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Australia's NSW plans to introduce Islamic financial system

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A man walks past a Malaysian Islamic bank

The government of the Australian state of New South Wales, home to the country’s financial capital Sydney, has put the introduction of the Islamic financial system on its agenda.

A delegation, led by New South Wales Premier Barry O’Farrell and including financial services professionals will travel to Dubai, the United Arab Emirates, to discuss regulatory and legal issues with the Dubai Export Development Corp on Tuesday, official said.

“The event will discuss business opportunities in New South Wales, with particular attention given to Islamic finance,” an Australian government official, who declined to be identified, told Reuters.

Ratification of legislation governing the Islamic finance will require government involvement.

However, Salim Farrar, senior lecturer at the University of Sydney Law School said “The state government is very interested and trying to be proactive in getting Middle East and local players together to work out a deal.”

Talal Yassine, managing director at Sydney-based Crescent Wealth said support for the Islamic finance system is building in the business community.

“Clearly there is going to be a push to get Islamic finance up in Australia,” he noted.

Officials believe that given its proximity to Southeast Asia, where Islamic finance is growing rapidly, Australia could play a role in the Islamic finance industry.


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