Dear Islamic banks: An open letter from a concerned Muslim millennial who wants to practice Islamic values

Soukaina Rachidi is a young, educated Arab Muslim who confesses she doesn’t know very much about Islamic banking and Islamic finance, but would like to be more engaged because she cares about being Islamic. In this open letter, she addresses her questions and concerns directly to the Islamic banking industry.

Before I started researching for this article, I had never really thought about Islamic finance, or more specifically Islamic banking, because for me, it was just another option: another place to store my money so I can buy stuff with my debit card. However, perhaps unlike many young Muslims my age, I’m single, I don’t have student loans, car payments, or a mortgage. So, I don’t have to deal with many financial burdens. I also don’t feel the need to open an account in an Islamic bank, because I only use my bank to store money. I don’t use any other services that might put me in an “Islamic grey area”, or at least I don’t think so. But I know this might not always be the case.

My mother always tells me: “There is no such thing as not being able to afford your lifestyle.” I have always tried to live by the wisdom of her words by spending within my means. However, I want to get married one day and have children, so I know that my financial footprint will grow, because doing “the basics” is getting more and more expensive.