation and personal experience, curiosity and association with this industry for a considerable period of time. However, Islamic legal context remains the only theoretical basis of the study. The approach I have chosen for the study is not supplemented by any empirical work, nor have the attempts been made to evaluate the economic efficiency and profitability or otherwise, of Islamic finance in Australia.

Dr Abu Umar Faruq Ahmad
King Abdulaziz University

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This page is a summary of: The Challenges and Potential of Improving Access to Islamic Financial Services in Non-Muslim Countries: The Case of Australia, January 2019, Springer Science + Business Media, DOI: 10.1007/978-3-030-10907-3_2.
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