As the only major Australian bank offering specialized Islamic financing for businesses, NAB’s initiative has attracted both Muslim and non-Muslim enterprises seeking inclusive financing options.
“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,” Lum said.
One such success story is Your Discount Chemist, started by brothers Fawaz Khodary in 1994. Today, the pharmacy chain has expanded its 13 stores across regional NSW, having just recently drawn on NAB’s Islamic financing 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,” Khodary said.
The expansion in eligibility criteria manifests NAB’s commitment to practices of inclusive banking. “Not every business has property to use as security, that shouldn’t stop them from accessing the finance they need to grow,” Lum said.
