Regulatory Challenges and Opportunities: a Case of Australia
نویسندگان
چکیده
Islamic finance in Australia has witnessed the rapid growth since it was first introduced in 1989 with the Muslim Community Cooperative Australia (MCCA). The operation of Islamic Financial Services Providers in Australia is still subject to basically the same laws and regulations as their conventional counterparts and applies the same conventional interest-based framework for regulatory and supervisory activities, although Islamic finance is different from conventional finance in many aspects. The absence of a legal and regulatory framework supportive for Islamic finance in Australia is seen as a major obstacle towards its effective and smooth functioning. Therefore, the study suggests the Australian regulatory regime to develop appropriate regulations to make Islamic finance a truly viable alternative for banking and finance based on religious and ethical considerations for Muslims living in Australia. It also recommends that a fully fledged Islamic bank be established along the lines of the community’s strong desire and growing demand. In this connection, the study suggests that steps be taken to introduce legislation in the Australian Parliament for strengthening the country’s Islamic financial market system.
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