Australia’s first full-fledged retail Islamic bank will be digital, and launch in 2021
In the global Islamic economy, Australia is best known as a halal food exporter. Last year, it sold $1.45 billion worth of meats to countries of the Organisation of Islamic Cooperation, on top of $1.72 billion in cereals, live animals, and dairy.
At home, Australia’s domestic Islamic economy will soon get a boost with the launch of the country’s first full-fledged retail Islamic bank.
IBA, which will stand for Islamic Bank Australia, hopes to receive its banking licence from the Australian Prudential Regulation Authority (APRA) in early 2021, according to chief executive officer Dean Gillespie.
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