Customer Wait List for Australia’s First Islamic Bank Continues to Grow

The waiting list for Australia’s first Islamic bank, Islamic Bank Australia (IBA), continues to grow with nearly 8,000 people in anticipation of the bank's official launch. The bank was granted a restricted authorised deposit-taking institution (ADI) licence by the Australian Prudential Regulation Authority (APRA) in July 2022 and targets to open to the public by 2024.

Why it Matters?

Although Australia already has a number of non-bank lenders who provide halal financing choices, the proposed bank would be the nation's first institution of its kind. Many Australian Muslims have struggled to achieve their ambition of home ownership, and since getting a mortgage is not an option, they may have to rent their homes for the rest of their lives. Their d...