Islamic Bank Australia Receives Restricted Authorised Deposit-taking Institution Licence from the Australian Prudential Regulation Authority 

IBA Group Pty Ltd (IBA), known as Islamic Bank Australia, has been granted a restricted authorised deposit-taking institution (ADI) licence from the Australian Prudential Regulation Authority (APRA), under the Banking Act 1959, on the 6th of July 2022. This licence enables it to begin developing and testing Shariah-compliant retail banking products in advance of a full launch scheduled for the end of 2023 or early 2024.

Why it Matters?

After having halted its plans and closing fundraising in 2020 as the APRA stopped processing new licences, IBA now becomes the country's first Islamic bank with all its banking services approved by eminent Shariah scholars. The restricted ADI licence allows the company to construct and test systems before offering items...