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Other Materials: FAQ

[1] The number of Muslims is subject to significant controversy. Estimates range from 700 million to 1.2 billion worldwide and between 2 million and 7 million in the United States. The most often quoted estimate that there are between 6 and 7 million Muslims in America is based on the 2000 Mosque Study Project. The 6 to 7 million person estimate is for the total population; 2 million of those are associated with a mosque. The 2000 Mosque Study Project was commissioned by the Council on American-Islamic Relations (CAIR), the Islamic Society of North America (ISNA), the Ministry of Imam W. Deen Mohammed and Islamic Circle of North America. The questionnaire was given over the telephone to mosque leaders between March and September 2000.

[2] SwissInfo (October 9, 2006) cited Moody's Investors Service who estimated the Islamic finance industry at $750 billion worldwide. A Time Europe magazine article (December 16, 2002) placed assets held by Islamic Financial Institutions (IFIs) at $300 billion while a Business Week story (August 5, 2005) estimates IFI assets at $262 billion.

[3] Islamic Financial Information Service (IFIS)

[4] The following banks offer Shari'ah-compliant banking (listed by state):


American Finance House - LaRiba (Pasadena, CA)
Bank of Whittier (Whittier, CA)
Ameen Housing Co-operative (AHC) (Santa Clara, CA)

Northern Virginia

Guidance Financial Corp (Reston, VA)

Minneapolis/St. Paul, Minnesota

African Development Center (Minneapolis/St. Paul, MN)
Reba Free (Minneapolis/St. Paul, MN)


Devon Bank (Chicago, IL)


University Islamic Financial Corp (Ann Arbor, MI)

New York City Area

HSBC Amanah* (NY, NY)
Anchor Finance Group (Hauppauge, NY)

* HSBC does not offer Islamic services within the U.S. but has an office in New York City

[5] The following investment companies operate or have offices in the U.S.:

Amana Funds
Dow Jones Islamic Fund
Calyx Financial
Wafra Investment Advisory Group, Inc.

Dow Jones Islamic Market index provides indices of Shari'ah-compliant companies used by many Shari'ah-compliant mutual funds as a population of companies from which they may choose to invest.

[6] This estimate was provided in Business Week (August 8, 2005).

Bachmann, Helena. "Banking on Faith", Time Europe, December 16, 2002.

Shameen, Assif. "Islamic Banks: A Novelty No Longer", BusinessWeek, August 8, 2005.

SwissInfo. "Swiss Sharia bank courts Gulf petrodollars," October 9, 2006.

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