Australia’s political stability, sizeable domestic economy, supportive infrastructure and developed financial system adds to its chance of becoming a hub for Islamic finance in the region. Islamic finance has a long history. However, it has only developed on a global scale over the last 30 years. In that relatively short space of time the industry has grown rapidly and the global market now exceeds US$1 trillion.
Many will find it surprising that Australia was one of the first developed countries to establish Islamic finance. Shariah compliant cooperatives have been offering personal and small business financial services such as mortgages from the 1990s……………………………………….Full Article: Source