Publication:
The impact of Islamic banking on American financial systems
Abstract
This study aims to investigate the current state of Islamic banking in Dearborn, Michigan, and to identify the challenges and opportunities associated with its growth. The research problem is the limited understanding of the demand for Islamic banking services in the US and the factors that influence their adoption. To address this issue, a mixed-methods approach was used, which included surveys, interviews, and secondary data analysis. The survey included a sample of 300 Muslim customers of Islamic banks in Dearborn, while the interviews were conducted with 10 experts in the field. The study population comprises of Muslim individuals who reside in Dearborn and seek banking services that align with their religious beliefs. The findings of the study reveal that Islamic banking is a growing industry in Dearborn, with a significant number of Muslim customers who prefer banking services that comply with their religious beliefs. However, there are several challenges that hinder the growth of Islamic banking, such as the limited product offerings, lack of awareness and understanding, and regulatory barriers. To address these issues, the study recommends increasing public awareness of Islamic banking, expanding the range of products and services offered, and advocating for regulatory reforms to facilitate the growth of the industry. The study also explores the cultural, regulatory, and religious factors that impact the development of Islamic banking in the US. The findings of the study are supported by a review of relevant literature, which highlights the importance of cultural and religious considerations in the adoption of Islamic banking services. The impact of the research is to provide valuable insights into the current state of Islamic banking in Dearborn and the US, and to inform future research and policy decisions in the field. The study contributes to the development of the Islamic banking industry in the US by highlighting the opportunities and challenges associated with its growth.
Keywords
Islamic banking services , Muslim commnuity , Development of Islamic banking , United States of America , US , Project paper (eMIF)
Citation
Ibrahim, Y. H. (2023). The impact of Islamic banking on American financial systems (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3942
Publisher
INCEIF
Available in PDF format. Kindly email to kmc@inceif.edu.my to access the item