Download or read book Current Regulation and Supervision for Islamic Financial Market written by Abu Umar Faruq Ahmad and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose -The paper"s purpose is to contribute to the existing body of work in the area of Islamic finance (IF) by examining its activities in Australia and evaluating the country"s current regulation and supervision of Islamic financial market (IFM) to cater the need of IF for Muslims living in Australia. Design/methodology/approach - The method employed in this study is a mixture of direct observation from legal and regulatory perspectives and author"s association with IF industry in Australia. However, Islamic legal context remains the only theoretical basis of the study. Findings -Through examining the above, the paper proposes regulatory changes to the Australian regulatory regime and recommends establishing an Islamic bank (IB) to meet the Islamic banking and finance needs of Muslims living in Australia. Research limitations/implications - The paper concentrates on examining the regulation of IF in Australia in terms of financing instruments and institutional risk management of Islamic financial institutions (IFIs). However, it has not been supplemented by any empirical work, nor have been attempted to evaluate the economic efficiency and profitability or otherwise, of IF in Australia. Originality/value - Besides the direct policy recommendations and suggestions for further research provided for authorities concerned, the paper sheds new light on how the legal and regulatory challenges of IF in Australia are met for its substantial growth.