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- Title
ISLAMIC FINANCE IN THE UNITED STATES.
- Authors
Chiu, Shirley; Newberger, Robin; Paulson, Anna
- Abstract
This article explores the demand for and the availability of financial products for Muslims in the U.S. Financial institutions that offer Islamic finance products offer Murabaha, Ijara, and Musharaka financing. These types of financing are for purchasing homes, cars, and small businesses. In addition to lenders, Islamic investment firms, including Saturna Capital, Azzad Asset Management, and Allied Asset Advisors, offer mutual funds, growth funds, and income funds that are Shar'iah approved. Some offer financial planning services for higher education and retirement. Providers of Islamic finance face challenges. One is to offer products that conform not only to Islamic religious doctrine, but also to state and federal regulation. The second involves the cost of offering new products that have little precedent in the U.S.
- Subjects
FINANCE; MUSLIM Americans; FINANCIAL services industry; INVESTMENT products; MURABAHAH; MUTUAL funds; INCOME funds; GROWTH funds; FINANCIAL planning
- Publication
Society, 2005, Vol 42, Issue 6, p64
- ISSN
0147-2011
- Publication type
Article
- DOI
10.1007/BF02687517