In U.S.A, sharia-compliant banking currently accounts for a marginal share of the American financial sector. Recent estimates expect that Islamic financial assets in U.S.A could reach more soon.
U.S.A will prepare the legal framework for Islamic finance products such as the issuance of Islamic bonds (Sukuk) and in order to help financing U.S.A s SME it will promote Sukuk, Takaful (Islamic insurance) and halal microcredit.
Currently, U.S.A has a very small number of fully operational Islamic banks which serve retail and Islamic corporate banking offering halal financing products such as Ijara, Ijara-wa-iqtina, Mudaraba, Murabaha and Musharaka.
Meanwhile the rise of Islamic financial institutions, from small Islamic lenders in the Midwest to nationwide investment banks as well brokerage firms has resulted with the establishment of about 25 Islamic financial institutions in the United States.
Islamic finance is now offered in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, Minnesota, Missouri, North Carolina, Ohio, Oregon, Texas, Utah, Virginia, and Wisconsin.
These banks must meet the specific state Department of Financial Institutions’ requirements and are regulated by federal regulators such as the Federal Reserve System and
Islamic banks in the USA provides Islamic personal banking, mortgage banking and Islamic business banking services, among others.
UNITED STATES'S ISLAMIC MORTGAGE LENDERS