Islamic Banking in Australia: Challenges and Opportunities
Mirza, Abdul & Halabi, Abdel-Karim (2003) Islamic Banking in Australia: Challenges and Opportunities. Journal of Muslim Minority Affairs, 23(2), pp. 347-359.
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Description
Muslims are one of the many minorities in Australia. In this paper we report on Muslim community's reasons for discomfort with the use of the Western financial system and describe the alternative to it that has come to be known as "Islamic banking". One of the major differences between the Western and the Islamic financial systems is the use of interest (riba) which is the very foundation of the Western financial system but prohibited under the Islamic rulings governing permissible financial transactions. In this paper we will describe the activities and operations of the Islamic financial institutions and discuss why riba-free banking is likely to flourish in Australia in the future.
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| ID Code: | 5055 |
|---|---|
| Item Type: | Contribution to Journal (Journal Article) |
| Refereed: | Yes |
| Measurements or Duration: | 13 pages |
| DOI: | 10.1080/1360200032000140017 |
| ISSN: | 1360-2004 |
| Pure ID: | 34120516 |
| Divisions: | Past > QUT Faculties & Divisions > QUT Business School Current > Schools > School of Accountancy |
| Copyright Owner: | Consult author(s) regarding copyright matters |
| Copyright Statement: | This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the document is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recognise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to [email protected] |
| Deposited On: | 27 Sep 2006 00:00 |
| Last Modified: | 08 Feb 2025 21:29 |
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