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EDC Sees New Opportunities for Islamic Finance
DUBAI - The first Islamic Financial Services Mission of the UAE to Australia ended successfully and the Dubai Export Development Corporation, or EDC is expecting new business opportunities for the Islamic Finance sector as a result of the trade mission.
UAE’s Islamic Financial Firms, part of the delegation to Australia, have met with the Treasury officials in Canberra to discuss the current rules governing its financial services and incorporate Islamic financial products.
Jointly organised by EDC and the Australian Trade Commission, or Austrade, the Trade Mission delegates are seeking to encourage changes in Australia’s federal taxation which will allow Islamic financial products to be treated at par with conventional financial products.
The Australian financial system, is based on the principle of payment and receipt of interest that disadvantages Shariah compliant financial products. “One of the important aims of this mission is to initiate a dialogue between UAE’s Islamic Financial firms and the Australian authorities so as to discuss changes that will allow Islamic Firms to be established in the country and to be treated on an equal footing with conventional financial firms,” said Engineer Saed Al Awadi, Chief Executive Officer, EDC.
“Australia, with a Muslim population of about 400,000 people and growing at 20 per cent per year, is an attractive market for UAE’s Islamic Financial Firms. It is estimated that the annual household purchasing power of Australian Muslims is in excess of AUD$3.3 billion,” he added.
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