AUSTRALIA - BANKING - Middle East banks (Albaraka - QNB) turn to Australia

www.theage.com.au - MIDDLE Eastern and Asian banks are eyeing an entry into the Australian market, with several believed to have started in recent months the long process of securing a banking licence.
The move should fill a financing gap caused by some stressed European lenders scaling back their exposure to Australia.
Towards the end of last year, European groups pulled $16.7 billion from the local economy as they began feeling the funding squeeze in their home markets.

The shortfall this caused has generally been met by Asian banks.
Banking industry sources have named several overseas players as taking initial steps to secure an Australian banking licence. They include commercial Taiwanese lender Cathay United Bank and Middle Eastern commercial major Qatar National Bank.
Saudi Arabian Islamic banking specialist Al Baraka has also been named as eyeing a foothold, suggesting the federal government's efforts in promoting Australia's involvement in Islamic financing are gaining traction. Given the time and capital involved, not all banks see the licence process through, particularly as their commercial goals can quickly change. (source)