ANALISIS DESKRIPTIF POTENSI PERKEMBANGAN INDUSTRI KEUANGAN SYARIAH DI AMERIKA SERIKAT
Abstract
This study aims to describe the potentials found in the United States regarding the development of the Islamic Financial Industry. The type of research used is qualitative study with descriptive methods and uses secondary data, sourced from books, scientific journals, online and printed news, reports from government and private institutions. The analysis used in this study is descriptive analysis, which is an analysis that aims to reveal facts, events, phenomena, and any circumstances that either occur at the present time, or the time period that can still be remembered by respondents.
The results of this study show that the Islamic Finance Industry in the United States has developed since the late 1980s, but the first breakingthrough point in the Islamic finance industry in the US occurred in 1998 and 1999. At that time (UBK) The United Bank of Kuwait those who open branches in the United States write to the OCC (Office of the Comptroller Currency) or US financial regulator regarding licensing of Islamic financial products. The first letter was replied in 1998 by allowing home financing products with ijarah wa iqtina (lease to purchase) to operate in the U.S. because OCC considered the product has minimum of risk. Then in the following year OCC responded to UBK's letter by allowing murabahah products for similar reasons. Then after that Islamic financial institutions began to develop in the United States, until now there are more than 25 financial institutions that offer Islamic financial products in the form of home financing, corporate financing, or other financing. In the future, this industry will continue to grow by maximizing the main potency, namely the Muslim population which is the fastest growing religious population in the U.S., and the primary sector is sharia home financing, and also supported with the freedom value in U.S which was stated in free exercise clause of U.S constitutions