21 December 2011
While the American retail Islamic finance market is viewed as small, it might have more potential for growth than commonly assumed.
While the American retail Islamic finance market is viewed as small, it might have more potential for growth than commonly assumed.
A recent market research survey found that 80% of American Muslims do not use Islamic finance, while an equal number already buy Halal brands.
Rafiuddin Shikoh, managing partner of DinarStandard who commissioned the report told The Islamic Globe there was a "latent need" for Islamic financial products and cited the finding that many Muslims remain unconvinced that Islamic finance was authentic. American Muslims are "a skeptical bunch" and according to Shikoh, many of those interviewed for the report said they questioned whether Islamic finance was not just conventional finance repackaged at higher cost.
© The Islamic Globe 2011
