Dubai initiative to introduce Islamic products in Australia

Dubai's Export Development Corporation (EDC), in association with the Australian Trade Commission (Austrade), has started a new initiative of introducing Islamic financial products and services from the UAE to Australia.

Islamic banking, one of the recent segments in global financial services with the first bank being established in 1975, has grown remarkably fast and today accounts for over $700 billion (Dh3.55 trillion) assets provided by more than 300 financial institutions across 75 countries.

The growing importance of this sector has brought a number of countries considering of changing their regulatory system to incorporate Islamic financial institutions treating them at par with conventional financial firms.