Australia to lure Islamic finance to beat global recession

Australia to lure Islamic finance to beat global recession

Sydney_Opera_House

THE newest federal cabinet minister, Chris Bowen, has set out an ambitious plan for Sydney to lure Islamic finance in a quest to beat the global recession and attract wealth and jobs.

Mr Bowen said Sydney was under-selling itself as a financial services hub for Asia. "I think there’s great opportunities such as Islamic finance," he said. "The majority of the world’s Islamic population lives in Asia, and Singapore and Kuala Lumpur are trying to corner this market for themselves and I think Australia can play a role. Even if we only take a small percentage of the market it could generate a lot of wealth and a lot of jobs in Australia."

Mr Bowen said Islamic finance investors were not allowed to earn interest but could make a profit. They also did not invest in alcohol, gambling or weapons.

"You couldn’t put your money into a normal interest-bearing account but there are plenty of products designed in such a way to make those investments.

"This is just one example of the untapped opportunities out there for Australia. We are very good at managing money, and in superannuation we have the fourth-largest pool of funds under management in the world. We’ve developed really good skills but we don’t export those skills."

Read the rest …

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s