APRA revokes Islamic Bank’s restricted banking licence
The Australian Prudential Regulation Authority (APRA) has agreed to a request from Islamic Bank Australia Pty Ltd (Islamic Bank) to revoke its licence to operate as a restricted authorised deposit-taking institution (ADI).
APRA granted Islamic Bank (then operating as IBA Group Pty Ltd) a licence to operate as a restricted ADI under the Banking Act 1959 in July 2022. At the time of revocation, Islamic Bank had not launched any products and had no customers and zero deposits.
Islamic Bank’s decision to request a revocation of its restricted ADI licence does not prejudice any future application it may make for a restricted ADI or ADI licence.
An updated list of all APRA-authorised ADIs can be found on the APRA website at: Register of authorised deposit-taking institutions.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.