Islamic finance made further inroads into the financial fabric of Australia during the week as Dr Ishaq Bhatti, director of the Islamic banking and finance program at La Trobe University, was invited to give opening remarks at a session on Islamic finance at the Institute of Charted Accountant in Australia (ICAA). The ICAA was constituted by Royal Charter in 1928 and is considered very much part of the 'establishment' in financial services in Australia.
Bhatti used the speech to highlight the opportunities for ICAA members and others to study Islamic finance online at La Trobe University. Referring to the online course Olwyn O'Dowd, the national technical manager from ICCA said, 'Coming from Ireland I can see the future opportunities for Australians in undertaking further education in Islamic finance'.
La Trobe is the first university in Australia to offer education focused on Islamic banking and finance online. Bhatti said that being online, 'La Trobe's Islamic Finance Professional Development (IFPD) course is designed to fit in with your work commitments but also offers an optional weekend of face-to-face classes if students prefer'.
Meanwhile rival accounting body CPA Australia this week had Angus Thomson, director of research and deputy CEO, Australian Accounting Standards Board, discuss the impact of Islamic finance on the accounting profession. The results of their deliberations can be downloaded as a podcast from the CPA Australia website (http://www.cpaaustralia.com.au/media/PD-Islamic-finance-accounting-issues-2011.mp3).
Both major Australian accounting bodies jumping on board the Islamic finance bandwagon in the same week begins to hint at the interest that exists in the financial community ahead of the new tax rulings to be handed down shortly that aim to level the playing field for Islamic finance products and institutions.
© The Islamic Globe 2011
