Embracing Sharia-compliant products through regulatory amendment to achieve parity of treatment

Sadiq, Kerrie and Black, Ann (2012) Embracing Sharia-compliant products through regulatory amendment to achieve parity of treatment. Sydney Law Review, 34 1: 189-211.

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Author Sadiq, Kerrie
Black, Ann
Title Embracing Sharia-compliant products through regulatory amendment to achieve parity of treatment
Journal name Sydney Law Review   Check publisher's open access policy
ISSN 0082-0512
Publication date 2012-03
Year available 2012
Sub-type Article (original research)
Volume 34
Issue 1
Start page 189
End page 211
Total pages 24
Place of publication Rozelle, NSW Australia
Publisher Lawbook
Collection year 2013
Language eng
Subject 180106 Comparative Law
Abstract Australia, along with the current regulatory impediments preventing Australia from becoming a leader in the Asia-Pacific Islamic finance market. Taking into account the potential importance of, and impediments to, Islamic finance, this article highlights, through the historical development and contemporary state of Islamic finance, its economic, social and political benefits to Australia. Once a case for embracing Islamic finance is made, the main current regulatory impediments to Australia becoming a key player in the Islamic finance market within the Asia-Pacific region are highlighted. This article then argues that, rather than requiring any separate regulatory regime, the current regulatory impediments may be overcome through amendments to existing laws to ensure parity of treatment in Australia between the Islamic finance market and the conventional finance market. The Australian income tax regime is utilised as a case study demonstrate how parity of treatment could be achieved via amendment by taking two frequent and separate Islamic finance transactions. This article concludes that the economic, social and political benefits potentially warrant Australia embracing Islamic finance and that, with the right regulatory measures, Australia could lay the foundation to become a leader in the Asia-Pacific Islamic finance market.
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2013 Collection
TC Beirne School of Law Publications
 
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Created: Tue, 04 Sep 2012, 14:06:44 EST by Carmen Buttery on behalf of T.C. Beirne School of Law