How do you find Islamic banks in the United States?


Quick Answer

Global Banking and Finance Review provides a list of Islamic banking and financial institutions and banks which include Sharia compliant services, updated as of 2015. Some, such as Lariba American Finance House, have been established specifically to provide Sharia services to the American Islamic community. Others, such as J.P. Morgan Chase, are larger international institutions that have expanded their services to provide for Islamic markets.

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Full Answer

A fundamental aspect of Islamic banking is the prohibition of interest or usury, known as riba, on loans. Certain banks carry this further, not providing services to industries or institutions involved in practices and products considered prohibited by Sharia law, such as the sale of alcohol. Labira, as an example, focuses on providing alternative, riba-free financing for traditional loan ventures such as automobiles, housing and small businesses. Its home page includes several documents explaining its interpretation of Sharia as well as the specifics of how it finances client purchases. Others, such as Dubai Islamic Bank, adhere more directly to Sharia law in all their practices.

Certain banks, such as DIB, only allow electronic interactions when providing services in the United States. Bank of Whittier and Standard Chartered Islamic Banking have a limited number of available branch offices open to the public, while J.P. Morgan Chase is widespread, with branches accessible throughout most of the United States.

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