The process also involved raising new Series E funding worth USD 28 million, bringing the total capital raised to USD 70 million.

The new company will allow American businesses, which move trillions through accounts payable every year and earn nothing on most of it, to earn rewards points on all payments, including ACH (bank transfers) and credit cards. The round was privately funded by a group of existing and new investors.

Parent Pay.com.au, Australia’s largest payments and rewards ecosystem, expanded to the world’s largest economy after processing more than USD 7 billion in business expenses in the past 12 months, serving more than 30,000 small ventures.

“This represents 100% YoY growth. The new raise follows a November 2025 fundraise totalling AUSD 25 million (approximately USD 18 million),” the company noted.

By acting as a rewards-first platform, PayRewards will let American businesses earn points on payments that traditionally go unrewarded, including bank transfers, alongside the rewards they already earn on card spend.

Members will be able to redeem points across a growing network of airline and hotel partners, as well as gift cards, employee incentives, concierge redemptions, and credit towards other invoices.

“At a time when American consumers are decidedly reward-driven, business payments like rent, utilities, and taxes often go unrewarded because of credit card restrictions or incompatible payment systems. By using PayRewards, business owners can earn points on all their bill payments, both ACH/bank transfers and credit cards, turning previously unrewarded spending into a rewards currency. These points are redeemable across major airline and hotel loyalty programmes, cabin and room upgrades, gift cards, employee incentives, custom requests, or credit against future invoices on the platform,” Blake Hutchison, PayRewards US CEO.

“Unlike subscription-based bill-pay tools, PayRewards charges no monthly platform fee. A business pays only when it chooses to earn points. PayRewards can effectively double the rewards on the same dollar because it layers its points on top of the card rewards that a business already earns. PayRewards calls this the Double-Dip,” he added further.

“PayRewards is an end-to-end platform that makes it simple to pay anyone, by card or bank transfer, and earn full credit card and PayRewards Points in return,” Hutchison observed.

The post Australia’s Pay.com.au raises USD 28 million to launch in US as PayRewards appeared first on International Finance.

As per the bank’s projections, investor credit demand for Australia’s housing sector would fall from 9.1% in 2026 to 4.5% in 2027 and 4.4% in 2028, as higher higher interest rates and policy changes weigh on the industry’s future prospects.

“Total housing credit growth would slide to 4.7% in 2027 from 6.8% in 2026,” Westpac said in ⁠a presentation. It, however, expected a slight improvement from owner-occupied credit demand to push total credit growth to 5.2% in 2028.

The outlook has further reinforced investor fears about Australia’s banks, long buoyed by record property prices and favoured for their reliable dividends, potentially facing an uncertain trading environment , as there is no clear-cut direction about the Trans-Tasman country’s interest rate direction.

The post Australian bank stocks slide as Westpac warns of weak housing investor appetite appeared first on International Finance.

Glencore booked USD 2.66 billion in first-half adjusted earnings before interest and taxes (EBIT) from trading on Wednesday (August 5), up from just USD 40 million a year earlier.

With this, the commodity major joined the trading desks of European oil majors BP, Shell, TotalEnergies and rival trading house Trafigura in reaping billions in profits this year.

Crude, fuel and LNG prices hit all-time record or ‌multi-year ⁠highs earlier 2026 as the Iran war halted tanker traffic leaving the Gulf, with strategically important chokehold Strait of Hormuz becoming the biggest geopolitical leverage for Tehran and Washington.

“The Oil and Gas department was the primary contributor, which benefited from significant dislocations across LNG, oil and shipping markets,” Glencore CEO ⁠Gary Nagle said.

Glencore’s first-half results put it on track to rebound from three straight years of lower earnings from energy marketing. The trading volumes surged to around ⁠5.2 million barrels per day of crude and fuels, about 24% more than its 2025 average.

For the H2, Glencore said that significant inventory drawdowns had left oil markets increasingly sensitive to disruptions.

Glencore is also moving ahead with its planned secondary listing in Australia, a move, that as per the company, signals a push to tap one of the world’s fastest-growing pools of institutional capital to fund its copper growth ambitions and potentially pave the way for transformational M&A.

