United States: Islamic banks and finance
Checked on October 12, 2026
The United States has no federal law on Islamic finance: the OCC accepted ijara in 1997 and murabaha in 1999 for national banks, and home finance companies operate under state licences (NMLS registry). There is no fully Islamic bank; the offer relies on a few specialist firms, including Guidance Residential (declining co-ownership since 2002) and UIF Corporation, which absorbed American Finance House LARIBA on 1 April 2026, as well as Devon Bank and the Californian cooperative Ameen Housing. Federal mortgage agencies buy part of these contracts, which allows them to be offered in many states. On the investment side, managers such as Wahed offer Sharia-compliant portfolios, retirement accounts and ETFs, while takaful insurance is absent from the market.
The 5 providers
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Guidance Residential, LLC
Finance company- Since
- 2002
- Supervision
- NMLS
- Products
- Home finance
- Contracts
- Diminishing musharakah
A home finance company (NMLS 2908) whose declining balance co-ownership programme is offered in 2026 in the states where it is licensed.
-
UIF Corporation
Finance company- Group
- University Bancorp
- Supervision
- NMLS/IDFPR
- Products
- Savings, Home finance, Car finance, Business
On 1 April 2026 American Finance House LARIBA joined UIF Corporation, which now serves its customers and offers home, vehicle and commercial finance as well as Sharia-compliant deposits.
-
Devon Bank
Islamic window- Group
- Devon Bank
- Supervision
- FDIC/IDFPR
- Products
- Home finance, Business, Investments
- Contracts
- Murabaha
A Chicago community bank, Devon Bank offers murabaha home finance in 33 states in 2026, along with Sharia-compliant commercial finance and wealth management.
-
Ameen Housing Co-operative of California
Co-operative- Since
- 1996
- Supervision
- État de Californie
- Products
- Home finance, Investments
A cooperative structured as a real estate investment trust (REIT), active since 1996, offering home purchase and refinancing certified by AMJA.
-
Wahed Invest LLC
Broker or adviser- Group
- Wahed
- Supervision
- SEC
- Products
- Investments
An SEC-registered adviser, Wahed manages robo-advised portfolios, retirement accounts (IRAs) and Sharia-compliant ETFs, including HLAL and UMMA, in 2026.
Closed or discontinued
American Finance House LARIBA
Founded in 1987, LARIBA joined UIF Corporation on 1 April 2026 and its existing contracts have since been serviced by UIF.
Before you commit
- Ask for the names of the Shariah board members and their published rulings on the product.
- Check that the provider is authorised by the country’s regulator.
- Compare the total cost, not just the monthly payment: the calculators in this section can help.
- Read the contract: who owns the property, who bears the risk, late-payment charges and where they go.