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Home finance is based around co-ownership, with the bank charging rent to the customers when they are living as a tenant in the bank’s share of the property (instead of interest).
With its current APRA restricted licence, Islamic Bank Australia can only have a limited number of customers in 2023.
Islamic law says that interest can't be charged or paid on any financial transaction.
She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia.
And at the big end of town, one of the country's largest banks, NAB, is launching a specialised financing product for Islamic business customers, which the company believes is an Australian first for banking.
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