Sharia compliant Deposit Accounts in USA

Society Business and Career
1

Hi All,

Does anyone know of any bank or institution offering Sharia compliant Money Market Deposit Accounts in USA? Any information on similar investment opportunities where your principal is secure will be much appreciated.

Thanks!

2

Re: Sharia compliant Deposit Accounts in USA

wasim, what is Sharia compliant Money market DAs?

If the requirement is to have a personal account that does not accrue interest, I am sure many banks let you do that.

3

Re: Sharia compliant Deposit Accounts in USA

check with Guidance Financial.

4

Re: Sharia compliant Deposit Accounts in USA

I have done some research in this area and have found two resources today.

  1. http://www.universityislamicfinancial.com/deposit.html

University Islamic Financial Corporation through University Bank and SHAPE™ Financial are pleased to offer the first Sharia compliant, FDIC insured deposit program: SHAPE™ Profit Sharing Deposit Accounts. The program is available only at University Bank in Ann Arbor, Michigan to assist consumers who seek a Sharia permissible yield on their deposits. All deposit accounts are available to consumers nationwide.

  1. http://www.hsbcamanah.com/1/2/hsbc-amanah/

Shariah compliant investment accounts are currently available in Malaysia, Saudi Arabia, and UAE

Ahmadjee, I have some money that I want to invest. In the past I have invested in tech stocks but my experience hasn’t been too good. CDs bear interest, which is haram. Basically I am looking for an investment vehicle where I can park some money until I need it. Any suggestions besides a checking account?

5

Re: Sharia compliant Deposit Accounts in USA

I don't know much about investing but other here might be able to help if you can tell them how much and where do you need to invest.

One way to get rid of the interest you get from the bank on any kind of account is to give it sadqa, but thats just my opinion.