Promoting education of Islamic Finance In Australia Research Paper

Promoting education of Islamic Finance In Australia - Research Paper Example This is one of the reasons why Australia is very keen in promoting Islamic finance services in the country. However, it has been proven that education is extremely important in responding to the growing interest in Islamic finance (Zubair, 2008). Thus, the main thrust of this paper is to promote education of Islamic finance in Australia. This is to provide alternative education model to attract Muslim students from all over the world; and at the same time attracting locals to a new education development in the field of finance. The demand of Islamic financial services among Muslims in Australia is rapidly growing, and to address this concern, the country entered the Islamic finance. Muslim population in Australia is relatively high because of its long-standing trade ties and cooperation to different Muslim countries (Khaleej Times, 2010). According to the current assistant treasurer of Australia Nick Sherry (2010), â€Å"the Islamic finance, banking and insurance market [that] is worth almost $1 trillion is growing rapidly and could reach as much as $5 trillion.† Several institutions in the country are now offering Islamic financial services like Murababa, Ijara, and Musharaka where Muslims and non-Muslims can borrow with no interest and no trading debt (Ahmad, 2010, p.38). This is in response to the local and global potential demands for Islamic finance services in the country. However, the preface of Islamic finance in Australia is relatively new and as expected, not all of the Muslims and non-Mus lims fully understand the principles of Shariah and the Islamic banking concept sector. The Islamic Financial Services Programs (IFSPs) in Australia can be well implemented if the people are fully aware on the entirety of the program and this can be done through education. Several Islamic institutes are looking forward to a day that Shariah’s standard will be recognized in the academic and training