Despite its recent financial and political challenges, the US remains one of the world’s most influential economies – and perhaps one of the last remaining frontiers for Islamic finance. Despite an estimated Muslim population of between two and 12 million the industry has failed to gain much ground on the domestic side, with the lion’s share of activity occurring in the investment space from Middle Eastern funding flows into the country. In this special edition of Islamic Finance news Supplements we give you everything you need know about Islamic finance for Uncle Sam: including a comprehensive round-up of the history, development, current status and future prospects for the industry across the country covering every relevant sector from retail banking to capital markets to asset management to Takaful; along with an in-depth analysis of the regulatory, tax and legal framework.
With the industry growing at such an exponential pace across the rest of the globe, and with the impressive inroads made in other developed markets including the UK and Luxembourg, perhaps 2014 will bring a new dawn for Islamic finance in the land of opportunity.
Islamic finance in the US
North America has fairly limited options available for Islamic financing, despite its advanced financial systems. Shariah compliant financing has been available, to some extent, since the 1980s, though development since that time has been very slow in coming. DAVID LOUNDY takes us on a journey exploring Halal finance in the land of the free and the home of the brave....