In life, choice is important – this includes choice in banking also especially when banking is not only about finances but also about what believe in.
The Australian banking sector is impressively strong and stable, but when it comes to providing choices that meet the expectations of a diverse nation – it still has a long way to go.
One community that to-date has not had much choice in banking products is the Australian Muslim community. With nearly a million people in Australia that follow the Islamic faith, the Australian Muslim community is of a significant size. The history of Muslims in Australia dates back to the 1860s when Afghan cameleers arrived in Australia to help with to the development of the railway infrastructure and economic hubs in outback Australia.
The main reason for the Australian Muslim community to be “financially excluded” when it comes to banking products is that the products offered by mainstream Australian banking institutions lack elements of Shariah-compliance.
Actually, I personally know members of the Australian Muslim community who are still renting after 40 years of being in Australia. This is because the Australian banks don’t offer Shariah-compliant home finance. As a result, many members of the Australian Muslim community miss out on owning property and building financial strength.
We’re excited that we now bring choice to the Australian Muslim community – a choice to choose Halal banking products that are Shariah-compliant aligned with the Islamic values. Not only that, but our banking products will be delivered with 21st century cutting-edge technology that can be accessed across the nation.
We’re about “financial inclusion” so that all members of the Australian community, Muslims and non-Muslims alike are able to fully participate in the financial system.
