Abstract
This article considers the emergence of Islamic banking and finance in global financial markets and efforts by governments (through regulatory and tax initiatives) to facilitate it. Recently there have been calls for Australia to become a financial hub – particularly in south East Asia. One aspect of this is the recognition of faith-based financial alternatives in the marketplace. This consideration includes ensuring that tax laws are synchronised and do not unduly hinder or restrict the orderly development of such alternatives. The need for research in this area is critical as some nations (such as the United Kingdom, Malaysia and Singapore) have introduced reforms to facilitate lslamic finance, and there are initial calls in Australia for similar reforms to be considered in Australia's quest to become a regional financial services hub.Such changes call for a closer look at tax reforms in ways that may produce tangible benefits to Australia in terms of trans-national banking cooperation, capital and investment flows and tax revenues.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
