The Islamic Council of Victoria has today welcomed support from the Federal and State Governments for the upcoming Islamic Banking and Finance Symposium.
Senator the Hon Nick Sherry Federal Assistant Treasurer has confirmed he will officially open the largest ever Islamic Banking and Finance symposium in Australia on July 6th. Business Victoria is also sponsoring the event.
"It is very positive to see our government engaging with the Islamic Banking and Finance sector as other Western countries are doing. There is great potential for Australia's economy to benefit significantly by tapping into the excess liquidity in the Middle East" said executive committee member Nazeem Hussain. "By and large the Islamic financial system remained unscathed by the Global Financial Crisis because it did not engage with the practice of investing in high risk products such as complex derivatives"
He continued "Given that Islamic finance is the fastest growing division of world banking, it is important that the Federal and State governments are seeking to understand this sector."
The event is co-hosted by La Trobe University, National Australia Bank, and the Muslim Community Co-operative of Australia (MCCA).
Local and international leaders in this sector will present at the symposium, including the Head of Islamic Finance at Pricewaterhouse Coopers (UK), the Head of International Weath Management at Dubai Islamic Bank (UAE) as well as the Global Head of Distribution at National Australia Bank.
La Trobe University will also launch Australia's first master's degree in Islamic Banking and Finance at the symposium.
"Islamic Banking and Finance are based on principles of equity and fairness. These standards can only be of value to all Australians" said Council President Ramzi Elsayed.
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