Category Archives: News

April 4, 2011

Islamic Finance in Australia

By Almir

Islamic banking and finance globally represents one of the fastest growing financial industries. With an estimated size of $1 trillion, Islamic banking is predicted to grow at 10% per annum. With its strategic position and well regulated financial system, Australia is attempting to create conditions that would facilitate and replicate global success in the Australian context.

Islamic finance encourages mutual cooperation, generosity and risk sharing. Instead of charging interest, Islamic banks derive their profit by trading, investment or leasing. Since money is meant to be a medium of exchange and standard of value for other goods, all profit from interest payments are prohibited.

The wisdom behind prohibition of interest (usury), amongst other things, is to encourage enterprise and real economic activities that contribute to the welfare of society and reduce the possibility for injustice and exploitation. Other prohibitions include excessive uncertainty, unethical, immoral, and speculative activities some of which were the root cause of the GFC.

Since Islamic financial products must be linked with tangible assets and real economic activities, Australia’s resource related economy and infrastructure developments create superb opportunities. Moreover, its geographic position and close proximity to the 972.5 million Muslims in the Asia Pacific region are among the core reasons for Australia to become an Islamic financial hub for the region.

I invite to join my new FACEBOOK page on Islamic finance in Australia and learn more about this exciting developments.

Join: Islamic Finance Australia

Almir Colan
Lecturer (Islamic Finance)
La Trobe University (School of Economics and Finance)

Islamic finance in Australia

Leave a comment | tags: Islamic banking and finance in australia | posted in Articles, Finance, Islamic Finance, News

June 6, 2010

Audience reaction to “Muslims in Australia Since the 1600s” documentary film

By Almir

By Almir Colan

I will never forget it. It was election day and the last day of Howard’s government in office. We held the premiere screening of our documentary film “Muslims in Australia since the 1600s”. All the viewers were ready to be proud of Muslim’s rich contribution to
Australia.

Thinking about it now still sends shivers down my spine. That was a particularly hard time for Muslims as we were challenged on the very basis of our beliefs and values. Debate was depleting our sense of identity as well as our right to live in Australia. Many felt psychologically affected and did not know enough about Islam or Australian history to construct a meaningful response.

This is hardly surprising considering the fact that before this film most of us never even realised that Islam and Muslims were part of
Australia long before Europeans were. At the end of the screening, the audience was overwhelmed by the newly discovered sense of empowerment that can only come from confidence that is linked with history and the contributions that helped build this country.

One of the attendees summed it up when he said ‘hey, this is our country, I feel so proud”. Unfortunately, one would think that such a positive film would be appreciated by the media too, but, old habits die hard. After watching the documentary, reporters from ‘The Age’ and ‘Herald Sun’ advised us that they doubt their editors would allow them to publish their stories. They were right. I guess positive stories don’t sell newspapers. Negative responses were also received from ABC and SBS who came up with their own excuses as to why they can not air it. We have to understand: if we don’t promote ourselves, no one will. We have to start our own ‘education revolution’ by sharing this knowledge with family members and everyone we know. After all, it is only with knowledge that one can turn stereotypes and misconceptions around.

DVD cover

The film covers the following topics: Level of knowledge on Islam and Muslims, Early Indonesian contact, The Afghan cameleers, First Mosques in Australia, Islam and Aboriginals, Muslims of Today, Islam and new Muslims, The Hijab issue, Halal economic impact, Uniting against Racism and more.

Audience reaction (official screening)

Leave a comment | posted in Articles, News, Video

June 5, 2010

Interview with Almir Colan

By Almir

Interview is taken from muslimmatters.org website: (Link)

by iMuslim

I’m not sure if I am alone in this mentality, but I am always amazed to hear about just how far Islam has reached. I know it has been around for over fourteen hundred years, but somehow the fact that Islam has been in Australia since the 1600s just blows my mind, especially when you consider how little the Australian general public presently know about this great deen.

Having seen the trailer, it didn’t take me long to send off an e-mail to Sahwa Productions, cheekily asking for a copy of the film using my “journalist” status. Brother Amir Colan, the director and producer, graciously responded, and within a few days I had the good fortune to possibly be one of the first UK citizens to watch this amazing production. I was thoroughly impressed with its vibrant presentation of Australia’s Islamic roots, and the current status of the Muslim community residing there. Thus I was compelled to contact brother Amir once again to ask some pertinent questions, which he kindly responded to in the form of an interview, which you can listen to at the following link:

An interview with Almir Colan, director of Muslims in Australia *

Discussion topics include:

The inspiration behind the film.
The history and present status of Muslims in Australia.
Details about the film-making process.
Future plans for Sahwa Productions.

You can now purchase DVD copies of ‘Muslims in Australia’ direct from the film’s website. I pray that you find it as beneficial and enjoyable as I did, and that Allah rewards Sahwa Productions and its sponspors for their tremendous efforts to share Islam and its history with the world.

Leave a comment | posted in Articles, News