Political and general news is a daily occurrence, and the world of finance is no exception. From Brussels to London to New York, financial experts are gathering to discuss banking regulations, insurance policies, and the economy. In St. Louis, Missouri, the question of how many Islamic banks are present is an important one.
The answer to this question depends on the definition of an Islamic bank. Generally speaking, an Islamic bank is a financial institution that follows Sharia law. This means that it does not charge interest on loans or accept deposits from customers who are not Muslim. It also does not invest in businesses that are considered haram (forbidden) under Sharia law.
Louis, there are currently two Islamic banks: Gateway Bank and Trust and Crescent Bank & Trust. Gateway Bank and Trust was founded in 2002 and is the first Islamic bank in the state of Missouri. It offers a variety of services including checking accounts, savings accounts, mortgages, and investments. Crescent Bank & Trust was founded in 2006 and offers similar services as Gateway Bank and Trust.
Both banks are members of the Federal Deposit Insurance Corporation (FDIC) and are regulated by the Office of the Comptroller of the Currency (OCC). They both offer a variety of products and services that meet the needs of their customers while adhering to Sharia law. In addition to these two banks, there are several other financial institutions in St. Louis that offer services that meet the needs of Muslim customers.
These include credit unions, investment firms, and money transfer services. These institutions may not be considered Islamic banks but they do provide services that meet the needs of Muslim customers. So, if you're looking for an Islamic banking option in St. Louis, Missouri, you have two options: Gateway Bank and Trust and Crescent Bank & Trust.
Both banks offer a variety of services while adhering to Sharia law. Additionally, there are several other financial institutions in St. Louis that provide services tailored to meet the needs of Muslim customers.
