Muslim alike, who did and are still doing their best to bring full life
back to the ‘‘Islamic’’ RF banking industry. This effort has not been at-
tempted nor tried since the 19th century, in a world that has seen quan-
tum leaps in the business of riba-based banking and finance since that
time.
The following is a listing of the different professionals and customers
who actively and sincerely participated in the development or the use of ser-
vices of modern Islamic banking and finance since it was first conceived in
the second half of the 20th century.
Muslim Puritans The wordpuritanis advisedly used because of its Ameri-
can roots.^3 It was used first in England to describe a group of early Ameri-
can settlers who immigrated to America so that they could apply the true
spirit of the Judeo-Christian values as articulated by the Protestant reform
leader Martin Luther to their dailylives. The Muslim Puritans emigrated
from many Muslim countries around the world to the United States to
escape persecution in their own former lands and/or to seek new opportuni-
ties in America. It is believed that the first responsibility of the RF banking
brand is to help this category of citizens solve the problem of living the
American dream without the use of riba/ribit. The challenge that RF bank-
ers have to resolve is how to convince these puritans that an RF banking
approach is acceptable, in order tobring them into mainstream America
and get them to move out of small apartments they do not own and into a
nice home that they do own in a nice neighborhood. This, it is believed,
could help them and their families become viable and effective U.S. citizens,
because they will get to know their neighbors, send their children to neigh-
borhood schools, and become fully involved in the American way of life.
They would eventually transform, becoming owners of a ‘‘piece of the
rock.’’ We have had the honor of meeting wonderful professionals who
have lived a puritanical life in the United States, without borrowing with
interest or depositing their money in conventional riba-based banks to earn
interest on a time certificate of deposit, because they believe that doing so is
haram (divinely prohibited). Many of these families lived in humble
crowded apartments for more than 20 years to avoid taking a loan with
interest to buy a home. They went on saving as much as they could to pay
for their dream home. In fact, when we started LARIBA, some of these
wonderful new Americans had saved up to 80 percent of the price of their
home and contacted us so they could finance the rest riba-free. Because of
their meticulous attention to detail regarding the RF models and procedures
used, and their commitment to not participate in any religiously prohibited
transaction, many of these puritans wanted proof that the techniques used
were sanctioned by a fatwa from a recognized and trusted scholar. We were
happy, patient, and delighted to meet that challenge.
RF Banking Model for the 21st Century 233