IslamicFinance.de

Muslims in America are becoming a significant demographic force, and with that comes significant votes, which in turn translates into influence wielded in the social world they inhabit. And if Muslims in America today want to see interest payments prohibited on loans, then banks must find alternative ways to do business with them. These banks get around the prohibition of interest on loans by treating loans more like leases or profit-sharing arrangements. Giant financial institutions in the US now have their own Sharia advisory boards, while banks with relatively small assets rely on opinions from the Sharia Advisory Board of America.