MEDIA RELEASE Australia’s Islamic finance industry launches peak body
04th June 2025
MEDIA RELEASE
Australia’s Islamic finance industry launches peak body
Wednesday 4 June 2025
Australia’s Islamic finance industry has today announced the formation and launch of a dedicated industry peak body – Islamic Finance and Investments Association.
Launched in Sydney today the Islamic Finance and Investments Association (IFIA) will be the collective voice of Australia’s fast growing Islamic finance industry, and will establish, promote and support a strong, trusted and competitive Islamic banking, finance and investments sector in Australia which conforms to Shariah. It will seek to provide leadership to deliver Shariah compliant standards for the industry and community.
IFIA, CEO Chaaban Omran said, “one of our main goals is to advocate for the industry and prevent Australian regulations from hindering progress. We will work closely with government and regulators to represent our members while prioritising both industry standards and client and member interests.
“Given the changing landscape in both regulation and structure, as an industry, we believe the time is right to form a dedicated peak body to focus solely on matters related to Islamic finance and the 1 million strong Muslim community in Australia that it aims to serve.”
In addition to being led by mainstream product issuers and practitioners who are regulated by compliance frameworks and have Shariah compliant boards and certifications, IFIA will initially be focused on:
- advocating for stamp duty and taxation changes 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;
- provide training and education opportunities for member organisations and the broader community;
- informing Australians and key stakeholder groups about the role and value of Islamic finance; and
- seeking opportunities for the industry to further contribute to the community.
“Islamic finance plays an essential role in the global economy, operating in over 50 countries worldwide and valued to be worth more than $4 trillion by 2026. It is essential that it becomes an accessible and sustainable option for all Australians.
“Through IFIA, we intend to strengthen our engagement and relationships with our stakeholders, including consumers, their representatives, policymakers and regulators, to ensure we deeply understand their views,” said IFIA Chairman, Prof Talal Yassine AM.
“The Islamic Finance and Investments Association will be the progressive voice of Islamic finance in Australia, focusing on what is important to consumers and making continuous improvements to meet those expectations. IFIA will also look to foster and strengthen the knowledge and understanding of Australians on the ethical nature of Islamic finance and the benefits and value it can provide,” Mr Yassine said.
The following organisations are foundation members of IFIA:
- Salaam
- Islamic Co-operative Finance Australia (ICFAL)
- Ijarah Finance
- Benchmark Capital
- Islamic Money Australia
- Awqaf Australia
To explore the range of corporate and individual IFIA membership categories, visit https://www.ifia.org.au/membership
ENDS
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About Islamic Finance and Investments Association
The Islamic Finance and Investment Association (IFIA) is the peak association for Islamic finance in Australia. IFIA aims to establish, promote and support a strong, trusted and competitive Islamic banking, finance and investments sector in Australia that conforms to Shariah principles.
Founded and governed by mainstream product issuers and practitioners regulated by compliance frameworks and Shariah-compliant boards or certifications, IFIA serves as the voice and leadership of the Islamic finance industry in Australia.
IFIA’s objectives include promoting high standards of professional and ethical conduct within the Islamic banking and finance sector, representing the professional interests of the industry in relations with governments, regulators and the community, and supporting initiatives related to the Islamic finance sector.
By joining IFIA< members become part of a founding association committed to Shariah-compliant, asset-based or asset-backed financial products, contributing to the growth and integrity of Islamic finance in Australia.