Australian financial institutions should be doing much more to attract Muslim business by developing innovative products which comply with Islamic law, Trade Minister Simon Crean says.
Malaysia was trying to position itself as an Islamic financial hub, he said.
"We can be at that game," he told ABC Television on Friday, adding that Australia was home to more than 300,000 Muslims.
Mr Crean is launching a study outlining opportunities for the financial services sector to tap into Islamic investment and banking markets.
Islamic law does not allow for a financial instrument to pay interest.
Mr Crean said that might require products that offered an exchange or profit-share arrangement.
The government wanted to create an environment in which Australia was more innovative.
"The big opportunity is in Islamic finance because there is a whole population out there that is based on Islamic law."
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