Deal: Hall & Wilcox has advised Islamic Bank Australia (IBA) on becoming the first Islamic bank licensed in Australia.

Value: N/A

Area: Finance

Key players: The Hall & Wilcox team comprised partner John Bassilios, consultant John Hutchinson and senior associate Jasmine Koh.

Deal significance: The bank has been granted its restricted ADI license and will operate as a fintech. As part of the deal, the Hall & Wilcox team prepared a submission to the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Shareholdings) Act 1998 for approval of shareholdings in excess of 20 per cent with respect to IBA’s restricted authorised deposit-taking institution (RADI) license application.

The team also prepared the Australian credit license (ACL) and Australian Financial Services License (AFSL) applications to the Australian Securities and Investments Commission (ASIC) and advised on corporate structuring, an employee share option plan and a $10 million capital raising to meet regulatory capital requirements.

Commenting on the deal, Mr Bassilios said: “It has been a pleasure working with CEO Dean Gillespie and the team on their submission to APRA and their AFSL and ACL applications. Congratulations to Islamic Bank Australia, Dean Gillespie and the team on achieving this wonderful milestone and also on becoming Australia’s first Islamic Bank.

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“We wish Islamic Bank Australia every success and look forward to working with the team on a business-as-usual basis!”

Islamic Bank Australia chief executive Dean Gillespie added that Islamic Bank Australia was originally founded by 13 Muslims who wanted to bring Islamic banking to Australia for the first time.

“With more than 3 per cent of the Australian population of the Islamic faith, Shariah-compliant banking in Australia is long overdue. We thank the team at Hall & Wilcox for assisting us in this truly unique achievement of becoming Australia’s first Islamic bank,” he said.