Islamic Bank Australia (islamicbank.au) will be the first Australian bank to offer a full suite of retail and business banking services – all without interest and Shariah-compliant for the first time in Australia.
Islamic Bank Australia has obtained a Restricted ADI authorisation from the Australian Prudential Regulation Authority (APRA), allowing it to build systems, implement processes and test with a small number of customers in 2023. Islamic Bank Australia is not yet open for business.
“With the number of Muslims in Australia growing by more than 6% every year, we’re excited to be bringing this new type of banking to the Australian community said Islamic Bank Australia CEO Dean Gillespie.
“Islamic banks are growing rapidly all over the world and offer fundamentally different banking products without interest – such as home finance with co-ownership, and savings accounts that pay profit-share. It’s more like a partnership where both the bank and the customers share the benefits. Australians will have access to these unique deposit products for the first time”, said Mr Gillespie.
Islamic Bank Australia will first launch retail/personal banking with an everyday bank account, savings product and home finance, before moving into business banking after a full licence is received.