Australian delegation to visit Dubai

Dubai : The government of the Australian state of New South Wales, home to the country's financial capital Sydney, will send a group to Dubai this week to discuss ways to develop the Islamic finance industry, officials said.

The delegation, led by New South Wales premier Barry O'Farrell and including financial services professionals, will explore regulatory and legal issues at a round-table discussion with the Dubai Export Development Corporation tomorrow.

"The event will discuss business opportunities in New South Wales, with particular attention given to Islamic finance," an Australian government official, who declined to be named under briefing rules, said. The delegation will also visit Abu Dhabi and Lebanon.

With proximity to southeast Asia, where Islamic finance is growing rapidly, Australia could play a role in the industry, officials believe. But efforts to pass the necessary legislation at a federal level have been slow, so the state government wants to get involved.

‘Very interested'

"The state government is very interested and trying to be proactive in getting Middle East and local players together to work out a deal," said Salim Farrar, senior lecturer at the University of Sydney Law School.

Passing legislation governing Islamic finance will require a series of politically charged debates, Farrar said.