Islamic finance faces tough environment Down Under (By IFN)

AUSTRALIA: Despite recent developments in the country’s Islamic finance industry, such as Islamic wealth manager Crescent Wealth’s launch of the first Islamic index for the local market in February this year and local solar power firm Solar Guys’ plan to issue a Sukuk, the industry faces significant headwinds in its continued growth Down Under.

Professor Akhtar Kalam, the chairman of MCCA Islamic Finance & Investments, the only fully Shariah compliant financial institution in Australia, noted that the country’s Islamic finance industry not only faces a challenging environment due to the prevailing global financial landscape, but impediments in the domestic legislative and tax framework.


Thursday 29^th November 2012