Author: Dr Abul Jalaluddin

Royal Commission on Banking and Financial Service Providers

The Governor-General of the Commonwealth of Australia established a Royal Commission on 14 December 2017 for an inquiry into the conduct of banks, insurers, financial services providers and superannuation funds. It will also consider how well equipped Australian regulators are to identify and address misconduct in the industry. The Commission is tasked to submit its interim report no later than 30 September 2018 and the final report of the inquiry with recommendations no later than 1 February 2019. Australia has one of the strongest and most stable financial systems in the world and hence, the outcome is expected to...

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Inconsonance of free trade agreements with economic theory

The contemporary free trade agreements including recently resurrected Trans-Pacific Partnership (TTP) are subject to multiple protectionist clauses or special deals which impede competition based comparative advantages and hence, in disagreements with economic theory. No wonder why these free trade agreements do not generate reasonably equal economic benefits for all partnering countries. Economists’ advocacy on “free trade agreement” is premised on the Theory of Comparative Advantage discovered by David Ricardo, a British economist, in 1815. As we all benefit from specialising in an occupation we are good at or trained in, similarly exchanging goods and services with people of other...

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Potential market and products for Islamic investment in Australia

Preamble Islamic finance is a large industry, operating in the Middle-east, Asia and Europe including the UK. This industry operates in over 70 countries. The size of the Islamic financial services industry was US$ 1.9 trillion in 2016. The major segments of the Islamic investment market are Islamic banking (78.9%), Sukuk or Islamic securitisation market (16.8%), Islamic funds (3.0%) and Takaful or Islamic insurance (1.3%). The key regions of the Islamic Investment market are Asia, Gulf Cooperation Council- GCC (Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman), Middle East and North Africa- MENA (Algeria, Bahrain, Djibouti,...

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Government spending on Indigenous Australians

The Council of Australian Governments in 2009 vowed to Close the Gap between Indigenous and non-Indigenous Australians on health, education and employment. It’s hardly surprising that Indigenous spending has grown over the years to cater for this initiative. Indigenous Expenditure Report 2017 by Productivity Commission estimates that Federal and State spending on Aboriginal and Torres Strait Islanders was more than $33 billion in 2015-16 which was a real increase of 24 per cent since 2008-09. In dollar terms, this amounts to an annual spending of $44,900 per Indigenous Australian, twice the equivalent spending per person on the rest of...

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The Vision 2030: A Saudi Arabian blueprint for economic development

Saudi Arabia recently released the Vision 2030 to achieve economic diversification away from over dependence on oil.  In 2016, 93% of government budgeted revenue was from oil and the remaining 7% had a significant indirect contribution from the petroleum sector. This dependency on oil dates back to the discovery of black gold in 1938. The Vision was released against the backdrop of low oil prices pressuring Saudi budget. The current level of Saudi budget deficit is $100 billion, the biggest economic challenge over a decade. The Vision 2030 is an ambitious program for socio-economic development of Saudi Arabia. It...

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may, 2018

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