Australia’s first Islamic bank says investors haven’t soured on the sector and are attracted by its unique proposition.
“Whenever I speak to potential investors offshore, people get the proposition,” Mr Gillespie said.
While the bank had to put its plans on hold after its last fundraising closed in January 2020 and APRA stopped processing new licences, Mr Gillespie said it was now full steam ahead recruiting and testing products.“We get inundated with CVs at the moment from particularly Muslim Australians who are passionate about building the first Islamic bank in Australia,” he said.
More than 6000 interested customers have been “waitlisted” for its launch, Mr Gillespie said. The bank has attracted interest from both Muslim and non-Muslim customers. “Interest rates and funding costs will be one of the underlying drivers of how we set our rental rates. Like any bank, we’ll be funded partially by deposits, as well as sharia-compliant products.”
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