How Muslims in the U.S. Follow the Islamic Financial System
Thousands of Muslims in Chicago use the Islamic finance system while also using traditional banks and conventional financing structures. Cynthia Shawamareh, Islamic law and finance lecturer at the University of Chicago, described how Muslims in the U.S. find it more challenging to follow faith-based financing. Some Muslims in the U.S. obey the Shariah-based financial system with different workarounds to process their economic operations under the purview of Islamic finance while still operating in mainstream American financial systems. The Devon Bank initiated a Shariah-based financing alternative for its Chicago customers in 2003, creating a system of residential mortgage and commercial leasing options that are Shariah-compliant.
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