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Publish date14 Nov 2020 - 18:45
Story Code : 482063

Australia to launch first 100% Digital Islamic Bank

Delayed by Covid-19, the central bank of Australia plans to license the country’s first Islamic bank in early 2021.
Australia to launch first 100% Digital Islamic Bank
Delayed by Covid-19, the central bank of Australia plans to license the country’s first Islamic bank in early 2021. The Islamic Bank of Australia (IBA) will offer sharia-compliant home and SME financing. The new lender will be fully digital except for HQs in Sydney.

“We have a low-cost approach and are primarily cloud-focused, therefore we can keep our costs low and get to profit faster,” CEO Dean Gillespie told Islamic finance online media Salaam Gateway.

Gillespie says there is already a long waiting list of clients. IBA will target Australia’s growing Muslim population but also non-Muslims who are looking for ethical financing tools.

Australian Muslim investors brought 50% of IBA’s $14.6 million seed capital while anonymous UAE-based investors provided the rest. The new bank is in the process of raising more capital from the Middle East and Asia.

Australia already welcomes $2 billion of sharia-compliant assets. Some local banks offer Islamic products and services, notably home mortgages.
 
https://taghribnews.com/vdcceiq012bq4x8.-ya2.html
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