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Choice in Banking

In life, choice is important – this includes choice in banking also especially when banking is not only about finances but also about what believe in.

The Australian banking sector is impressively strong and stable, but when it comes to providing choices that meet the expectations of a diverse nation – it still has a long way to go.

One community that to-date has not had much choice in banking products is the Australian Muslim community. With nearly a million people in Australia that follow the Islamic faith, the Australian Muslim community is of a significant size. The history of Muslims in Australia dates back to the 1860s when Afghan cameleers arrived in Australia to help with to the development of the railway infrastructure and economic hubs in outback Australia.

The main reason for the Australian Muslim community to be “financially excluded” when it comes to banking products is that the products offered by mainstream Australian banking institutions lack elements of Shariah-compliance.

Actually, I personally know members of the Australian Muslim community who are still renting after 40 years of being in Australia. This is because the Australian banks don’t offer Shariah-compliant home finance. As a result, many members of the Australian Muslim community miss out on owning property and building financial strength.

We’re excited that we now bring choice to the Australian Muslim community – a choice to choose Halal banking products that are Shariah-compliant aligned with the Islamic values. Not only that, but our banking products will be delivered with 21st century cutting-edge technology that can be accessed across the nation.

We’re about “financial inclusion” so that all members of the Australian community, Muslims and non-Muslims alike are able to fully participate in the financial system.

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Important regulatory notice

We hold a restricted ADI authorisation granted by the Australian Prudential Regulation Authority (APRA). This authorisation allows us to offer banking services, but is subject to certain restrictions such as a cap on the amount of deposits that we can hold in total. The purpose of the “restricted” status is that we can test our systems and processes before launching as a fully unrestricted bank.

We do not currently meet the full prudential framework and/or requirements, and you should consider this before depositing funds with us. After the completion of our “restricted” phase, we plan to obtain APRA’s approval so that we can publicly launch.

Acknowledgement of Country

We acknowledge the Aboriginal and Torres Strait Islander peoples as the first Australians and Traditional Custodians of the lands where we live, work and bank.  Our corporate head office is in Darug Country. We pay our respects to Elders past, present and emerging.   

Important regulatory notice

We hold a restricted ADI authorisation granted by the Australian Prudential Regulation Authority (APRA). This authorisation allows us to offer banking services, but is subject to certain restrictions such as a cap on the amount of deposits that we can hold in total. The purpose of the “restricted” status is that we can test our systems and processes before launching as a fully unrestricted bank.

We do not currently meet the full prudential framework and/or requirements, and you should consider this before depositing funds with us. After the completion of our “restricted” phase, we plan to obtain APRA’s approval so that we can publicly launch.

Acknowledgement of Country

We acknowledge the Aboriginal and Torres Strait Islander peoples as the first Australians and Traditional Custodians of the lands where we live, work and bank. Our corporate head office is in Darug Country.  We pay our respects to Elders past, present and emerging.   

Copyright © Islamic Bank Australia (a division of IBA Group Pty Ltd ABN 37 609 971 280). Our AFSL and ACL is currently being processed by ASIC.

Information on this website does not take your personal circumstances, needs or objectives into account. Please consider its appropriateness for you.   We are not yet open for business.  We are a Restricted ADI and do not yet meet the full prudential framework, and you should consider this before banking with us once we are open for business.  Fees and charges may apply, as well as terms and conditions which you should review. Information on this website is subject to change. In order to open a credit product in future, you will need to meet our credit criteria and be approved.  Please review the product disclosure documentation provided at the time of opening your account for detailed information.  Target Market Determinations for products are available upon request.