ICFAL x Australian national University Islamic Finance Symposium

ICFAL sponsored and presented at the inaugural Australian National University (ANU) Symposium on Islamic Finance, ICFAL presented some changes to how Ijaarah finance contracts work in Australia. ICFAL proposed to make the Ijaarah home finance model more like rental laws than credit laws. Here are the two main changes we suggested:

  • Rent Increase Timing: Instead of changing the rent every month, like the RBA interest rates, ICFAL suggested doing it less often, maybe once every 6-12 months.
  • Notice Period: ICFAL wanted to give more time before any changes happen. They proposed increasing the notice period from the usual 20 days (according to credit laws) to a longer 60 days. This would give people more time to prepare for any adjustments.

In the discussion that followed, we discussed the main goals of Islamic finance. We stressed the idea of working together to build wealth, focusing on everyone's benefit rather than just trying to make the most profit for individual investors. ICFAL's commitment to making Islamic finance align better with its core values. We thank the ANU and its department of Middle Eastern studies for the opportunity.

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