UFANA Overview

As financial institutions explore the benefits of providing Islamic banking and investment products for Islamic investors, many of their international counterparts are already enjoying substantial success in this fast-growing industry, valued worldwide at hundreds of billions of dollars. Islamic finance is emerging as a mechanism for tapping alternative sources of liquidity. Increasing interest in Islamic finance is encouraging many institutions to expand their provision, while established providers of Islamic financial services are finding new ways to innovate and improve existing products and services. However, with the exciting opportunity to offer Islamic financial products comes a new set of challenges, including regulatory obstacles, assessing the real market demand and creating and managing Islamic products. Underlying all these challenges is the need to understand the unique dynamics of this industry.

How do you make the strategic decision to offer Islamic products within your institution? What were the hurdles that other conventional banks faced? What are the challenges facing Islamic banks? How did they overcome these challenges? Which investment products are suited to comply with Islamic law (Shariah)? What are the structures that will secure money from the Middle East?

The Usury-Free Association of North America (UFANA) is a national, non-profit organization, which was formed specifically to tackle these questions. UFANA represents institutions, businesses and individuals in North America who operate in a usury-free environment. UFANA’s mission is to enable these institutions, businesses and individuals to connect and further develop the usury-free industry in North America.