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1300 ISLAMIC (1300 475 264)

World-renowned Islamic scholars oversee our products

World-renowned Islamic scholars oversee our products

Our Shariah Committee signs off all products to ensure we're Shariah-compliant

World renowned Shariah scholars

We’ve appointed world-leading Islamic scholars to our Shariah Committee.  Dr Elgari is on the Shariah board of the Dow Jones Islamic Index.  Dr Hashim is on the Shariah Advisory Council for the Central Bank of Malaysia.  Our Shariah Committee Chair, Dr Raashed, holds a PhD in Islamic law and is passionate about ensuring that Islamic Bank Australia will always be Shariah-compliant.

All products are signed off by our Committee

Whenever we design a new product, we submit its details to our Shariah Committee for approval.  The Shariah Committee issues fatwas to confirm that the product is Shariah-compliant.  Our product team are experienced in Islamic banking products, and being Shariah-compliant is critical to everything we do.

Shariah-compliance is in our company constitution

Our company’s Constitution requires all business to be conducted in a Shariah-compliant manner, and establishes the Shariah Committee as being the formal Shariah governance body of the bank.  The Committee meets to review products as required, with endorsement formally issued to the CEO and Product team.

We're not open for business yet. We're a "Restricted ADI" which allows us to build our systems and test our products before 5 July 2024. We then plan to obtain APRA approval to launch publicly.

Shariah Committee

Learn more about Shariah-compliant banking

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Not just talk. Our “Ethical Principles” bind our entire team.

Our entire banking team is bound by a set ideals that we call our “values”.
These are standards that we hold ourselves to so that we are always providing outstanding customer service that puts you first.

We only launch easy to understand products.

We know that products can be complicated - but they don’t need to be. We’ll always strive to be completely transparent on any fees we charge - and we’ll spend time explaining them if needed.

We seek to improve the world we live in.

When we are making decisions, we will think about our customers and general community. This includes areas such as encouraging diversity, and supporting sustainability.

We respond to customers as quickly as possible.

Assisting customers with their financial services is an honor, and we must always strive to serve. If an issue is raised, we will provide an initial response within 24 hours, but hopefully in real-time through chat etc.

If someone isn’t happy, they can call the CEO.

If you’re not happy with something that’s happened, we’ll give you a direct line to our CEO if required so that we can try to work things out. Does your current financial services provider let you speak with their CEO directly?

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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 ABN 37 609 971 280, AFSL and ACL 534355. AFCA member 76324.

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.