Don’t expect a surge in Australian Islamic finance even when the country’s government finally releases a widely expected proposal to change tax guidelines, opening up the local market to more of these type of products. Still relatively obscure here, the major Australian banks offer only a small number of retail investors watered down versions of the products that prohibit the payment of interest in compliance with Islamic laws.
But few bankers expect that the new rules designed to free up the Islamic finance market will work………………………………………..Full Article: Source