Islamic Money Australia
Islamic Money Australia is building Australia's first Shariah-compliant financial institution, offering interest-free everyday accounts, term deposits, home finance, and business banking products to Australian Muslim consumers and businesses via a mobile app.
- Company typePrivate
- Founded2021
- HeadquartersSydney, Australia
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Islamic Money Australia does
Islamic Money Australia is a Sydney-based, privately-held financial services company building Australia's first dedicated Shariah-compliant financial institution. Founded in 2021, the company targets Australian Muslim consumers and businesses who require banking products that comply with Islamic law — specifically the avoidance of interest (riba) and prohibited industries such as gambling, alcohol, pork, fossil fuels, and arms. The product portfolio comprises four planned offerings: an Everyday Account (Wadiah safe-keeping principle) with Visa Debit and mobile wallet support; Term Deposits (Wakala agency principle) offering profit share over 1–12 month terms; Home Finance (Ijarah leasing principle) for progressive property ownership up to 80% LVR; and Business Accounts using Murabaha, Ijarah, and Musharaka structures. All products are reviewed and approved by a Shariah Committee of internationally credentialed Islamic finance scholars.
The company operates a mobile-first, direct-to-consumer model distributed exclusively through proprietary iOS and Android applications featuring biometric authentication, card controls, instant notifications, spending categorisation, and embedded prayer-time and Qibla functionality. The technology platform is approximately 70% complete, with BSB and SWIFT codes already obtained and integrations with Visa, Apple Pay, and Google Pay in place. The company holds AFSL/ACL 534355 and AFCA membership 76324, but voluntarily returned its restricted ADI banking licence to APRA on 1 March 2024 due to an inability to meet minimum capital requirements.
Revenue mechanics, once operational, will derive from interchange fees and float on deposit accounts (Wadiah), profit-sharing margins on term deposits and business finance (Wakala, Murabaha, Musharaka), and rental income plus residual sale proceeds on Ijarah home finance. Pricing on everyday accounts will be freemium (no monthly fees), while home finance will use variable rental-rate unit pricing competitive with major Australian banks. As of early 2026 the company remains pre-revenue, having raised AUD 20 million of a AUD 60 million target — the remaining AUD 40 million is actively being sought to fund launch, with home finance targeted for 2026 and the full bank launch contingent on licence re-approval in 2027.
Islamic Money Australia firmographics
Firmographics- Name
- Islamic Money Australia
- Legal name
- Islamic Money Australia Pty Ltd
- Website
- https://islamicmoney.au
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Islamic Money Australia is building Australia's first Shariah-compliant financial institution, offering interest-free everyday accounts, term deposits, home finance, and business banking products to Australian Muslim consumers and businesses via a mobile app.
- Ownership category
- akta.pro rank
Islamic Money Australia industry classification
Industry- Product category
- Shariah-Compliant Retail Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Islamic Retail Banking (FSABAGAA)
- akta.pro secondary industries
- Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic SME & Commercial Banking (FSABAGAB)
Keywords
Where Islamic Money Australia is headquartered
LocationHeadquarters
- HQ city
- Sydney
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
Islamic Money Australia business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Everyday Transaction Account (Wadiah): Fee-free everyday transaction accounts using the Wadiah principle where deposits are held in safe-keeping. Revenue derived from interchange fees on Visa Debit transactions, ATM fees from other networks, and float on deposits.
- Term Deposits (Wakala): Shariah-compliant term deposits from 1 to 12 months offering profit share instead of interest. The company acts as agent (Wakeel) to invest funds in compliant activities and shares profits with depositors.
- Home Finance (Ijarah): Property financing using Ijarah principle where the company purchases property and rents it to customers who progressively buy ownership shares. Revenue from rental payments and profit on eventual sale of remaining share. Finance amounts from $50,000 to $5,000,000, terms 5-30 years, variable rental rate, up to 80% LVR.
