This article was first published in Islamic Finance news Volume 16 Issue 47 dated the 27th November 2019.

Aliredha Walji, Vice President, USA, contributed an article to Islamic Finance news emphasizing the role of trust.

While the area of Islamic finance has seen a significant amount of growth over the years, in the US it is still relatively small, and players in the field are continually looking for ways to increase their penetration into the market. There are many factors to take into consideration in this regard, but one in particular which is not often discussed — despite its great impact on the potential for business — is that of trust.

Muslim investors and consumers, just like any others, look for trust as a key factor when engaging in business. In order for the players in this field to build strong institutions, trust has to be the main foundation from which all else can flourish. According to the 2018 World FinTech Report, fintech firms in part “face challenges in scaling their business due to a lack of trust….”.