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.

 

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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.

 

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  • 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 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.

Meet The IFIA Team