The Globe and Mail's Tavia Grant has an article on the increasing popularity of Shariah compliant financing.
JWT, an ad agency in the USA, conducted a study on Muslims as a distinct demographic and market segment in the USA.
Among the findings of the study:
An article in the Daily Herald discusses Islamic financing options offered by US banks, such as HSBC, Devon Bank and University Bank, including Shariah compliant interest free home loans.
The article mentions that Muslims tend to be good bank customers since they are well educated and have stable jobs. It also mentions that one third of Muslims refuse to use non-Shariah compliant financing.
There is definitely a market there ...
The City of Minneapolis is joining with the African Development Center to offer a new financing option for small businesses, aimed primarily at Muslims. This includes no-interest loans.
This article on the US State Department of State discusses new products and services by financial institutions catering to Muslims.
It mentions ijarah, murabaha, and many other things. A very good read.
MorningStar's David Kathman writes a lengthy article on religious mutual funds, Socially Responsible Investments (SRI), including Protestant, Catholic and Muslim.
The article mentions Islamic investment rules, as well as Amana mutual funds, and Azzad mutual funds.
The Washington Post blog has Rodney Wilson as a guest analyst. Wilson is an academic specializing in Islamic Economics
He argues that the West should promote Islamic Banking and articulates the reasons for that.
An article in the Stamford Advocate by Julie Fishman-Lapin outlines how one US based company, Shariah Capital Inc., caters for Muslim investors by avoiding non-Islamically approved activities in its portfolios.
Sheikh Yusuf Talal DeLorenzo, chairman of the Dow Jones Islamic Index was hired by Shariah Capital Inc, in October 2006 as chief Shariah Officer.
Read more for a link to the article.
Muslims are not the only ones who start financial services company based on what they believe.
Jews have a more strict laws with regard to food and other aspects, and some Christian sects also do not engage in Insurance, Usury (riba, interest), ...etc.
One financial services company that is founded by Christians and member owned is FaithLife Financial. The company is a mutual insurance company, much like the takaful principle in Islam.
The San Francisco Chronicle has an article on how observant Muslims avoid interest based mortgages by using Islamic co-ops.
The article also discusses alternate investments such as mutual funds, 401K plans, and other Islamically acceptable means.
Read the entire article: A means to a home / Islamic co-ops create happy homecomings.