If Australia’s desire to become a regional financial services centre is to ever progress beyond just rhetoric, then we must come to terms with our location. On our door step sits the world’s largest Muslim population with a growing demand for Islamic financial products and services.
Australia can rise to become an important Islamic finance hub in Asia Pacific but it requires urgent regulatory and tax reform. It was two years ago that the Board of Taxation first alerted the Government to the challenges facing Islamic finance in Australia. The Board recommended a raft of regulatory reforms designed to make it easier for Islamic products to be approved and supervised………………………………………..Full Article: Source