A Comparative Study of Islamic Finance in Australia and the UK Islamic Business and Finance Series
Auteur : Lum Imran
This book provides valuable insights into the practical challenges faced by the nascent Islamic finance industry and compares the Australian experience to developments in the UK. It contributes to a greater understanding of how Muslims living as a minority in Australia and the UK negotiate Islamic doctrine in secular societies by focusing on one aspect of this negotiation, namely the prohibition of rib?.
There is little debate in the Islamic tradition on the prohibition of rib?. The differences, however, lie in the interpretation of rib? and the question of how Muslims live in a society that is heavily reliant on interest and conventional banking, yet at the same time adhere to Islamic guidelines. Through the words of religious leaders, Muslim professionals and university students, Imran Lum provides real accounts of how Muslims in Australia and the UK practically deal with conventional banking and finance products such as home loans, savings accounts and credit cards. He also explores Muslim attitudes towards Islamic finance and queries whether religion is the sole determining factor when it comes to its uptake.
Drawing on his own unique experience as a practitioner responsible for growing an Islamic business in a conventional bank, Lum provides a firsthand account of the complexities associated with structuring Islamic finance products that are not only sharia compliant but also competitive in a non-Muslim jurisdiction. Using ?uk?k bonds as a case study, he highlights the tangible and non-tangible barriers to product development, such as tax and regulatory requirements and the rise of Islamophobia. Combining academic and industry experience, Lum unpacks the relationship of Islamic finance with Muslim identity construction in the West and how certain modalities of religiosity can lead to an uptake of Islamic finance, while others can lead to its rejection.
1. Introduction 2. Research methodology 3. Religious leaders’ interpretation of ribā and attitudes towards home loans, savings accounts and credit cards 4. Muslim professionals and university students’ interpretation of ribā and attitudes towards home loans, savings accounts and credit cards 5. Islamic banking and finance in Australia and the UK 6. Challenges of structuring Islamic finance products in Australia: a case study on ṣukūk bonds 7. Islamic banking and finance and identity 8. Islamic banking and finance and religiosity 9. Conclusion 10. Bibliography
Imran Lum is a Director of Islamic Finance at a major Australian bank and has worked on Islamic finance product development for over 10 years. He was appointed by the Foreign Minister to the Board of the Australia-ASEAN Council, Department of Foreign Affairs and Trade. Imran was ranked in the top 500 who make the Islamic Economy by ISLAMICA 500 for three years (2017–2019), and he was the 2019 Corporate Winner for the 40 Under 40 Most Influential Asian-Australians. Imran has a PhD in Islamic Studies from the University of Melbourne.
Date de parution : 05-2023
15.6x23.4 cm
Date de parution : 09-2021
15.6x23.4 cm
Thèmes d’A Comparative Study of Islamic Finance in Australia and... :
Mots-clés :
Islamic Finance; Conventional Banking; Islamic finance in Australia; Islamic Bank; Islamic finance in the UK; Muslim World; ribā; non-Muslim Majority Country; prohibition of ribā; Muslim Professionals; riba; Home Loans; Islamic Capital Markets; savings accounts; Muslim Consumers; credit cards; Local Religious Leaders; Muslim attitudes towards Islamic finance; Islamic Mortgage; Islamic business; UK Context; Dubai Islamic Bank; Islamic finance products; Yusuf Qaradawi; Sukuk bonds; Sharia Advisors; regulatory requirements; Islamic Investors; islamic economics; Modern Muslim Identity; Risk Stakeholders; PLS; Legal Maxims; Tabung Haji; Pragmatic Modality; Mit Ghamr