Cautious optimism for Islamic finance in Australia
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Australia has arguably one of the most effi cient and competitive fi nancial sectors in the Asia Pacific region, which is the fastest-growing region in the world according to the 2009 report 'Australia as a Financial Center: Building on our Strengths' by the Australian Financial Center Forum (AFCF). Australia has the opportunity to export funds management, off shore banking and Islamic fi nance services to the region. No doubt the growth of the Islamic financial sector to over US$2 trillion in assets, and Islamic banks seeking new investment opportunities outside the Middle East is an att ractive value proposition. DR GEORGE MICKHAIL delves further.