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Australia’s first Islamic Bank
7 July 2022
Australia’s first Islamic bank, IBA, has been granted a restricted licence by APRA. The restricted authorised deposit-taking licence allows it to start building and testing sharia-compliant retail banking products ahead of a full launch planned for next year.
The use of interest is forbidden in Islam. Savings are given an ‘expected profit rate’, not a fixed rate like interest. ‘Mortgages’ are calculated as percentage of rental on a property, with an owner’s share of property increases over time, and then becomes the full owner at the end of the term. No interest rates are used.
Islamic Bank Australia
Islamic Bank Australia was originally founded by thirteen Muslims who wanted to bring Islamic banking to Australia. More than 3% of the Australian population of the Islamic faith. Shareholders include these thirteen investors as well as Abreco Group, a UAE-based company.
Dean Gillespie is CEO, Chair is Anthony Wamsteker. The company name is IBA Group Pty Ltd, the brand is Islamic Bank Australia. Based in Parramatta in Sydney, with staff and directors in WA, Victoria and Queensland.
IBA website
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