As per Nagle, Glencore can achieve inclusion in Australia’s benchmark ASX 200 index within 12 months, requiring about AUSD 1.5 billion of market capitalisation, before qualifying for the larger ASX 100 index, which requires roughly AUSD 5.5 billion of shares trading on the Trans-Tasman country’s market.

The CEO said investors had shown strong interest in an Australian listing, particularly after Glencore’s failed merger talks with Rio Tinto earlier this year.

“There have been requests from many investors to meet with us after some of the discussions that had happened about Rio,” he told reporters, While talking about his visit to Australia in March and April, that reportedly generated strong interest from large pension funds.

Australia’s biggest pension fund, ⁠AustralianSuper, said in May that a Glencore ASX listing would be “positive” for both the exchange and the company.

Nagle also said existing Australian shareholders faced limits on how much they could invest overseas, with a local listing potentially unlocking access to more capital.

While Nagle said that Glencore’s focus would be on organic copper growth, an ASX presence could smooth the path for future Australian deals by increasing the commodity giant’s visibility among local investors, aligning its shareholder base, in the process, more closely with Rio Tinto’s.

“Glencore is looking at an Australian listing to access mining-friendly investors, or perhaps at least make their name more well known if Rio Tinto and Glencore decide to have a go again at merging,” RBC Capital Markets analysts said.

Nagle told the media that a secondary listing in Australia would make no difference to any potential merger with Rio.

For the ASX, landing an USD 87 billion global miner and commodities trader in the form of Glencore would be a massive development, adding a big ⁠name to a resources sector that has lost players through consolidation. Realising the opportunity’s potential, ASX has already expressed its “delight” in Glencore choosing the Trans-Tasman country for market listing.

Glencore plans to increase copper production to about 1.6 million metric tons by 2035 from 810,000 to 870,000 tons expected in 2026, requiring substantial capital investment.

The post Glencore registers massive energy trading profits, pushes ahead with Australia listing appeared first on International Finance.

Somantra’s study, which tracked 20 Australian insurance brands across 34,278 real consumer conversations on Google AI Overviews and ChatGPT throughout May 2026, also arrives in conjunction with a separate GlobalData poll that found the broader industry still practicing caution about AI’s maturity, a posture that, in GlobalData’s opinion, may be costing mid-tier and specialty insurers ground that will prove difficult to recover.

Somantra’s data showed two coins of the Aussie insurance industry, an AI-first search shift and a massive stretch of the market being “unclaimed.”

“Across the detailed, intent-driven queries consumers pose to AI platforms—questions about specific coverage scenarios, eligibility conditions, and product comparisons—70% of responses named no insurance brand. Across 34,278 tracked conversations, that represents approximately 24,000 consumer research interactions in a single month in which no Australian insurer received a mention on either platform. The pool of domains cited by AI engines contracted 21% between March and May 2026, falling from 10,777 to 8,488 unique domains. As that pool narrows, the barrier to entering AI-generated recommendations rises,” Somantra noted.

“This is not a problem. This is an opportunity. Every one of those brandless responses is a gap in the market, which is proof that the right content, structured the right way and published on the sources AI engines trust, could put a brand into that answer instead of nobody at all. The window is closing. Every month, more of the long tail gets claimed by whichever brand shows up first with the right content on the right sources. Waiting for AI search to mature before acting just hands that ground to a competitor,” said Arun Prasad, founder of Somantra.

“Where AI platforms do recommend brands, attention is concentrated among a handful of insurers. On ChatGPT, three brands – Allianz, NRMA, and AAMI – accounted for half of all insurance-related mentions. Nine brands collectively covered 90% of total mentions, leaving the remaining 11 tracked brands competing for a thin slice of visibility. Google AI Overviews distributed attention more broadly, though not substantially so. Four brands reached the 50% threshold, and 11 were needed to cover 90% of mentions,” the study remarked.

Among the major industry players, Allianz recorded the highest combined total at 13,437 mentions across both platforms, followed by NRMA (at 12,524) and Budget Direct (at 10,708).

