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Banks offer sharia finance for muslims 16 February 2010
Westpac is developing a sharia commodity trading product that will appeal to muslim investors and borrowers. All the major Australian banks now provide Islamic-style banking products for retail investors.Trade Minister Simon Crean launched a study promoting opportunities for the financial services sector to tap investment and banking markets that comply with Islamic law. Last month the Australian Financial Centre Forum released a report into the nation's finance sector highlighting Islamic financing as a potential funding source for the nation's banks.Mr Crean said Islamic financing represented a key plank in the government's strategy to make Australia a financial hub in the Asia-Pacific region.