Excerpt:

The Australian Centre for Islamic Finance has set up an advisory board to help local businesses conduct sharia-compliant transactions, including developing financing options such as Islamic bonds, the centre's director told Reuters.

The three-member board is the latest sign the industry is making headway despite Australia's lack of regulation catering to Islamic finance, which follows religious principles such as bans on interest and pure monetary speculation.

The centre's sharia board members might not have the global name recognition as some of their Gulf-based peers, but familiarity with Australian law would appeal to local firms, said Almir Colan, director of the centre, an education and training body.


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