NAB has this month announced the launch of a specialised financing product for Islamic business customers looking to invest and grow and is designed to meet Islamic Law requirements.
The product structures financing as a lease where ‘rent’ and ‘service fee’ are paid instead of ‘interest’.
Dr Imran Lum, Director Islamic Finance in NAB’s Deal Structuring and Execution team says; “We’re really proud to be able to offer such a valuable service to Australia’s Muslim community.
“There are some really interesting structural elements that we negotiated to finalise this latest offering in order to ensure that we comply with Australian federal and state tax laws and at the same time remain true to Islamic principles.
