Episode 19-Rising Down Under: Australia's Islamic Finance Landscape

Majlis and Markets

In recent years, Islamic finance has gained traction in Australia. With Muslims comprising 3.2% of the population and a median age of 27, their financial needs align closely with their religious beliefs.
Moreover, Australia's trade with Muslim nations like Indonesia and the UAE underscore the growing importance of Islamic finance.
Yet despite these positive trends, the industry faces challenges like unfavourable regulations and raising awareness.
In our 19th episode, we spoke to Imran Lum, Head of Islamic Finance at a major Australian bank.
He is the author of 'A Comparative Study of Islamic Finance in Australia and the UK' (Routledge, 2022). He is also the host of the podcasts Muslim Money and Arabic with Imran Lum.
In this episode, we covered several topics including:

• An overview of the different Muslim communities in Australia
• Insights and challenges in the Australian market
• The similarities between Islamic finance in the UK and Australia

Intro theme song-'Tales of the Arabian Nights' composed by StudioKolomna via Pixabay

Chapters

1. Monologue intro (00:00:49)

2. Beginning of discussion (00:01:44)

3. Imran's early life (00:02:56)

4. PhD and book (00:08:37)

5. Day-to-day job (00:11:33)

6. Muslim communities in Aus (00:11:52)

7. Comparing to the UK (00:16:57)

8. Islamic finance in Aus (00:18:24)

9. Reasons for lack of IF development (00:21:57)

10. Availability of retail products (00:24:32)

11. Examining product structures (00:27:52)

12. Disconnect between theory and practice (00:39:10)

13. Risk-taking (00:41:50)

14. Transaction costs (00:46:24)

15. Education and awareness (00:47:18)

16. Outlook for IF in Aus (00:50:14)

17. Current and future projects (00:54:59)