US-Based Halal Challenger Bank Officially Launches Waitlist to Nationwide Consumers
Fardows, an Islamic neo bank established in the United States of America (USA), has officially opened its waitlist to consumers around the country. Fardows commenced operations to service business and consumer demand for Shariah-compliant loans, banking and other financial services.
Why it Matters?
Although Islam is the fastest-growing religion globally and in the USA, Muslims’ financial requirements, remain largely unfulfilled. Muslims account for 900 million of the world’s 1.3 billion unbanked population, which amounts to 70%, according to a media report. Muslims in the USA too remain considerably underbanked and excluded from the financial system. World Bank studies indicate that increasing access to Shariah-compliant banking and financial services will lead to greater financial inclusion.
- Fardows has started forming collaborations with key financial institutions and community organisations.
- Fardows will start offering robo-advising and USA-based halal checking accounts by the end of 2021.
- Fardows wants to offer Halal mortgages, loans and commercial banking by 2022 in the USA.
Originally Published on Islamic Markets