financing by a ‘‘foreign’’ name doesnot make it Islamic; what makes it
Judeo-Christian-Islamic is the substance and spirit by which it offers unique
and measured advantages over other conventional banking models. In sum-
mary, we made sure that we do not ‘‘wear our religion on our sleeves.’’
BENEFITS OF OFFERING AN RF BANKING
ALTERNATIVE IN AMERICA1.It applies the strict conventional U.S. banking regulatory and su-
pervisory environment and practices enjoyed by U.S. banks to RF
banking practices, products, and services. This adds more credi-
bility to the RF banking approach and will make its product more
reliable and acceptable in the market.
2.It creates a larger pool of bankers of all faiths, training, and expe-
rience who are well-versed in both conventional riba banking and
RF banking. This will bring a large pool of banking experience,
expertise, and creative abilities to manufacture new products and
services for the RF banking industry. It will also provide the
emerging RF banking industry with RF bankers who can show
the real difference by the mode of service they offer and be able to
explain it well. This will help us achieve our long-term objective
of creating the foundation for a new banking service, RF banking,
that is offered nationwide.
3.It offers consumers the choice between conventional riba-based
banking services and RF banking products and services. The con-
sumer will enjoy the ability to choose from a wide variety of
banking, financing, and saving products and services.
4.It encourages the members of the faith-based communities that
believe in a riba-free lifestyle, including the American Muslim
community, to participate fully in the U.S. economic system, inte-
grate with it, and become important contributors to American life
without violating their religious beliefs. This will have a great so-
cial impact on the growing American Muslim community and
faith-based communities at large, and will encourage savings and
entrepreneurship.
5.It creates an atmosphere of healthy competition between the riba-
based conventional banking products and services and the RF
banking products and services. This competition should be benefi-
cial to the consumer.