IslamicFinance.de

Australia could be a regional leader in Islamic finance but tax issues are holding the sector back domestically. Talal Yassine, the managing director of Crescent Wealth, said that Australia needed to seize the opportunity of being so close to the world's leading Islamic economy, Malaysia. He said Australia's financial industry should follow the lead of the agricultural industry, which decades ago made the decision to dominate halal exports. Australian Muslims spent $US5.3 billion ($A7.8 billion) on the lifestyle sector in 2018, including $US1.94 billion ($A2.9 billion) on media and recreation and $US1.74 billion ($A2.6 billion) on food. With a growing Muslim middle class, Yassine sees a massive opportunity waiting to happen.