Australia’s First Islamic Bank to Receive Licence from Central Bank in Early 2021

The Reserve Bank of Australia, the country’s central bank, plans to license Australia’s first Islamic bank in early 2021, according to media reports.

The Islamic Bank of Australia (IBA), touted to be Australia’s first 100% digital Islamic bank, will offer Shariah-compliant home and small and medium enterprise financing. Media reported that the lender will be fully digital apart from its headquarters in Sydney.

According to Dean Gillespie, Chief Executive Officer of IBA, the lender provides primarily cloud-focused services, enabling low costs. Gillespie added that IBA will target the growing population of Muslims in Australia, in addition to non-Muslims that are looking for ethical fina...