Shariah Financing in the USA

Shariah Finance in the US

• The Office of the Comptroller of Currency (OCC) formerly approved in 1997 and 1999 two Islamic mortgage finance products, Ijarah & Murabaha
• Both Fannie Mae and Freddie Mac participate in Islamic home financing schemes
• In May 2004, the U.S. Treasury named Dr. Mahmoud El-Gamal, a Rice University professor, as its first Islamic Finance Scholar-in-Residence