American Muslims have pent-up demand for financial services

Click here: InvestmentNews.com – Muslims have pent-up demand for financial services

Muslims in the United States number anywhere from 7 million to 10 million, and many are professionals, according to studies. Yet for the majority, there are almost no outlets for their financing and in-vestment needs…And because of a dearth of home-financing options, a significantly large percentage of American Muslims aren’t able to purchase homes, and feel forced to rent, Mr. Sheikh said. He estimated that if just one-half of one percent of the U.S. Muslim population were able to buy a home through Shariah-compliant financing, it would represent a market potential of $1.8 billion in new housing loans.But interest in meeting the needs of Muslim investors is growing. Islamic-finance conferences are popping up throughout the world, with two major conferences taking place in New York this month. Islamic Finance in North America — Accessing Innovative Islamic Investment Opportunities will be held Oct. 24-25, and the Islamic Finance Summit — Innovations in Shariah Compliant Finance for U.S.-Based Financial Institutions is scheduled for Oct. 29-30.

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