Author: abul-jalaluddin


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Economics of MEFF: A Display of Muslim Economic Enterprise

Economics of MEFF: A Display of Muslim Economic Enterprise

The Multicultural Eid Festival & Fair (MEFF) provides a fantastic opportunity for business and finance in Sydney and Australia at large. As MEFF celebrates its 30th anniversary in 2014, it has been a demonstration of Muslim economic enterprise, besides being an avenue for social interactions, joyfulness and Eid festivities. Australian Muslims own businesses in various sectors of the economy. These businesses include retailing, butchery, accounting services, financial services including Islamic finance, manufacturing, real estate, taxis & transportation, home & gardening, furniture, automotive, Halal food & beverages, travel agency, clothing & accessories, computers & IT, jewellery & watches as well...

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Islamic Finance: No longer foreign to Australian financial market

Islamic finance and Islamic financial products are no longer foreign to Australian financial services market. Since 1980s, these products are available in Sydney, Melbourne, Brisbane and other cities of Australia. A wide range of Shariah compliant financial products are available to all Australians, Muslims and non-Muslims alike. The retail Islamic products include home finance, leasing or hire purchase facilities, superannuation, fund management under managed investment schemes, property development trusts, Australian equities, international equities and cash management under Shariah principles. These products are offered by a number of Islamic financial services providers in Australia. There is an un-tapped capacity in...

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GST on our food items

We do not pay GST on most food, vegetables and drinks for human consumption. GST at the rate of 10% is payable on prepared food as well as food consumed at restaurants or selling outlets. Alcoholic beverages such as wine, beer and spirits are taxable and hence, GST is payable on them. The relevant legislation on this matter is the A New Tax System (Goods and Services Tax) Act 1999. The following foods are GST-free: Bread and bread rolls without a sweet coating (such as icing) or filling; all meats for human consumption (except prepared meals or savory snacks);...

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