We’re continuing to work on launching Australia’s first-ever Islamic bank and we are hoping to launch in 2026.

We always knew when starting this business for the community that we needed to raise $60 million overall – $20 million to build systems, and then $40m to launch.  We successfully raised the first $20m, but have found it challenging to raise the $40m required to launch the business in the current worldwide economic environment.

We’ve now built most of all of the technology and systems we need for launch. We have a BSB and a SWIFT code already, and we were almost on the verge of testing with real customers.

Raising capital in the current world environment has been extremely challenging for many businesses. Unfortunately, raising the capital that we needed has occurred slower than we had hoped. As a result, we took the decision to proactively return our banking licence to APRA so that we could continue to invest in building our systems and IT platform.

We acted in absolute good faith, and as a result, we can and will apply again once we have raised the required capital again.

Once the required capital is raised in 2025, we will immediately apply for a banking licence and move towards launch – with the aim of opening in 2026.

We have not given up.  Offering riba-free products is too important.

In the meantime, we are incredibly grateful for your support.  We’re still working incredibly hard to launch as soon as we can.

In the meantime, please subscribe to our waiting list and we’ll keep you updated.

We’re still excited about our journey!

Dean Gillespie
Chief Executive Officer

FREQUENTLY ASKED QUESTIONS

When are you likely to launch?

We have already built 70% of the business, so we’re targeting to launch in 2026.  You can join our waiting list and we’ll keep you updated.

Are you still planning to launch?

Yes!  As soon as we have raised the required capital, we intend to reapply again for our licence.  We have already told the regulator that we intend to do this.

Why did you return your banking licence?

It is important to always act appropriately when running a bank, and one of the key rules is maintaining sufficient capital (basically cash) in your business.

Rather than have a breach, we proactively returned our restricted ADI banking licence to APRA on Friday 1 March 2024.  We wanted to continue building, and we intend to apply again once we have raised more capital.

Did you breach your licensing conditions?

No, we did not. As soon as it became apparent that a breach of capital requirements could not be avoided, APRA was notified and we voluntarily requested revocation of our licence.  This is in line with the ethical nature in which we run our business. 

This also means we can apply again once we are ready.

Why have you changed your name to Islamic Money?

In returning our Restricted ADI licence to APRA, we are no longer a bank. Only licensed entities in Australia are allowed to use the word “bank”, and so we have removed this from our name until we hold an authorisation again.

How much capital do you need?

We are currently seeking to raise $40 million from the market to carry us through to launch and beyond.  We’re confident of raising this money, and will keep you updated.

All journeys are challenging, but we’re absolutely committed to delivering this for the Australian Islamic community.