“At the other end, Ozicare appeared in 62 conversations, Coles Insurance in 517, and Qantas Insurance in 895—figures that suggest these brands are largely absent from AI-mediated consumer research, regardless of their standing on conventional search,” Prasad said, while adding, “Google gives you options. ChatGPT gives you a shortlist, and the shortlist is getting shorter. If you are not already in the top tier on a given platform, you are fighting over scraps of visibility, not competing on equal terms.”

Also, the study discovered a “low agreement” between the Google AI Overviews and ChatGPT, with both tools recommending the same brand for the same query in only 27.9% of cases in May 2026, up from 23.7% in March. In approximately seven out of 10 head-to-head comparisons, a consumer asking the same question on each platform received a different brand recommendation.

“Budget Direct illustrates the platform divergence risk in concrete terms. It led all brands on Google AI Overviews with 8,556 mentions, yet only 20.1% of its total AI visibility came from ChatGPT. For every five times Budget Direct appeared across both platforms, four of those appearances were on Google alone. As consumers increasingly use ChatGPT alongside Google to research financial products, a brand with that degree of platform concentration carries exposure it may not yet be measuring. For brands currently underrepresented on one platform, the divergence also creates an opening. Because Google AI Overviews and ChatGPT are forming their assessments of brand authority independently, a brand shut out of one platform’s preferred list may retain room to establish presence on the other,” the report said.

“The dual combination of expanding opportunity surface area and divergence in brand recommendations between the AI search engines is the biggest opportunity for brands right now. Large brands have spent a decade optimizing for a single search engine. That playbook does not transfer to a world where two major platforms disagree most of the time and where most of the specific questions consumers ask are not being answered by anyone,” Prasad remarked.

“The opportunity is not evenly distributed across product lines, and the distinction matters for insurers assessing where AI search effort is most likely to yield results. Car insurance generated the highest volume of brand mentions at 22,777, followed by home and contents at 20,591 and motorcycle at 16,376. In these categories, established brands have accumulated visibility that a new entrant or smaller competitor would need sustained effort to displace,” he added further.

Pet insurance and life insurance, on the other hand, presented a different picture. Pet recorded 2,457 total brand mentions across both platforms, and the life segment registered 1,283. Also, these are the same categories where fewer brands currently feature in AI-generated responses.

“An insurer in either line that moves early to build presence on the sources AI engines cite faces less entrenched competition than one attempting to gain ground in car or home, where category leaders have already established substantial leads,” Somantra explained.

“Within categories, those leads are significant. Allianz held 3,941 mentions in travel insurance; NRMA led car with 3,238; QBE led motorcycle with 2,896; and Budget Direct led pet with 940. The same brandless-query dynamic that applies across the market applies within these product lines: second and third-tier brands trail category leaders by margins that the data suggests are widening with each reporting cycle,” it added further.

The two-month gap between Somantra’s March and May audits produced movement across the board, with AI search visibility appearing responsive to recent content and citation activity in a way that shifts the competitive position of brands more quickly than conventional organic search typically does.

“Allianz added 960 mentions to move past NRMA into the top overall position. Budget Direct posted the largest percentage gain among tracked brands, up 9.7%, displacing AAMI from the top three. AAMI recorded the steepest absolute decline, losing 2,147 mentions – an 18.1% drop. Bingle fell 30.8%, GIO fell 29.3%, and CGU dropped 27.8%. Citation patterns on ChatGPT also shifted. In March, Canstar was the platform’s most-cited domain with 232 references. By May, both Finder and Canstar each exceeded 900 citations, with Finder taking the top position at 902. Reddit climbed from 147 to 387 citations, reflecting a source mix that extends well beyond traditional comparison-site ecosystems,” Somantra concluded.

Talking about the GlobalData poll of 113 insurance industry respondents, conducted across Q1 and Q2 of 2026, the survey reported nearly a quarter believing AI had not yet reached a level of maturity suitable for widespread use within the industry.

Ben Carey-Evans, senior insurance analyst at GlobalData, attributed the hesitation partly to the narrow scope of current implementations and to unresolved questions about accountability, as he said, “This might be because use cases to date are largely around customer service and chatbots rather than full-scale implementation. Regulation has not fully caught up yet, and there is concern around who is liable for mistakes made by AI.”

