{"id":22141,"date":"2014-11-29T04:36:59","date_gmt":"2014-11-29T03:36:59","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=22141"},"modified":"2014-11-29T04:37:16","modified_gmt":"2014-11-29T03:37:16","slug":"muslim-interest-in-banking","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/muslim-interest-in-banking\/","title":{"rendered":"Muslim Interest in Banking"},"content":{"rendered":"

The Federal Reserve Bank of Richmond comments:\u00a0 Most Americans don’t have to think about whether basic banking services are available. If anything, it feels like the choices in savings accounts, auto loans, mortgages, and investment vehicles are overwhelming. Not so for a certain segment of the U.S. population. There were roughly 2.8 million Muslims in the United States as of 2010, according to the Pew Research Center’s Religion and Public Life Project, though estimates vary (see map). The most recent study published by the Association of Statisticians of American Religious Bodies estimates that Islam was the fastest-growing religion in the United States between 2000 and 2010.\u00a0 Muslim Banking in the US<\/strong><\/a><\/p>\n

Islamic finance is rooted in the principle that investments should create social value and not merely wealth. The Quran, the 1,400-year-old text that governs followers of Islam, prohibits riba, the charging or receiving of monetary benefit from lending money, interpreted in modern terms as a prohibition against interest. Islamic finance also prohibits excess risk or uncertainty (gharar), gambling (maysir), and sinful activities (haram). Transactions generally must be tied to real, tangible assets.<\/p>\n

\"Muslim<\/a><\/p>\n

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The Federal Reserve Bank of Richmond comments:\u00a0 Most Americans don’t have to think about whether basic banking services are available. If anything, it feels like the choices in savings accounts, auto loans, mortgages, and investment vehicles are overwhelming. Not so … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-22141","post","type-post","status-publish","format-standard","hentry","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t