Is Islamic banking Australia's 'ethical alternative' to the big four?

 Islamic banking has been a growing feature of international finance for many years and now efforts are underway to introduce it in Australia.


Key points:

Plans are underway to open Australia's first Islamic bank by 2021

Islamic banks do not deal with interest, rather they use profit-sharing agreements

Proponents say it is an ethical alternative for all Australians

A group of Muslim-Australians and industry veterans are behind efforts to establish the country's first Islamic bank as an "ethical alternative" to conventional banking.


Islamic banks do not deal with interest, which is forbidden by the Quran, rather they use profit-sharing agreements to generate income.


Read more: https://www.abc.net.au/news/2020-08-12/islamic-banking-australias-ethical-alternative-to-the-big-four/12531810

A woman in a head scarf holds a $50 note.

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