Islamic finance jobs USA
Islamic finance is a form of financial system that is based on the principles of Islamic law (Shariah). Islamic finance prohibits interest (riba), gambling (maysir), uncertainty (gharar), and unethical activities that harm society or the environment. Islamic finance also promotes risk-sharing, social justice, and financial inclusion¹
It is a unique financial system rooted in ethical and Shariah-compliant principles. It stands as an alternative to conventional finance, emphasizing fairness, ethical investing, and risk-sharing.
Islamic finance is a growing and dynamic sector that offers various career opportunities for those who are interested in working in a Shariah-compliant way. According to a report by the Islamic Financial Services Board, the global Islamic finance industry reached $2.88 trillion in assets in 2019, with an annual growth rate of 14%². The report also projected that the industry will reach $3.69 trillion by 2024².
The United States is one of the largest and most diverse markets for Islamic finance, with a Muslim population of about 3.45 million³. Read about Islamic Fintech industry
Historical development of Islamic finance in the USA
Islamic finance in the USA dates back to the 1980s, when two institutions opened on the West Coast, offering investment and home finance services to Muslim customers. These institutions were the Islamic Investment Company of the Gulf (Bahrain) and the North American Islamic Trust. Since then, Islamic finance has grown and diversified in the USA, with the emergence of various Islamic financial institutions and organizations that offer products and services such as banking, insurance, investment, education, charity, and more.
Career path for Islamic finance jobs
Islamic finance offers a wide range of career paths for those who want to work in a financial system that aligns with their values and beliefs. Islamic finance professionals can work in various sectors of the industry, such as:
Banking and finance roles
Banking and finance roles involve providing financial services to individuals, businesses, and organizations, such as deposit taking, lending, investing, transferring, and managing money. Banking and finance roles can be found in:
Islamic banks: Financial institutions that operate according to Shariah principles and offer Shariah-compliant products and services to their customers. Examples of Islamic banks in the USA are Guidance Residential, University Islamic Financial, Devon Bank, and Lariba Bank.
Conventional banks with Islamic finance divisions: Financial institutions that offer both conventional and Islamic financial products and services to their customers. Examples of conventional banks with Islamic finance divisions in the USA are JPMorgan Chase, Citibank, Bank of America, and HSBC.
Wealth management: The process of providing financial advice and planning to high-net-worth individuals and families, such as asset allocation, portfolio management, estate planning, tax planning, and philanthropy. Wealth management professionals can work for Islamic banks or conventional banks with Islamic finance divisions, or as independent financial advisors or consultants.
Investment and asset management: The process of managing funds or assets on behalf of clients or investors, such as mutual funds, pension funds, endowments, foundations, sovereign wealth funds, or individual investors. Investment and asset management professionals can work for Islamic banks or conventional banks with Islamic finance divisions, or for specialized firms that offer Shariah-compliant investment products and services.
Shariah-compliant investment funds: Funds that invest in assets or securities that are screened for Shariah compliance and social responsibility. Shariah-compliant investment funds can be categorized into different types, such as equity funds, fixed income funds (sukuk), money market funds (murabaha), real estate funds (ijara), commodity funds (salam), balanced funds (mudaraba), or ethical funds (zakat). Shariah-compliant investment funds can be managed by Islamic banks or conventional banks with Islamic finance divisions, or by specialized firms that offer Shariah-compliant investment products and services.
Private equity and venture capital: The process of providing capital to private companies or start-ups that have high growth potential or are in need of restructuring or turnaround. Private equity and venture capital professionals can work for Islamic banks or conventional banks with Islamic finance divisions, or for specialized firms that offer Shariah-compliant private equity or venture capital products and services.
Also read – Challenges of islamic Banking
Insurance and Takaful
Insurance and Takaful involve providing protection or coverage to individuals or businesses against various risks or losses. Insurance and Takaful professionals can work in:
Insurance: The conventional form of insurance that involves the transfer of risk from the insured to the insurer in exchange for a premium. Insurance professionals can work for conventional insurance companies that offer Shariah-compliant insurance products and services to their customers.
Takaful: The Islamic form of insurance that involves the mutual cooperation and contribution of participants who share the risk among themselves based on the principle of tabarru’ (donation). Takaful professionals can work for Takaful companies that operate according to Shariah principles and offer Shariah-compliant insurance products and services to their customers.
