Richmond Fed economist sees obstacles to Islamic finance in the US

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Islamic finance faces an uphill struggle in the US despite demand from a rapidly growing Muslim population, according to Renee Haltom, an economist at the Federal Reserve Bank of Richmond.

In an article published in the Richmond Fed's quarterly economics publication, Haltom said Islamic banks were struggling to gain traction in the US.

Currently the country has just one fully sharia-compliant bank, University Islamic Financial, which also offers the country's only sharia-compliant deposit accoun

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