{"id":1903,"date":"2004-06-10T01:10:00","date_gmt":"2004-06-10T06:10:00","guid":{"rendered":"http:\/\/www.patheos.com\/blogs\/altmuslim\/?p=1903"},"modified":"2004-06-10T01:10:00","modified_gmt":"2004-06-10T06:10:00","slug":"islamic_finance_finds_an_unlikely_patron","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/altmuslim\/2004\/06\/islamic_finance_finds_an_unlikely_patron\/","title":{"rendered":"US Treasury Department: Islamic finance finds an unlikely patron"},"content":{"rendered":"<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><head><meta http-equiv=\"content-type\" content=\"text\/html; charset=utf-8\"><meta http-equiv=\"content-type\" content=\"text\/html; charset=utf-8\"><\/head><body><table cellpadding=\"0\" cellspacing=\"0\" border=\"0\" align=\"right\">\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/www.altmuslim.com\/ee_images\/gamal_treasury.jpg\" border=\"0\"><\/td>\n<\/tr>\n<tr>\n<td align=\"right\">\n<div class=\"caption\">Good credit<\/div>\n<p><\/p><\/td>\n<\/tr>\n<\/table>\n<p>There\u2019s quite a bit of interest (pardon the pun) in <a href=\"http:\/\/www.islamic-finance.com%2Findexnew.htm\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">Islamic finance<\/a> today.  Modern Islamic finance \u2013 which eschews interest and incorporates ethical standards into investing and transactions \u2013 has slowly been growing, both in terms of financial services and a <a href=\"http:\/\/www.isna.net%2FHorizons%2Farticle.asp%3Fissueid%3D19%26artnatid%3D7%26catnational%3D9\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">field of study<\/a>, for several years now among Muslims in the west.  It started with no-interest home purchases, a business that has since grown to help thousands of Muslims <a href=\"http:\/\/www.pbs.org%2Fwnet%2Freligionandethics%2Fweek523%2Ffeature.html\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">acquire property<\/a> in \u201crent-to-own\u201d programs.  Gradually, other Islamically-oriented services, such as Islamic <a href=\"http:\/\/www.amanafunds.com\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">mutual funds<\/a> and <a href=\"http:\/\/www.lariba.com\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">banking services<\/a>, emerged.  And as the Islamic banking industry matured around the world, mainstream companies like Citibank bought into it by creating and\/or purchasing their own <a href=\"http:\/\/www.citiislamic.com%2Fciib%2Fhomepage%2F\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">Islamic banking subsidiaries<\/a>.  With international marketplaces, especially between Muslim countries, increasingly using Islamic financial principles, the practice has caught the eye of the US Treasury Department, which this week <a href=\"http:\/\/www.ustreas.gov%2Fpress%2Freleases%2Fjs1706.htm\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">announced<\/a> the appointment of Dr. Mahmoud El-Gamal to serve as the first <a href=\"http:\/\/news.tradingcharts.com%2Ffutures%2F3%2F6%2F56318363.html\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">Islamic Finance Scholar-in-Residence<\/a>.  \u201cWith the recent growth of the Islamic finance industry, deeper understanding of Islamic finance is priority for this Administration.\u201d said John Taylor, Under Secretary for International Affairs. \u201cI look forward to interacting with him on important policy issues.\u201d  Gamal plans to <a href=\"http:\/\/www.islam-online.net%2FEnglish%2FNews%2F2004-06%2F03%2Farticle05.shtml\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">conduct workshops<\/a> for US government agencies on Islamic finance, including overviews of the industry, prudent  supervision and regulation, accounting standards, government practices and debt management.   But the crossroads of Islam and money at the Treasury Department is more likely where you\u2019ll find an effort to <a href=\"http:\/\/www.csmonitor.com%2F2004%2F0609%2Fp07s02-wome.html\" class=\" decorated-link\" target=\"_blank\" rel=\"nofollow\">cut off<\/a> terror financing, which, with complex hawala systems and other such networks for moving money, is another benefit of having Mr. El-Gamal on board.<\/p>\n<p><i><\/i><\/p>\n<p>Shahed Amanullah is editor-in-chief of altmuslim.com.\n<\/p>\n<p><\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"<p>In order to better understand Islamic finance &#8211; as well as track terror financing &#8211; the US Treasury Department recruits an Islamic finance scholar.<\/p>\n","protected":false},"author":530,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1903","post","type-post","status-publish","format-standard","hentry","category-briefings"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Treasury Department: Islamic finance finds an unlikely patron<\/title>\n<meta name=\"description\" content=\"In order to better understand Islamic finance - as well as track terror financing - the US Treasury Department recruits an Islamic finance scholar.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.patheos.com\/blogs\/altmuslim\/2004\/06\/islamic_finance_finds_an_unlikely_patron\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Treasury Department: Islamic finance finds an unlikely patron\" \/>\n<meta property=\"og:description\" content=\"In order to better understand Islamic finance - as well as track terror financing - the US Treasury Department recruits an Islamic finance scholar.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.patheos.com\/blogs\/altmuslim\/2004\/06\/islamic_finance_finds_an_unlikely_patron\/\" \/>\n<meta property=\"og:site_name\" content=\"altmuslim\" \/>\n<meta property=\"article:published_time\" content=\"2004-06-10T06:10:00+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.altmuslim.com\/ee_images\/gamal_treasury.jpg\" \/>\n<meta name=\"author\" content=\"Shahed Amanullah\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shahed Amanullah\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/2004\/06\/islamic_finance_finds_an_unlikely_patron\/\",\"url\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/2004\/06\/islamic_finance_finds_an_unlikely_patron\/\",\"name\":\"US Treasury Department: Islamic finance finds an unlikely patron\",\"isPartOf\":{\"@id\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/#website\"},\"datePublished\":\"2004-06-10T06:10:00+00:00\",\"dateModified\":\"2004-06-10T06:10:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/#\/schema\/person\/0e0efbb645cc461c721083358f82f945\"},\"description\":\"In order to better understand Islamic finance - as well as track terror financing - the US Treasury Department recruits an Islamic finance scholar.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/2004\/06\/islamic_finance_finds_an_unlikely_patron\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.patheos.com\/blogs\/altmuslim\/2004\/06\/islamic_finance_finds_an_unlikely_patron\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/2004\/06\/islamic_finance_finds_an_unlikely_patron\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US Treasury Department: Islamic finance finds an unlikely patron\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/#website\",\"url\":\"https:\/\/www.patheos.com\/blogs\/altmuslim\/\",\"name\":\"altmuslim\",\"description\":\"Global perspectives on Muslim life, politics &amp; 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