Posted by: islamicfinancingnews | June 12, 2012

Recent Reports Are Saying Islamic Finance Is Growing

There have been recent news reports that Islamic finance is growing but still missing one essential ingredient to take it to the next step. After the recession started in 2008, many institutions that were supplying Islamic mortgages found they were lacking the international bridge of the kind that multinational banks enjoy.

 

In fact, Reuters is reporting that some of the larger Islamic financial institutions are scaling back their efforts to go international as they take a wait and see attitude while the global economy recovers. Still in North America which includes Canada and the United States, there is ample opportunity to get the kind of Islamic loans that keep practicing Muslims free from Riba and compliant with Sharia law.

This type of Islamic finance bridges the gap and has many similar characteristics of traditional Western mortgages including the fact that you’ll need to go through an application process. Financial institutions in the Americas will want to know about your employment and residence history and your credit score is another determining factor when you’re applying for one of these loans.

It makes sense to watch the international evolution of Islamic finance even though you can get one of these loans on this continent.

 

 


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