Author: abul-jalaluddin


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HECS loans: Muslim concerns

HECS loans: Muslim concerns

Currently, Higher Education Contribution Scheme (HECS) or Higher Education Loan Program (HELP) is indexed to Consumer Price Index (CPI) and no rate of interest is charged on the loan. The measures in the Budget 2014-15 charge an interest rate rather than indexation which is a concern to many university students from an Islamic background. This apprehension is compounded by the deregulation of fees proposed in the Budget 2014-15. Some estimates suggest that annual fees of $30,000 and beyond will become the norm for students in Australia. Industry experts believe that certain university degrees could cost $100,000 and in some...

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Financial Planning: A rewarding prospect for Muslim professionals

Financial planning has a great role in managing wealth and life savings of Australians including Muslim Australians. It is a process of determining how to best meet one’s financial goal through the proper management of financial resources. A Muslim financial planner can advise and add value by thoroughly considering relevant circumstances and developing strategies to help reach desired goals in accordance with the norms of Islam. Increasingly, Muslim financial planners are required to advise the clientele of Islamic financial services providers in Australia. Wealth management and financial planning are highly regulated in Australia. Unfortunately, it is a bit hard...

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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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