“Those liability and regulatory questions are not abstract for an industry that distributes financial products to consumers. As AI platforms increasingly surface insurance brand recommendations in response to consumer queries, the question of how those recommendations are generated and who bears responsibility when they are incomplete or inaccurate sits unresolved across the industry,” he added further.

“A shortage of in-house expertise ranked as the second-most-cited concern in the GlobalData poll. The firm’s job analytics data recorded approximately 63,293 active AI-related insurance roles in 2025—the highest on record and around 51% above 2024 levels. The hiring response reflects the scale of the gap, even as the technology continues to outpace the industry’s capacity to build expertise around it,” Carey-Evans remarked.

The post AI search outpaces Google in concentrating insurance visibility, says Somantra study appeared first on International Finance.

Walsh will join from Morgan Stanley, where he spent four years as executive director and state manager for NSW at the financial firm’s wealth management arm. He also spent eight years at Perpetual (Australian investment fund and trustee group) as advice manager for NSW and later as lead partner for the region, along with Queensland and head of partnership growth.

JBWere started 2026 on a bad note, as it lost advice executive Andrew Bird after a decade, who moved to join UBS as its head of global wealth management in Australia. Note that Bird is currently serving his second stint at UBS. He previously spent three years as a market manager for the company’s Melbourne-related commitments, until he departed for JBWere in 2016.

Confirming Walsh’s appointment, Michael Saadie, chief executive of JBWere, said, “Daniel is a senior wealth management leader with 20 years’ experience leading advice and distribution teams across major institutions. He has a strong track record building resilient and high-performing teams and deep experience in adviser growth strategies, business development, risk and compliance management.”

Ben Smoker served the Commonwealth Bank for the past six years. There, he spent the last two years as the venture’s general manager for private wealth. His profile also includes stints with Westpac and Saxo Bank as chief executive of Saxo Capital Markets (Australia).

His appointment follows the hiring of Alexandra Campbell as chief investment officer at NAB Private Wealth and JBWere, which took place in December 2025. Campbell will join from Cbus Super, where she was deputy chief investment officer and head of private markets. At JBWere, she will lead the firm’s investment strategy across strategic and tactical asset allocation, portfolio construction and manager selection.

“Alexandra has a deep understanding of investment strategy and client objectives, and a proven record of delivering investment outcomes. Her leadership will be integral as we enhance the breadth and sophistication of our private wealth offering. The appointment reinforces our commitment to outstanding client outcomes through a unique integrated private wealth and banking platform,” Saadie remarked.

The post Australian wealth management company JBWere concludes leadership changes appeared first on International Finance.

Westpac has already rolled out the Microsoft Dynamics 365 Contact Centre as a Service (CCaaS) platform. Under the new arrangement, if a customer calls the bank, the AI component of CCaaS will support the customer service representative by automatically providing the customer’s relevant banking profile and information about any products they might ask about in real time.

The announcement comes as new research from Westpac NZ showed general support for AI when it comes to using the technology to improve banking services.

“In a nationally-representative survey of 529 people, conducted by research platform Ideally, 65% of respondents said they were comfortable or neutral about the idea of their bank using AI to help contact centre employees provide quicker responses to their questions (45% comfortable; 20% neutral), while 70% were comfortable or neutral about AI being used to help detect fraud and scams (49% comfortable; 21% neutral),” the company said.

Russell Jones, Westpac NZ Chief Information Officer, hailed the introduction of the new technology as a significant step.

He commented, “We’re really excited to be the first bank in New Zealand, as well as one of the first in the world, to introduce CCaaS. We’re also really pleased to have had the opportunity to collaborate with Microsoft developers from across the world on the implementation of CCaaS in our business, meaning it’s been configured specifically for Westpac’s needs.”

“We expect to deploy the product to all our contact centres by August, meaning configuration, delivery, testing and full deployment will have been completed within the space of one year. The Westpac research showed 66% of respondents were themselves already using AI programmes – 53% in their personal lives and 30% at work,” Russell Jones noted.

Stating that AI will help Westpac’s employees deliver faster on consumer queries, the senior official said, “Our people are our greatest competitive advantage – we want to use AI to support them to be their best. Previously, they might have needed to run numerous searches in our system to access details of the various products a customer might be interested in, then overlay that with different views of a customer’s profile.”

