Excerpt:

The federal government is under pressure to tweak tax incentives that make it easier for the Islamic finance sector to flourish in Australia and allow greater cross-border transactions with Asia.

The Dubai-based global head of Islamic finance for law firm Allen & Overy, Anzal Mohammed, says there's a growing push to encourage policy makers in Australia to ease regulations on areas such as stamp duty and withholding tax so that people who want to invest in Islamic-compliant funds don't get hit with unforeseen tax penalties.

Mohammed met Treasury officials in Canberra in a bid to encourage such a move. It comes as the chairman of the Australian Financial Services Task Force, Mark Johnson, also recommended that impediments to Islamic finance be removed as part of the Board of Taxation review.


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