Continuation
ISLAMIC FINANCE TRENDS IN THE UNITED STATES
In the US, the Islamic finance sector has traditionally been
involved in financing transactions at the consumer level.
The first, and most notable, systematic attempt to bring
Islamic finance to the US retail consumer market was made in the mid-1990s.
At that time the Office of the Comptroller of the Currency
(OCC) formally recognised:
-
the ijarah
-
and the murabahah
models as being valid for transactions involving residential
property purchases.
There are presently a few IIFSs (Institutions Offering
Islamic Financial Services) in the US that are able to ensure the proper supervision of
the Shari’ah advisers required by the national market.
It have established close partnerships with regulators and
key financial institutions.
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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