Welcome to Islamic Finance & Investments Association
The Islamic Finance & Investments Association (IFIA) represents the interests of both Australian Muslims and the wider Australian Community. It seeks to assist its members to establish, promote and support a strong, trusted, competitive and Shari’ah-compliant Islamic banking, finance, takaful (insurance) and investments sector.
Membership
IFIA offers membership to:
- product practitioners and issuers,
- consulting and legal firms keen to be involved in or keep abreast of the industry,
- graduates with tertiary qualifications in Islamic finance,
- students and individuals just starting out in their career,
- community members promoting the benefits of Islamic finance,
- and retirees still actively involved in the Islamic Finance profession.
About Us
Islamic Finance & Investments Association Limited (IFIA) represents and advances the interests of its members to establish, promote and support a strong, trusted and competitive Islamic banking, finance and investments sector in Australia which conforms to Shari’ah. IFIA is founded and controlled by key issuers and practitioners who are regulated by compliance frameworks and have Shariah-compliant boards or certifications.
One of IFIA’s key objective is industry advocacy ensuring that Australian regulations do not become a barrier to advancement. Other objectives that IFIA will be the voice and leadership of the Islamic banking, finance, takaful and investments industry in Australia. Through strong relationships with Government and regulators, we are the collective voice of our members and their clients. Our members represent best-practice in Islamic Finance that puts the interests of the industry and its client first.
Member Benefits
By joining IFIA, you become part of the founding association committed to shariah compliant asset based or asset backed financial products. Depending on the membership type, an IFIA member has benefits including:
- IFIA designation with a membership certificate
- Discounts for members and employees of corporate members attending training courses and events
- Opportunities to display Corporate logos on the IFIA website and social media
- Use of IFIA logo on members’ websites
- Attend meetings with government departments and round table discussions.
Our Objectives
The Voice of the Industry
IFIA may be the voice and leadership of the Islamic banking, finance and investments industry in Australia;
Advocacy: Lobby for regulatory changes
IFIA will lobby the government with respect to regulatory requirements such as stamp duty and taxation changes, or to challenge conventional standards set by the regulators in order to align these with Islamic banking and finance requirements, and inform members of existing and proposed legislation and regulations.
Raise Industry Standards
IFIA will promote and ensure compliance with high standards of professional and ethical conduct within the Islamic finance, Takaful, Banking and Investments sector and by its members.
What is Islamic Finance?
Islamic finance is a way to manage money that keeps within the ethical principles of Islam. It covers financial areas like savings, investing, wealth management (Superannuation and Pensions) and financing to buy a home or other assets such as car and equipment.
The principles many Muslims live their lives by are sometimes known as the ‘Shari’ah’. So you may hear Islamic financial products & services described as ‘Shari’ah-compliant’.
One of the most important characteristics of Islamic financing is that it is asset-backed and asset based financing. The conventional / capitalist concept of financing is that the banks and financial institutions deal in money and monetary papers only. That is why they are forbidden, in most countries, from trading in goods and making inventories. Islam, on the other hand, does not recognise money as a subject-matter of trade, except in some special instances. Money has no intrinsic utility; it is only a medium of exchange. Each unit of money is 100% equal to another unit of the same denomination. Therefore, there is no scope for making profit through the exchange of these units amongst themselves.
Further Islamic Finance prohibits investing in uncertainty or speculative investments (gharar) and gambling (maysir), alcohol and other unethical areas.
Read Full Article Meet The IFIA Team
Setting the professional Code of Conduct for the Industry
IFIA has set the standard of Code of Conduct that members must abide by to establish trust with the client base of its members and to give credibility within the conventional markets. Members involved in Islamic Banking, Finance, Takaful & Investments activities must:
» be a Fit and Proper person;
» comply with all relevant state and federal laws;
» comply with recognised local or/and international Shariah boards;
» comply with a recognised international Shariah compliant standards
» maintain appropriate education and training standards;
» be covered by adequate professional indemnity insurance;
» maintain transparency of product and services to consumers;
» provide offer documents such as Product Disclosure Statements and Target Market Determination (TMD) to retail consumers and information memorandum to wholesale investors;
» act promptly and properly in relation to management activities;
The Code of Conduct has been voluntarily developed by the IFIA business leaders to
assist in supporting the IFIA membership to:
a) promote advocacy for Islamic Finance, Banking, Takaful and Investments in particular with government and financial services
b) promote high Industry standards of service to clients and customers;
c) promote compliance of shari’ah compliant standards; and
d) promote a high public standing of IFIA membership to the industry and to the financial services markets.
IFIA Disciplinary Process
All IFIA members and associates must abide by the Code of Conduct.
The board of IFIA is happy to take on complaints about the conduct of its members. However, this is limited to membership related sanctions which involve breaches of the IFIA Constitution, any board approved by-laws and the professional Code of Conduct.
Corporate Members must maintain their regulatory licensing regimes at all times to uphold their membership, so this will be reviewed by the board periodically.
Any breaches to the Code of Conduct can result in membership being forfeited.
Join or Renew Your Membership Today
Become a member today to enjoy the benefits
Upcoming Events
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Latest News
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Islamic Finance & Investments Association Launches in Australia 18th September 2023 After serving Australia’s Muslim community for over 35 years offering a range of Islamic finance and investments products, the industry led by Islamic finance and banking practitioners and product issuers are pleased to launch the Islamic Finance & Investments Association (IFIA or Company) Limited ... more
About IFIA
Islamic Finance & Investments Association Limited (IFIA) represents and advance the interests of its members to establish, promote and support a strong, trusted and competitive Islamic banking, finance and investments sector in Australia which conforms to Shari’ah. The objectives of IFIA is to be the voice and leadership of the Islamic banking, Insurance (Takaful), finance and investments industry in Australia.
IFIA is founded and controlled by key issuers and practitioners who are regulated by compliance frameworks and have Shariah compliant boards or certifications.
By joining IFIA, you become part of the founding association committed to shariah compliant asset-based or asset-backed financial products.