“A customer who’s banked with us for a long time could have a whole range of products, all with different terms and conditions. Using CCaaS means an employee can now access accurate, relevant information almost instantaneously, with the platform delivering additional product information as those topics arise in the conversation. Security and privacy are obviously critical in everything we do, and as with any information a customer shares with us, CCaaS data is secure and confidential,” he observed.

Duncan Taylor, General Manager, Financial Services Industry for Microsoft Australia New Zealand, said, “Overseas, CCaaS is being successfully used by big businesses with huge customer bases, such as EasyJet and Microsoft itself. We’re seeing this result in significantly lower case resolution time and even reduced turnover of customer service reps, thanks to giving them better experiences. Banking is obviously a very complex industry, so there’s considerable scope for CCaaS to add value to Westpac’s employees and customers.”

“Over the past few years, our teams have completely transformed our tech infrastructure. As well as designing future-proof architecture, we’ve completely overhauled our network and computer platforms, refreshed our mainframe and established new data centres. Introducing CCaaS is the latest milestone in the work we’re doing to modernise banking and deliver for our customers,” Russell Jones concluded.

The post Westpac NZ launches Microsoft AI tool to support customer conversations appeared first on International Finance.

The agreement establishes Cover-More as the provider of travel insurance products to Aon’s Australian retail customers and to the firm’s workforce. Aon will now distribute Cover-More’s travel cover through its Australian retail channels and internal programmes.

Describing the deal as building on the company’s existing corporate and brand relationships, Mike Stein, executive general manager, sales and distribution at Cover-More, said, “Cover-More continues to work with some of Australia’s best-known brands, and we are recognised for our market-leading products, strong operational delivery, and exceptional customer care. We look forward to expanding this opportunity with Aon, a firm that has continued to demonstrate an award-winning capability to deliver meaningful outcomes for their clients.”

For Aon, the partnership will help the venture expand its travel risk and employee benefits offering in Australia.

As per Kevan Johnston, CEO of Australia for Aon, the goal is to support both external clients and employees with a consistent travel cover solution.

“We are thrilled to start a strategic relationship with Cover-More in Australia and to embark on a partnership with a company that shares our values and our commitment to protect the lives of people around the world, and a company that continues to deliver for their partners. The arrangement illustrates how intermediaries are working with travel specialists as travel patterns, risk perceptions, and digital service use change,” Johnston told the Insurance Business.

The Cover-More-Aon agreement also coincides with a time when travel activities in Australia have been buzzing, creating sustained demand for insurance as well. As per the Southern Cross Travel Insurance’s latest “Future of Travel Report,” based on a survey of 1,008 adults conducted in November 2025, 92% of Australians indulged in trips in 2025. About 45% of respondents took an international trip, up five percentage points on the prior year. Domestic travel also remained common, with 75% of people taking at least one intrastate trip and 58% travelled interstate, broadly in line with 2024 levels.

“Looking to the next 12 months, 86% of Australians intend to travel in 2026. Planned intrastate travel stands at 73%, interstate at 65%, and overseas at 51%. Survey responses suggest that while some travellers may reduce the number of domestic trips, overall intent to travel remains high, supporting ongoing volumes for airlines, tour operators, and travel insurers. Destination preferences continue to evolve. Japan is the most frequently nominated international destination, with 31% of respondents hoping to visit, followed by Europe (27%) and New Zealand (22%). Political and security issues are influencing choices: 42% of travellers say such factors have altered their plans, and 74% report being less likely to visit the US,” the report stated.

The post Cover-More, Aon enter travel insurance arrangement in Australia appeared first on International Finance.

As Australia continues to be affected by inflationary pressures and global headwinds, Dr John Hawkins has emerged as a prominent voice offering insight into the nation’s outlook.

Dr John Hawkins is the head of the Canberra School of Government at the University of Canberra. He was formerly a senior economist at the Reserve Bank of Australia, the Australian Treasury, and the Bank for International Settlements, and he also served as secretary to the Senate Economics Committee.

