Accommodating Islamic Banking and Finance in Australia
University of New South Wales Law Journal, Vol. 34, No. 1, pp. 413-442, 2011
31 Pages Posted: 24 Mar 2012
Date Written: March 20, 2012
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: Suggested Citation