(13 January 2025 – Australia) NAB’s Islamic finance for businesses has expanded 28 percent year-on-year as more customers seek out tailored financing options.
The expansion of the offering makes Islamic finance available to business customers who don’t have property to use as security, enabling customers to use the Islamic finance option to acquire another business, purchase equipment and buy livestock.
The bank has recorded steady growth since its launch in 2021.
“More business customers are interested in this type of financing. More Muslim Australians are looking for business funding that fits their values and beliefs. The growth we’re seeing shows just how much this offering has resonated with these customers” commented NAB Head of Islamic Finance, Dr Imran Lum.
“We’re proud to be the only major Australian bank offering specialised Islamic financing for businesses, and we’re excited to make it available to more customers,” Dr Lum said.
“Not every business has property to use as security, that shouldn’t stop them from accessing the finance they need to grow.”
“It’s also not just Muslim-owned businesses that are benefiting from this product. In many cases, we have financed non-Muslim businesses that have requested this type of financing because they have a Muslim partner or investors with a preference for Islamic financing.”
Leading growth in Islamic business finance by state:
- NSW: 54 percent
- VIC: 34 percent
- QLD: Eight percent