August 13, 2020

Empowering Ummah

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Australia’s first Islamic bank is coming

This article was published by AMUST | Zia Ahmad | 29 Jul, 2020 

“All of the products and services we offer at IBA will be 100% Shari’ah-compliant, meaning our customers can be confident that their banking will be aligned with their faith.”

According to AMUST, Australia’s first Islamic bank is moving closer to reality with the launch of a waiting list allowing customers to register their interest in joining when the bank is launched.

The IBA project has been progressing for a number of years, but in 2020 has accelerated significantly with staff and a full board appointed.

IBA has applied for a banking licence from APRA, and is hoping to be granted their first restricted licence around the end of this year.  IBA will be aiming to launch in 2021.

The bank will offer a range of personal and business accounts, including everyday bank accounts, savings and home finance – all 100% Shari’ah-compliant. By nature it will be an ethical bank.

IBA will offer a full suite of Shari’ah-compliant banking products:

  • Everyday bank accounts with a debit card and digital banking.
  • Wakala Investment savings accounts, such as investment term deposits offering profit-share returns.
  • Home finance using the Murabahan Mutlaqah mode of Islamic finance (i.e. cost plus profit, with a deferred payment facility).
  • Personal finance, such as car finance, home extensions and renovations.
  • Business accounts and finance (from 2022 onwards).