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In joint media release No 2010/076, issued 26 April 2010, the Assistant Treasurer, Senator Nick Sherry, and the Minister for Financial Services, Corporate Law and Superannuation, Chris Bowen, announced that the Board of Taxation would undertake a comprehensive review of Australia's tax laws to ensure that, wherever possible, they do not inhibit the expansion of Islamic finance, banking and insurance products.

Western tax codes normally focus on the details of the transaction in question and levy tax accordingly, however, the Assistant Treasurer said that this approach may give rise to anomalous tax treatments for Islamic instruments.

The Assistant Treasurer said that Islamic finance, banking and insurance market is worth almost $1 trillion and could reach as much as $5 trillion, according to Moody's Investor Services.

The detailed Terms of Reference of the review, including the dates for reporting to Government, will be released in the near future.


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