Sain, Mohamed Rosli Mohamed and Rahman, Mohammad Mafizur 
ORCID: https://orcid.org/0000-0002-7950-1961 and Khanam, Rasheda ORCID: https://orcid.org/0000-0003-1130-2357
(2016)
Financial exclusion in Australia: can Islamic
finance minimise the problem?
Australasian Accounting Business and Finance Journal, 10 (3).
pp. 89-104.
ISSN 1834-2000
Abstract
The purpose of this study is to explore the nature and extent of financial exclusion in Australia focussing
particularly the Muslim community. Financial exclusion refers to a situation where people lack access to
affordable and appropriate financial services and products. In 2013, 16.9% of adults living in Australia were
severely or fully financially excluded; that is, almost one in six adults had no access to at least two basic
financial products. This paper is based on literature reviews, secondary data and the authors’ personal
experience in association with banking industry. The finding of this paper concludes that financial exclusion
remains a problem in Australia and there is still lack of information about financial exclusion based on
ethnicity or religious group in Australia. It also appears that very limited financial institutions in Australia are
offering Islamic financial products and services to cater for the needs of some 476,000 Muslims in Australia.
These Muslims communities may have been financially excluded due to their faith and religious belief,
because Islam prohibits Riba (usury and/or interest) which is widely practiced in conventional banking.
Islamic finance can mitigate the severity of the problem.
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