National Australia Bank expands Islamic finance for businesses

By Abdullahi Yusuf

NAB’s Islamic finance division has seen impressive growth, with a 28% increase in demand as it expands eligibility criteria to better support Muslim entrepreneurs in Australia. The bank’s Islamic finance services are gaining popularity among both Muslim and non-Muslim businesses seeking ethical and inclusive financing options.

As the only major Australian bank offering specialized Islamic finance for businesses, NAB’s initiative addresses the growing demand for business funding that aligns with Islamic values. “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,” said NAB’s representative, Lum.

One notable example of success is Your Discount Chemist, founded by Fawaz Khodary in 1994. The pharmacy chain, now with 13 stores across regional New South Wales, recently used NAB’s Islamic finance to build its first warehouse in Port Macquarie. “Now we have a fantastic new warehouse. It was a big investment, but we’ll now be able to keep up with demand, including the end-of-year holiday rush,” said Khodary.

NAB’s expansion of eligibility criteria reflects its commitment to inclusive banking practices. “Not every business has property to use as security, and that shouldn’t stop them from accessing the finance they need to grow,” Lum explained, emphasizing the bank’s focus on providing equitable opportunities for all businesses.

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