Islamic Finance in the US: Slowly but Surely
May 09, 2014 | Updated at September 27, 2017
The US houses one of the World’s most developed economies, yet the country is seemingly lingering behind when it comes to comprehensively participating in the Islamic financial industry.
There are several reasons for this conundrum ranging from America’s secular history, lack of knowledge regarding Islamic business principles, and absence of data surrounding the bankable Muslim markets residing in the US. Still, Islamic finance exists in the American market, and the potential for the industry’s growth is becoming more and more apparent.
The evolution of the Islamic finance industry in the US has been a slow process. As of today, there are roughly twenty financial institutions with Islamic offerings scattered throughout the US - with...