| While Shariah-compliant banking is not widespread in the United States, Islamic financial institutions are making headway in gaining a foothold in North American banks to bring services to customers. “I have no doubt that investment in a purely Islamic-compliant banking is growing in the US, where there is a lot of openness, I guess, through a Shariah-compliant investment,” said Benjamin Newland, partner with King & Spalding.
The firm has offices in Riyadh and specializes in Islamic Financing. “I can see even before coming over here (to Saudi Arabia) that there was a shift by the time I left in 2006,” he added. “There was a lot of recognition in the market for Islamic structure and investment due to the presence of the Muslim community in the US.”..............................................Full Article: Source |