In an exclusive interview with International Finance, Dr John Hawkins discusses the economic outlook for Australia, cost-of-living crisis affecting the country, and the Reserve Bank of Australia’s rate hikes. Additionally, he shares his views on economic resilience, the stability of small and medium enterprises, and the debt burden on Australian households.

International Finance: What trends are currently shaping consumer confidence in Australia, and how might they influence spending patterns?

Dr John Hawkins: Consumer confidence is well below its long-term average. The main cause is ‘cost of living’ pressures. The Reserve Bank of Australia’s decision to increase interest rates again at its March meeting, and conjecture that it is likely to move again, could well see consumer confidence slump further.

How is Australia balancing economic growth with sustainability and climate-related challenges?

Australia had introduced an emissions trading scheme, which operated from 2012 to 2014 with a temporary fixed price. It would have allowed greenhouse gas emissions to be reduced in the most efficient manner, but was scrapped following a change of government at the 2013 election. Australia now has a target of reducing emissions by 43% from 2005 levels by 2030 and achieving net zero by 2050. It is being implemented by a range of sectoral plans. Treasury modelling in 2025 concluded the transition is consistent with the Australian economy growing by around 80% from 2025 to 2050.

What impact are recent trade developments having on Australian exporters and importers?

The United States takes less than a tenth of Australian exports, so the direct impact of higher US tariffs is modest. More important will be the impact of US tariffs on China and our other major trading partners.

How resilient is the Australian economy to fluctuations in global commodity prices?

Iron ore, coal and gold are significant sources of export revenue, so commodity price movements are important. But the floating exchange rate serves as a buffer as the Australian dollar tends to depreciate when commodity prices fall.

In what ways are small and medium-sized businesses faring in the current economic climate?

Liaison by the Reserve Bank in 2025 found that, while improving, business conditions for small businesses are weaker than for large businesses. Most small businesses, however, remain profitable and can readily access credit.

How is household debt affecting economic stability and purchasing power in Australia?

Household debt remains high by historical standards. But the debt is concentrated on households that can manage it. Less than 1% of households with home mortgage loans are significantly in arrears.

Are there sectors in Australia that are positioned for growth despite broader economic uncertainty?

Most areas of the economy are likely to keep growing as, unlike some OECD countries, the Australian population is still expanding.

How are wage growth and cost-of-living pressures shaping the everyday experience of Australians?

As evidenced by its being the dominant concern in opinion polls, cost-of-living pressures are weighing heavily on many Australian households. With consumer prices currently growing by 3.8% while wage growth is 3.4%, many Australian households are finding it harder to afford everyday purchases.

What role is technological innovation playing in transforming traditional industries in Australia?

Business investment and firms’ investment intentions have picked up recently. The renewable energy transition and construction of data centres are examples of technological innovations driving this investment.

Looking ahead, what are the most significant challenges and opportunities for Australia’s economic future?

Geopolitical uncertainty is a major challenge. Domestically, Australian productivity growth has been weak in recent years. But the recent re-election of the government with a comfortable majority increases the opportunity for productivity-enhancing economic reforms.

The post Australian households struggle to afford everyday purchases: Dr John Hawkins appeared first on International Finance.

This gap exists within Australia’s USD 4.3 trillion superannuation system, where Shariah-compliant options remain limited. Rising mortgage rates, reaching around 5.5% in late 2025, have further increased the challenge. Recognising this need, Md. Rokibul Islam founded Meezan Wealth in 2020 to provide trusted, Shariah-compliant solutions across home finance, superannuation, and investments.

His vision was grounded in three core values—trust, ethical integrity, and sustainable growth. The objective was not simply to create financial products, but to establish a platform where faith and financial well-being could coexist, while remaining committed to innovation and ethical finance.

Meezan Wealth’s super and investment solutions are supported by internationally recognised Shariah governance frameworks, including certification aligned with AAOIFI standards and advisory oversight from SRA Consulting in Malaysia.

In January 2026, the company was awarded the “Most Innovative Shariah-Compliant Financial Solutions Provider – Australia 2025” at the International Finance Awards. At the same ceremony, Founder and CEO Rokibul Islam was named Best “Emerging CEO – Islamic Finance – Australia 2025.”

