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Australia Seeks Advice On Islamic Finance

Statesman arrives in Abu Dhabi to discuss Sharia’a-compliant finance and insurance.

Australian assistant treasurer Nick Sherry has arrived in the Middle East to learn more about Islamic finance and insurance as his government prepares to introduce a Sharia’a-compliant industry back home.

Sherry is holding talks with UAE government officials, financial institutes and banks in Abu Dhabi during his visit.

“My message is that in Australia we have what the wholesale Islamic finance market is calling out for,” Sherry said in a statement. “I will be focused very heavily on high-level talks on Australia’s tax treatment, regulation, promotion and export of Islamic finance, banking and insurance.”

He added finding partners willing to finance Australian infrastructure projects, such as ports, health facilities and highways, was on his agenda.

A comprehensive review of tax laws to ensure they do not restrict expansion of insurance, Islamic finance and banking products was recommended in an Australian government report released this year.

The assistant treasurer claimed Australia’s economy was less affected than most other markets last year by the economic downturn.

Australia’s economy is expected to grow between three and 3.5 per cent this year, according to IMF figures.