South Australian Liberal Senator Cory Bernardi says he wants to stop the expansion of sharia-compliant loans and financial products in Australia.
Sharia-style banking prohibits the payment and collection of interest and deems that all parties to a financial transaction must share in the risks and rewards involved.
The national taxation board will this week start holding consultation meetings about how Islamic transactions should be taxed.
Senator Bernardi says the financial products are incompatible with the Australian way of life and is seeking support from his Coalition colleagues for his idea. [ABC] Read more
