Australia's first Shariah compliant fund, developed by a local fund manager to attract Islamic investment globally – the LM Australian Alif fund (PDF link) – was recently launched by LM Investment Management Ltd. MCCA Asset Management (PDF link) has also announced a Shariah compliant, retail managed investment mortgage fund, to be officially launched this month.
These products reflect a growing demand, both globally and in Australia, for Shariah compliant financial products.
Within Australia's financial services industry, the National Australia Bank has committed $15 million to introduce 'Muslim-friendly' loans, while Melbourne-based La Trobe University recently launched a Masters of Islamic Banking and Finance degree.
Australia’s geographic position presents an important window to a rapidly growing and accessible Islamic market.
Gary Johnston, National General Manager Financial Services for Austrade, said that the widely recognised strengths of Australia’s industry in retail and commercial banking see the country well placed to take advantage of this opportunity.
"Australia is known for its expertise in more complex financial engineering and experience in infrastructure, property, resources and agricultural financing," Mr Johnson said. "These are all skills which are needed in the development of Islamic financial products."
Link: http://www.austrade.gov.au/default.aspx?FolderID=2791&ArticleID=11242
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