Instead of charging interest on home loans, for example, the bank would charge rent based on how much deposit or principle was repaid. While Islamic Bank Australia is not currently open for business, it plans to eventually offer a full suite of retail and business banking services in Australia. Islamic banking and finance has been available in Australia for the last 30 years via multiple funding lines. However, as of 2022 there is no official Islamic bank in Australia with a full unrestricted banking license. There are, however, several banks and financial institutions that offer Islamic banking products in a limited and exclusive space, both locally and internationally.

The customer will pay Rental Payments for the funders share in the property, and gradually acquire the full ownership of the asset over time, by making those rental payments."With the number of Muslims in Australia growing by more than 6 per cent every year, we’re excited to be bringing this new type of banking to the Australian community," said Islamic Bank Australia CEO Dean Gillespie.This authorisation allows us to offer banking services, but is subject to certain restrictions such as a cap on the amount of deposits that we can hold in total."I’m just really excited that for the 3 per cent of Aussies [who are Muslim], we’ll be putting together a way for them to actually do their banking in line with their faith.Products at Islamic Bank Australia will be endorsed by internationally renowned Islamic scholars to ensure they are Shariah-compliant.