A Chicago Tribune article said since the 9/11 attacks middle eastern money came under greater scrutiny, worrying investors in those regions that their money was no longer safe in Western banks. That said, many of them chose to invest locally, adding to the demand for Islamic banking.
Now at this point I have to say, prior to the attacks muslim investors were fine with receiving and paying interest. What happened? Tighter scrutiny, a closer look as to where the funds were actually coming from and going to? Was this institution born out of a need for secrecy? I believe so, especially when the sharia law overview is so open to interpretation;
Sunrise is committed to promoting the concept of Shariah/Islamic Financing in the USA.
Why Interest is forbidden in Islam
- It is thought to be exploitative for both, the borrower and the lender
- Money is not considered to be a “commodity” in itself but a measure of value, hence it cannot be traded, “Buying money” in the form of deposits at a given price “interest” and selling the same at a higher interest rate in the form of loans is not allowed
That's it folks, no links to a greater explanation or anything, this is it free to make the rules fit the situation as seen fit by the board of trustees. And confuse the FICA, Homeland Security, the FBI and CIA. Nice....