Sharia's Growing Influence on U.S. Finance
Sharia law is increasingly influencing the U.S. financial system, particularly through prohibitions on interest. This presents a challenge in a country where interest-based finance is foundational. Recent rulings by the Fiqh Council of North America further restrict Muslim investments in companies with significant interest-based debt.
- ▪Sharia law forbids charging interest on loans and earning interest on deposits.
- ▪Muslims in America are prohibited from investing in companies with interest-based debt exceeding 30% of their market capitalization.
- ▪The Fiqh Council of North America has issued fatwas that guide Muslim financial practices.
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