- Business Financial Services: Business products including asset finance, car finance, transaction accounts, and business savings using Islamic structures (Murabaha, Ijarah, Musharaka). Revenue from financing margins and account fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | Home Finance (Ijarah) - Variable rental rate financing |
| Other | Multi-year contract | Term Deposits (Wakala) - Profit share savings |
| Freemium | Monthly | Everyday Account (Wadiah) - Fee-free transaction account |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels8 records
Islamic Money Australia product offering
Product offeringCore offering
Islamic Money Australia is building a mobile-first suite of Shariah-compliant retail and small-business financial products for Australian Muslims, including an Everyday Transaction Account using the Wadiah (safe-keeping) principle, Term Deposits using the Wakala (agency/profit-share) principle, Home Finance using the Ijarah (leasing) principle, and Business Accounts built on Murabaha, Ijarah, and Musharaka structures. All offerings are delivered through a proprietary iOS/Android app with biometric sign-in and Visa Debit tap-and-pay, and every product is reviewed and approved by an external Shariah Committee of Islamic scholars.
Product overview
Islamic Money Australia is building Australia's first full-suite Islamic financial services institution offering Shariah-compliant banking products. The product portfolio comprises four core offerings: Everyday Account (Wadiah) for daily transactions with Visa Debit and mobile wallet support; Term Deposits (Wakala) providing profit-share savings instruments in 1–12 month terms; Home Finance (Ijarah) enabling progressive property purchase through rental-based financing; and Business Accounts providing transaction accounts, savings, and asset/vehicle financing using Islamic structures (Murabaha, Ijarah, Musharaka). All products are underpinned by a Mobile Banking App (iOS/Android) with biometric authentication, card controls, and spending insights. A Shariah Committee of world-renowned scholars reviews and approves all products. As of February 2026, the company has returned its restricted ADI licence and is raising capital to relaunch as a full bank in 2027, with Home Finance targeted for earlier launch in 2026.
Differentiator
Problem solved
Functional benefit
Products and services
- Everyday Account (Wadiah) Shariah-compliant daily transaction account built on the Wadiah (safe-keeping) principle, providing an Australian Muslim customer with a Visa Debit card, Apple Pay, Google Pay, no monthly account-keeping fees, and a mobile app with card controls and instant transaction notifications.
- Term Deposits (Wakala) Shariah-compliant term deposit built on the Wakala (agency) principle, offering Australian Muslim savers profit-share returns rather than interest on 1 to 12 month terms, with funds invested only in Shariah-compliant industries and estimated profit rates disclosed at the start of the term.
- Home Finance (Ijarah) Shariah-compliant residential property finance built on the Ijarah (leasing) principle, enabling Australian Muslim customers to purchase or refinance a home progressively by buying ownership shares over time while paying rent (rather than interest) on the share retained by Islamic Money Australia.
- Business Accounts Planned suite of Shariah-compliant business banking products for Australian Muslim business owners, including transaction accounts, profit-share business savings, asset finance, car finance, and dedicated relationship management support, structured using Murabaha, Ijarah, and Musharaka principles.
Quantifiable outcome
- Home finance available for property values from $50,000 to $5,000,000
- +2 more outcomes
Companies that use Islamic Money Australia
Customer profileSegments3 records
Ideal customer profiles3 records
Islamic Money Australia technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature4 records
Islamic Money Australia partnerships and signals
Strategic signalScale indicators4 records
Recent moves7 records
Expansion highlights5 records
Islamic Money Australia competitors and assessment
Company assessmentEmerging players
- Volt Bank: Australian digital-first challenger bank that obtained a full banking licence before ultimately closing. Highly relevant precedent on the execution and capital challenges of building a new Australian digital bank, illustrating the regulatory and funding hurdles Islamic Money Australia also faces.
- Judo Bank: Australian challenger bank targeting SMEs with relationship-led banking and a digital platform. Comparable as a digitally-led Australian challenger bank pursuing an underserved segment, though focused on SMEs rather than Islamic-compliant retail/consumer banking.
- 86400 (acquired by NAB): Australian digital challenger bank launched with a restricted ADI licence and later acquired by NAB. Comparable trajectory to a digital-first Australian entrant navigating APRA's restricted ADI pathway, though ultimately exited via acquisition rather than reaching scale independently.
