A major step forward for ethical finance in Australia was announced on Wednesday 4 June with the official launch of the Islamic Finance and Investments Association (IFIA) — the country’s peak body dedicated to representing and advancing Islamic banking, finance, and investment.
The announcement took place at PwC in Sydney and brought together key leaders from across the industry, including foundation members Salaam, Islamic Co-operative Finance Australia (ICFAL), Ijarah Finance, Benchmark Capital, Islamic Money Australia, and Awqaf Australia.
Why IFIA matters now
Islamic finance is one of the fastest-growing financial sectors globally, expected to surpass $4 trillion by 2026. Yet here in Australia, despite a Muslim population nearing one million and rising demand for Shariah-compliant solutions, the sector has remained fragmented and under-supported. The launch of IFIA aims to change that.
Led by community and industry leaders
IFIA will be chaired by Talal Yassine, Managing Director of Salaam, and led by CEO Chaaban Omran, the former head of Crescent Wealth and a long-time figure in both mainstream and Islamic finance.
Omran said the association was created to prevent regulatory and policy barriers from holding back the growth of Islamic finance in Australia.
“We will work closely with government and regulators to represent our members while prioritising both industry standards and client and member interests,” he said.
Yassine reinforced the association’s broader purpose, saying:
“IFIA will be the progressive voice of Islamic finance in Australia, focusing on what is important to consumers and making continuous improvements to meet those expectations. We want to foster greater understanding of the ethical nature of Islamic finance and the value it can provide to all Australians.”
A voice for the community, not just the industry
More than just a trade body, IFIA is set to play a critical role in amplifying the financial needs of the Muslim community, including:
- Advocating for fairer treatment of Islamic financial products under Australian tax and regulatory frameworks
- Providing education and training to community members and organisations
- Promoting financial inclusion through asset-backed and ethically grounded alternatives to conventional finance
- Opening up space for Muslims to build wealth, own homes, and plan for retirement without compromising their faith
A long-overdue milestone
Australia’s Muslims have long faced limited access to compliant banking and investment tools, often turning to offshore apps or simply opting out of wealth-building opportunities. The launch of IFIA signals a shift – from marginal inclusion to active leadership.
With IFIA now in place, the Islamic finance industry is not only unified but also positioned to shape national policy, inform regulatory reform, and ensure that Muslims across Australia have access to financial services that align with their values.
For many in the community, this launch is more than institutional progress. It is a recognition that faith, ethics, and financial empowerment can coexist — and must.
To learn more or become a member of IFIA, visit:
www.ifia.org.au/membership
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