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MUSLIMS AUSTRALIA  (AFIC) PRESS RELEASE

| 27.05,10. 07:55 PM |


 

MUSLIMS AUSTRALIA (AFIC)PRESS RELEASE

 



ISLAMIC FINANCE AND POSITIVE SPINOFFS

The President of Muslims Australia – AFIC, Mr Ikebal Patel welcomes the Governments’ White Paper into Islamic banking in Australia. Mr Patel said measures to comprehensively analyse Australia's tax laws to ensure that, wherever possible, they do not inhibit the provision of Islamic finance, banking and insurance products is long overdue. Islamic banking is a reality, attracting $1 Trillion dollars in revenue and growing at a healthy and remarkable rate. Mr Patel commented on the impact of greed, inequitable banking and investment practises that led to the recent global financial crises which has impacted so many families so drastically and said Islamic banking services can play a much better role in ensuring a fairer and more ethical system which is intent on community benefit rather than individual greed. Mr Patel stated, Islamic banking is the fasting growing industry worldwide. This is an opportunity for Australia to attract lucrative foreign investment that will enable Australia to become the financial hub of this region. Australia has proven its maturity and resolve in the banking and financial sectors through it’s strict regulatory and legislative controls which prevented Australia being plunged into a recession or worse!
This will create more job opportunities for thousands of Australians. Mr Patel said, Australia is ready to offer it’s citizens a choice in banking and financial products based on morals and ethics.