Wednesday, March 12, 2014

Australian Centre for Islamic Finance sets up sharia advisory board

The Australian Centre for Islamic Finance (AUSCIF) has set up an advisory board to help local businesses conduct sharia-compliant transactions, including developing financing options such as Islamic bonds, the centre's director told Reuters (4 March 2014).

The three-member board is the latest sign the industry is making headway despite Australia's lack of regulation catering to Islamic finance, which follows religious principles such as bans on interest and pure monetary speculation, according to the newswire.
The centre's sharia board members might not have the global name recognition as some of their Gulf-based peers, but familiarity with Australian law would appeal to local firms, said Almir Colan, director of the centre, an education and training body.
"We need people who will be able to apply classical fiqh (Islamic jurisprudence) principles within a modern context - the increased complexity of financial products and commercial transactions needs specialists," the newswire quotes him.
AusCIF aims to facilitate knowledge transfer and thought leadership within the Islamic financial sector and raise the awareness of Islamic finance in Australia by developing comprehensive and educational programs and research capabilities, according to information on its website.

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