Westpac To Offer Islamic Finance Product - Australia Trade Minister

CANBERRA (Dow Jones)--Westpac Banking Corp. (WBC.AU) is set to unveil a special interbank placement product suitable for Islamic institutions, amid consideration about how the government can open Australia's financial system to more such products, according to Trade Minister Simon Crean

"Westpac will offer a short-term wholesale investment structure for Islamic institutions based on the buying and selling of commodities," he said in a speech due to be delivered later Friday.

He didn't provide further details of Westpac's product.

The minister was commenting while unveiling a booklet entitled Islamic Finance prepared by the government's Australian Trade Commission, or Austrade, which coincided with the launch of the Westpac product.

The Islamic Finance booklet explains the opportunities that booming Shariah-compliant investment and banking offers Australia's financial services sector, Crean said...Continue Reading