Wednesday, October 5, 2011

Australiastan: Sharia-compliant Banking Introduced in Australia

A MUSLIM wealth manager has begun the process of opening Australia to Islamic investment with the launch of the first local sharia-compliant equity fund.   

The goal of Crescent Wealth, Australia's only Islamic wealth manager, is to establish a range of investment products, including superannuation, to give Australians access to the previously untapped $1.4 trillion Islamic investment market.


It says the equity fund, Crescent Australian Equity Fund, will also give Australians a socially responsible investment option.

Crescent Wealth managing director Talal Yassine said he believed there was a lot of "pent-up demand" for Islamic investment opportunities.

"As Australians we have zero of that market," Mr Yassine said. Islamic funds need to comply with sharia law and so will not invest in industries involved in alcohol, weapons, pornography and gambling.
The major banks are also out, because, in accordance with sharia principles, Crescent Wealth cannot invest in anything to do with interest.

Islamic law bans charging interest, so investors need to make returns that are linked to the profits of an enterprise.

The Australian

Child Being Punished Under Sharia Law


























Relax! Sharia Law isn't only barbaric and fear mongering, it has banking values too.

 Here is Sharia Banking explained for you, curious infidel:

Shariah compliant Islamic Banking & Investments

If interest prohibited, how do Sharia Compliant Islamic Bank make profit?
Interest is prohibited, but service charges offer a way to make profits. The Islamic Banking systems enables debit card and personal credit lines system, so the charges for them.

What are the financial products available under the Sharia Compliant Islamic Banking
There are a lot of products available under Islamic Banking system:

- Islamic Shariah Compliant Equity Investments and Islamic Mutual Funds/Sharia Mutual Funds: These are the investments in Equity shares of companies which are compliant with Shariah Laws. See more details on Islamic Mutual Funds: Sharia Mutual Funds

- Islamic ETF or Shariah ETF Exchange Traded Funds: These are ETF or Exchange Traded Funds which track an index which is Shariah Compliant. BSE recently launched the TASIS Index which is Shariah Compliant, see details BSE TASIS Shariah 50 Index: India's Shariah Index for Islamic Investments

- Islamic Debt Instruments: They have some assets as a backup and are generally available as bonds

- Islamic Convertible Bonds: Bonds which are based on investments in Shariah compliant company shares

read more great things on Sharia-compliant banking here

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