Australia’s first Sharia-compliant bank has been approved

Millions of Australian Muslims now have access to a Sharia-compliant banking system. Last week, financial regulator APRA, granted a restricted license to the Islamic Bank of Australia to operate- making it the first in Australia.

Despite it not officially being launched, there is currently a waiting list of over 7000 people and the banking system will not the conventional methods used by the big banks such as offering interest.

Image: Image: Shutterstock: nadia_if

Produced By: Arshmah Jamal

Featured In Story: Dean Gillespie, CEO of Islamic Bank of Australia, and Dr Paul Mazzolla, Lecturer, University of Wollongong

First aired on The Wire, Tuesday 19 July 2022

DATE POSTED
Monday 18th of July, 2022

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