IslamicFinance.de

Pope Francis is urging political and business leaders at the World Economic Forum in Davos to create the conditions for building inclusive, just and supportive societies. In his opinion, we cannot continue to move forward as if the spread of poverty and justice had no cause. Selfish lifestyles full of opulence have boosted unemployment, increased poverty, created new forms of slavery and widened the socio-economic gap in many places. By rejecting "throwaway" culture and a "mentality of indifference," entrepreneurs have the potential to effect substantial changes such as creating new jobs, respecting labor laws, fighting against public and private corruption and promoting social justice.

In #Australia microfinance organisations are expecting a growing demand for financial help. Every year about 20.000 Australians obtain such loans and the figures are expected to double by the end of 2017. For example Good Shepherd Microfinance has partnered with state and federal governments and the National Australia Bank to provide the loans. Manager Adam Mooney said the increasing availability of no-interest loans of up to $1.200 would steer people away from credit cards and high-interest, short-term loans. He also said Good Shepherd was looking for more support to expand its programs.

The first superannuation fund that follows Islamic principles has been recently launched in Australia. The issuer of the fund (called "Personal Choice") is the wealth management company Crescent Wealth in cooperation with the Association of Independently Owned Financial Professional's.

Islamic banking must speed up standardization in order to grow while monetary authorities should enact laws that allow expansion into new Sharia-based products in domestic markets, industry experts said on Wednesday.