Direct peers
- Bank Islam Malaysia Berhad: Malaysia's first Islamic bank, offering a full suite of Shariah-compliant deposit, financing, and business banking products. Highly comparable on product breadth and Shariah governance model (Shariah Committee), though operating at much greater scale in a Muslim-majority country.
- Gatehouse Bank: UK Shariah-compliant bank focused on property finance (Ijarah home finance) and savings products. Direct comparable to Islamic Money Australia's Ijarah Home Finance and Term Deposit products, operating in a similar Western market context with a niche Muslim and ethical-banking customer base.
- Al Rayan Bank: UK-based Shariah-compliant bank offering current accounts, savings, and home finance to British Muslims. Closest analogue to Islamic Money Australia: serving a Muslim minority population in a Western, non-Islamic country with a similar product suite and digital-first distribution.
- Dubai Islamic Bank: World's first Islamic bank, offering comprehensive retail, corporate, and treasury Shariah-compliant products. Comparable on full-suite Islamic banking model and product principles, but operating at far larger scale in a Muslim-majority market.
- Abu Dhabi Islamic Bank: One of the largest Islamic banks globally, providing full-suite retail, corporate, and treasury Shariah-compliant banking. Comparable in product architecture (Wadiah/Mudaraba deposits, Ijarah/Murabaha financing), though serving a Muslim-majority market at significantly larger scale.
Broad incumbents
- Standard Chartered Saadiq: Islamic banking arm of Standard Chartered offering Shariah-compliant products across multiple markets. Comparable as a global incumbent offering Islamic banking, though as a product line within a larger conventional bank rather than a dedicated Islamic institution.
- HSBC Amanah: Global Islamic banking window of HSBC, offering Shariah-compliant finance across multiple geographies including Australia-adjacent markets. Comparable as a competitor providing Islamic finance products under a major bank brand, though not a dedicated Islamic bank.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks1 record
Key highlights6 records
Customer concentration
Islamic Money Australia social profiles
Digital presenceIslamic Money Australia compliance and trust
Trust signalCompliance4 records
Islamic Money Australia financial estimates
Financial estimateRevenue estimate
Valuation estimate
Islamic Money Australia leadership team
Management profileNumber of profiles
Profiles1 record
Islamic Money Australia funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Islamic Money Australia M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Islamic Money Australia
What does Islamic Money Australia do?
Islamic Money Australia is building a mobile-first suite of Shariah-compliant retail and small-business financial products for Australian Muslims, including an Everyday Transaction Account using the Wadiah (safe-keeping) principle, Term Deposits using the Wakala (agency/profit-share) principle, Home Finance using the Ijarah (leasing) principle, and Business Accounts built on Murabaha, Ijarah, and Musharaka structures. All offerings are delivered through a proprietary iOS/Android app with biometric sign-in and Visa Debit tap-and-pay, and every product is reviewed and approved by an external Shariah Committee of Islamic scholars.
Is Islamic Money Australia a public or private company?
Islamic Money Australia is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Islamic Money Australia founded?
Islamic Money Australia was founded in 2021. It employs 1 to 10 people.
Where is Islamic Money Australia based?
Islamic Money Australia is headquartered in Sydney, Australia, in the Oceania region.
How does Islamic Money Australia make money?
Four revenue lines are on record. Everyday Transaction Account (Wadiah) is the primary driver. The others are term Deposits (Wakala), home Finance (Ijarah) and business Financial Services.
Who are Islamic Money Australia's main competitors?
Emerging players on record are Volt Bank, Judo Bank and 86400 (acquired by NAB). Direct peers are Bank Islam Malaysia Berhad, Gatehouse Bank, Al Rayan Bank, Dubai Islamic Bank and Abu Dhabi Islamic Bank. Broad incumbents are Standard Chartered Saadiq and HSBC Amanah.
Does Islamic Money Australia have an API?
No public API is recorded for Islamic Money Australia.
What industry is Islamic Money Australia in?
Islamic Money Australia's product category is Shariah-Compliant Retail Banking. Its primary akta.pro industry code is FSABAGAA, Islamic Retail Banking, with a secondary code of FSABAGAI, Islamic Deposit & Account Products (Current/Savings/Investment Accounts). Its NAICS code is 5221 and its SIC code is 6159.