Accommodating Islamic Banking and Finance in Australia

University of New South Wales Law Journal, Vol. 34, No. 1, pp. 413-442, 2011

Sydney Law School Research Paper No. 12/15

31 Pages Posted: 24 Mar 2012  

Salim Farrar

The University of Sydney Law School

Date Written: March 20, 2012

Abstract

Islamic banking and finance is still at the embryonic stage in Australia. There have been uncertainties as to how and to what extent the systems of governance at State and Federal levels should adapt in light of the difficulties faced by both local Islamic finance service providers and potential Islamic investors from overseas looking to invest their petrodollars in Australia. This paper takes a contextual and critical look at the current regulatory framework with special focus on taxation and prudential standards, and explores the need and possibilities for reform.

Keywords: Islamic banking, finance, regulatory framework, taxation, prudential standards ‘level playing field’

JEL Classification: K10, K22, K30, K34

Suggested Citation

Farrar, Salim, Accommodating Islamic Banking and Finance in Australia (March 20, 2012). University of New South Wales Law Journal, Vol. 34, No. 1, pp. 413-442, 2011; Sydney Law School Research Paper No. 12/15. Available at SSRN: https://ssrn.com/abstract=2026700

Salim Farrar (Contact Author)

The University of Sydney Law School ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia

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