These accolades reflect not only organisational achievement but also the emergence of Australia as a developing hub for Islamic Finance. Under Islam’s leadership, Meezan Wealth has established itself as a pioneer, building solutions that meet global compliance standards while serving local community needs.

Transforming Retirement Through Halal Superannuation

Superannuation has historically presented one of the most significant barriers for Muslim investors. Conventional funds often allocate capital to non-compliant sectors, leaving many individuals uncertain about their retirement savings.

Meezan Wealth addressed this gap by introducing Halal Superannuation through the APRA-regulated fund called Super Simplifier. All investments undergo rigorous screening by IdealRatings and are certified by the International Shariah Research Academy (ISRA), ensuring alignment with global Shariah standards.

And the company’s performance proved one fact: ethical investing need not come at the expense of returns. As of June 2025, Meezan Wealth’s “Islamic Ethical Growth Option” delivered 11.21%, while the longer-term strategies, including “Islamic Ethical Growth Plus,” achieved 11.32 % over three years. These outcomes reinforce the viability of Shariah-compliant investing as both principled and competitive.

“In addition to performance, members benefit from low-cost structures, flexible contribution options, and integrated optional insurance offerings, ensuring comprehensive financial security,” Meezan Wealth told International Finance.

Addressing The Home Finance Gap

Home ownership is essential for financial stability, yet traditional interest-based mortgages have long been a barrier for Muslims. Meezan Wealth addressed this by introducing Islamic home finance based on the globally recognised Ijarah model, which replaces interest with a transparent lease-to-own structure.
Clients hold the property title while repayments combine rental and equity components, with the rental portion decreasing as ownership grows.

Modern features such as offset accounts, redraw facilities, and flexible repayment options ensure these solutions meet the practical needs of Australian households. For many clients, this has enabled home ownership for the first time without compromising their values.

Building The Future Of Ethical Finance In Australia

More than representing the success of a single company, Meezan Wealth’s growth reflects the maturation of Islamic Finance within Australia. By providing integrated solutions across home finance, superannuation, and investments, the firm has created a comprehensive ecosystem previously unavailable to Muslim investors.

The company continues to expand its reach nationally, driven by a clear mission of empowering individuals and families to build wealth in a manner consistent with their values. As awareness grows and demand increases, Meezan Wealth is positioned to play a central role in shaping a more inclusive and ethical financial system.

The journey from struggle to solution is still unfolding. Yet Meezan Wealth’s progress demonstrates what is possible when financial innovation is guided by purpose. In doing so, it is helping redefine the future of finance in Australia, one where faith, ethics, and financial prosperity move forward together.

The post Meezan Wealth: The force behind Australia’s Islamic Finance growth appeared first on International Finance.

The independent internal investigation revealed that Optus provided incorrect instructions to its contractor, Nokia. On top of that, the Finnish telecoms equipment maker selected and approved an incorrect method to proceed with the upgrade, which shut down key equipment but did not redirect calls. The error impacted both normal voice calls and the emergency number “Triple Zero,” but the consequences were different, said Kerry Schott, the report’s author and transport and infrastructure business executive.

“While voice calls found an alternate pathway and their service continued, Triple Zero calls failed,” the report noted.

The outage lasted for almost 14 hours, during which 605 callers sought “Triple Zero” emergency services and assistance of some kind. About 75% of these calls could not connect, with two of them resulting in fatalities.

“Three issues are clear during this incident. The first is the very poor management and performance within the networks and their contractor, Nokia. The process was not followed, and incorrect procedures were selected. Checks were inadequate, controls avoided, and alerts given insufficient attention,” the report remarked.

Apart from finding gaps in process, accountability, escalation, and information protocols, the report also highlighted “challenges in Optus’ organisational culture that have impacted decision-making and response times.”

The review has made 21 recommendations, with prominent among them being strengthening network change-management and escalation processes, improving incident detection and crisis response for emergency services outages.

On December 16, the Optus board conducted a meeting, where it accepted the recommendations and agreed to move swiftly with their implementation.

“The board is taking further action in relation to individual accountabilities flowing from the incident, which will extend from financial penalties through to termination in appropriate cases,” Optus Chairman John Arthur said.

The post Optus emergency call outage: Probe finds failures in firewall upgrade appeared first on International Finance.