Fardows, a US-based neo-Islamic halal bank, has officially launched its waiting list to consumers across the country.

MOUNTAIN VIEW, CALIFORNIA, UNITED STATES, July 28, 2021 /EINPresswire.com/ – Fardows, a US-based neo-Islamic Halal bank, has officially launched its waiting list to consumers across the country.

Fardows was launched to meet growing consumer and business demand for halal loans, halal bank, and other halal financial services.

Islam is the fastest growing religion in the world and in the United States. However, the financial needs of Muslims remain largely unmet.

Islam only allows financial transactions based on risk sharing and prohibits financial transactions that have predetermined debt interest (Riba). This means that Muslims would be committing a sin using most of the financial services available to American consumers. For example, Muslims are not allowed to use conventional accounts: checking accounts, credit cards, mortgages, student loans, and insurance.

Islam also has strict ethical guidelines when it comes to financial investments. As such, Muslims are unable to invest in industries seen as not serving social interests such as: alcohol, tobacco, weapons, among others. Due to Islam’s strict guidelines on ethics and financial risk sharing, Muslims are unable to invest in the majority of stocks and ETFs.

Muslims are therefore considerably underbanked and excluded from the financial system in the United States. This is true even internationally given that 900 million of the 1.3 billion of the world’s unbanked population are Muslims (70%). World Bank studies indicate that increased access to Islamic banking and financial services would increase financial inclusion.

Fardows’ innovative digital financial products will allow Muslims in the United States to finally have access to financial products compatible with Islam. Muslims will no longer have to sacrifice their faith for their financial well-being. Fardows has started to partner with key financial institutions and community organizations with great success.

Fardows will begin offering US-based halal checking accounts and robotics advice by the end of 2021. Fardows then hopes to offer competitive halal mortgages, halal loans and banking services to halal businesses in the US. by 2022.

Sign up for early access to Fardows Halal Challenger Bank by clicking here.

Stacey lambart
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