News and Announcements
First Islamic Bank in Australia to Offer Banking Services with 0% Interest
- Published July 19, 2022 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Islamic Bank Australia (islamicbank.au) will be the first Australian bank to offer a full suite of retail and business banking services – all without interest and Shariah-compliant for the first time in Australia.
Islamic Bank Australia has obtained a Restricted ADI authorisation from the Australian Prudential Regulation Authority (APRA), allowing it to build systems, implement processes and test with a small number of customers in 2023. Islamic Bank Australia is not yet open for business.
“With the number of Muslims in Australia growing by more than 6% every year, we’re excited to be bringing this new type of banking to the Australian community said Islamic Bank Australia CEO Dean Gillespie.
“Islamic banks are growing rapidly all over the world and offer fundamentally different banking products without interest – such as home finance with co-ownership, and savings accounts that pay profit-share. It’s more like a partnership where both the bank and the customers share the benefits. Australians will have access to these unique deposit products for the first time”, said Mr Gillespie.
Islamic Bank Australia will first launch retail/personal banking with an everyday bank account, savings product and home finance, before moving into business banking after a full licence is received.
Company Updates
The Index Approach in Early-Stage Venture Capital: Reconsidered
The venture capital (VC) landscape is marked by its dynamism and complexity, especially in early-stage investing. The traditional approach in VC, characterised by a selective and intensive vetting process, often contrasts with the concept of ‘index investing.’ This article revisits the indexing approach in early-stage VC, incorporating insights from recent studies and data, including a […]
The Future Is Now: The Evolution of Dealflow with Wholesale Investor
If you’ve ever thought of investing or expanding your portfolio, there’s no better time than the present. In the fast-paced world of investment, things are changing at a breathtaking speed, and it’s crucial to stay ahead of the game. The Future of Deal Flow is Today Dealflow, the lifeblood of the investment world, is not […]
Investability of a Startup: A Comprehensive Guide for Angels and High-Net Worth Investors
Venturing into the Startup Scene Let’s dive into the intriguing world of startups. It’s a thrilling ride, isn’t it? Like finding a pearl in an ocean, spotting a promising startup amidst a sea of businesses is no easy task. This guide aims to light the way, focusing on the “The Investability of a Startup: 7 […]
Backed By Leading Investment Groups and Family Offices
