This article was first published in Islamic Finance news Volume 16 Issue 25 dated the 26th June 2019.
Islamic finance, which is based on the principles of socially responsible investing, is seeing an increased demand to fulfill the needs of Muslims living in the US; however, activity in this space is still relatively small.
“The gross annual dollar value of retail Islamic financial transactions in the US is only approximately US$4 billion, and most Muslims, constituting under 1% of the US population, continue to use conventional financing in their US banking transactions,” according to the article titled ‘Islamic Finance & Markets in the US’ by John H Vogel from Crowell & Moring…