Consulting and advisory services
Consulting and advisory services involve providing expert advice or guidance to clients on various aspects of Islamic finance. Consulting and advisory professionals can work for:
Accounting firms: Firms that provide accounting, auditing, taxation, consulting, and advisory services to clients in various industries. Accounting professionals can work for accounting firms that offer Shariah-compliant accounting standards, auditing procedures, taxation policies, and advisory services to their clients.
Law firms: Firms that provide legal services to clients in various fields of law. Law professionals can work for law firms that offer Shariah-compliant legal advice, contract drafting, dispute resolution, and regulatory compliance to their clients.
Consulting firms: Firms that provide strategic, operational, financial, technological, and organizational consulting services to clients in various sectors. Consulting professionals can work for consulting firms that offer Shariah-compliant consulting solutions, business models, market analysis, feasibility studies, and project management to their clients.
Academic and research opportunities
Institutions offering Islamic finance jobs USA
There are many Islamic financial institutions and organizations that operate in the US, offering products and services such as banking, insurance, investment, education, charity, and more. Some examples of these institutions and organizations are:
- Guidance Residential: A leading provider of Islamic home financing solutions in the US, with over $6 billion in home financing contracts since 2002⁴.
- University Islamic Financial: A subsidiary of University Bank, which offers Shariah-compliant banking products such as checking accounts, savings accounts, certificates of deposit, and personal loans⁵.
- Amana Mutual Funds Trust: A pioneer in Islamic mutual funds, which invests in companies that are screened for Shariah compliance and social responsibility⁶.
- American Finance House LARIBA: A California-based company that offers Islamic leasing and financing for various purposes such as home, car, business, and education⁷.
How to find Islamic finance jobs
If you are looking for a job in Islamic finance in the US, you can use various websites that post Islamic finance-related vacancies and opportunities. Some examples of these websites are:
- Indeed.com: A popular job search engine that allows you to filter your search by keywords, location, salary, company, and more. You can use keywords such as “Islamic finance”, “Shariah”, or “halal” to find relevant jobs⁹.
- Glassdoor.com: A website that provides insights into various companies and jobs, such as reviews, ratings, salaries, benefits, and more. You can also search for jobs by keywords, location, industry, and more[^10^].
- Bayt.com: A leading job portal in the Middle East and North Africa region that also covers international markets. You can search for jobs by keywords, location, sector, career level, and more¹¹.
- Naukrigulf.com: A job portal that focuses on the Gulf region but also offers global opportunities. You can search for jobs by keywords, location, industry, function, and more.
- Simplyhired.com: A job search engine that aggregates listings from various sources and websites. You can search for jobs by keywords, location, salary range, and more.
These are some of the websites that can help you find Islamic finance jobs in the US. However, you should also be proactive and network with people who work or have connections in the Islamic finance industry. You can use social media platforms such as LinkedIn or Facebook to connect with professionals and organizations in this field. You can also attend events and seminars related to Islamic finance to learn more about the industry and meet potential employers or mentors.
Source:
(1) Financial Analyst. https://sa.bebee.com/job/20230912-2ceb73f0ee8d86cb8450fb5829f0b6ee.
(2) Finance Manager. https://sa.bebee.com/job/20230912-0d873003021075387815ae983207a82a.
(3) Finance Manager. https://sa.bebee.com/job/20230912-db54dfa8f2e8ff7e2d221ecb9de411a9.
(4) Islamic Finance Jobs, Employment | Indeed.com. https://www.indeed.com/q-islamic-finance-jobs.html.
(5) 22 Islamic finance Jobs in US | Glassdoor. https://www.glassdoor.com/Job/islamic-finance-jobs-SRCH_KO0,15.htm.
(6) Islamic Finance Job Scope in the Finance Institution – Amanie Advisors. https://amanieadvisors.com/islamic-finance-job-scope/.
(7) Islamic Finance Jobs – 19 Vacancies (with Salaries) Sep 2023. https://www.naukrigulf.com/islamic-finance-jobs.
(8) Islamic Finance Jobs – 2023 | Indeed.com. https://uk.indeed.com/q-islamic-finance-jobs.html.
(9) 20 Best finance islamic finance jobs (Hiring Now!) | SimplyHired. https://www.simplyhired.com/search?q=finance+islamic+finance.
(10) Islamic Finance Jobs in Middle East (September 2023) – Bayt.com. https://www.bayt.com/en/international/jobs/islamic-finance-jobs/.
(11) Islamic finance Jobs in Malaysia – Sep 2023 | JobStreet. https://www.jobstreet.com.my/islamic-finance-jobs.
