Islamic banks have become an integral part of the financial system in many Muslim-majority countries, as well as in nations with sizeable Muslim minorities such as the United Kingdom, South Africa, Sri Lanka and Thailand.
Australia is poised to join them. From mid-2024,
Islamic Bank Australia is set to offer Australia’s 813,000 Muslims a banking service aligned with their religion’s strictures against profiting from interest or investing in harmful industries such as alcohol or gambling.
