Islamic banking is offered side by side with riba-based banking to meet the
growing market demand for Islamic banking.
To meet this challenge, LARIBA organized an annual seminar on RF
financing, which included a prestigious awards dinner to recognize out-
standing contributors to RF bankingfrom all countries in the world. We
invited local and national politicians to the dinner, as well as religious and
community leaders, diplomatic core representatives, and the press in Los
Angeles. In one of these galas, we recognized the Prime Minister of Malay-
sia, the honorable Dr. Mahathir Muhammad, in Chicago for his unique
efforts to rescue the economy of Malaysia during the 1997–1998 Asian cur-
rency crisis and for his support of RF banking in Malaysia. These efforts
have helped us introduce many in the political arena to what we are trying
to do, increase their understanding of RF banking, and help them feel com-
fortable about the integrity and worthy ideals RF banks stand for. This ef-
fort has had a definite positive impact on the acceptance of RF financing in
the United States.
The Media We were contacted and were covered by many media outlets,
including television, radio, newspapers, and magazines. These outlets in-
cluded organizations such as ABC News, National Public Radio, Voice of
America, Malaysian TV,The Wall Street Joutnal,TimeMagazine,The Los
Angeles Times,USA Today,The Dallas Morning News,The Washington
Post,The New York Times, theChicago Tribuneand many other newspa-
pers and magazines. It was very difficult to explain to the reporters what we
do, because it is very involved and required a lot of attention and concentra-
tion. We learned that reporters are looking for ‘‘sound bites’’ and simple,
fast statements. We also learned how to do that, but we insisted that they
get a piece of paper and a pencil, and we went through the LARIBA model
from A to Z. Many of them were impressed. In fact, the coverage we re-
ceived was the envy of many in the field. Our competitors asked who was
our public relations officer. The fact of the matter is that we never had one.
We received all these calls from all these reporters without even seeking or
expecting them. They must have been a gift and recognition from the
‘‘higher authority.’’
The most interesting experience was a call we received from a senior
business reporter, Elliot Blair Smith, atUSA Today. The newspaper had
published at least three articles about LARIBA. When we took the call,
Smith explained that he had spent more than a year in Pakistan investigat-
ing money laundering and transfers involving terrorists. He wanted to in-
vestigate and know more about LARIBA. We explained to him in great
detail what LARIBA is and what we have done at LARIBA, as a responsible
American finance company that abides by Judeo-Christian-Islamic values.
RF Banking Model for the 21st Century 239