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A Lack of Interest in a Global Growth Industry

Bahfen, Nasya
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Bahfen, Nasya
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Keywords
Islam
finance ethics
media
interest (s)
GE Subjects
Economic ethics
Religious ethics
Business ethics
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Business Ethics
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JGfCG_S2009_Bahfen.pdf
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http://hdl.handle.net/20.500.12424/173636
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Abstract
It is estimated that Islamic banks throughout the world now hold assets of more than $US300billion, with growth rates of 15-20% annually. That figure that does not include the holdings of conventional banks with Islamic finance divisions. The southeast Asian region has seen a sharp rise in Shariah-compliant financial products with Islamic banking accounting for nearly half of Malaysia’s total banking sector, and established in Indonesia, southern Thailand, the southern Philippines and Brunei. At present Islamic financial products account for a tiny proportion of Australia’s banking sector offered from a small number of cooperatives, of which the Muslim Community Cooperative Australia is the largest. Shariah-compliant transaction accounts and loan products that operate in a similar manner to those offered by conventional banks are currently unavailable to Australian Muslims, although at least one of Australia's main banks – NAB – is investigating the introduction of Islamic financial products into the Australian market, while another major Australian bank (ANZ) has established a London-based Global Islamic Finance unit and a Shariah banking entity for the external market of Pakistan. This paper begins with a review of studies on media representation of Islamic lifestyles and how Islamic finance has been researched. It asks how the Australian media covers Islamic finance, presenting details on the methodology and sample used to answer this question. The paper looks at the descriptions of Islamic banking in three Australian media articles, discussing the thematic categories that emerged and overriding patterns of media coverage of Shariah finance. Keywords: media, Islam, finance, banking, Australia
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Article
Date
2009
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With permission of the license/copyright holder
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