Preparing an Industry Leader for the Diverse Future

Training bankers to serve American Muslim clients with cultural sensitivity. 

Challenge

Train GoldmanSachs financial planners and bankers on Islamic banking, finance concepts, and products in American markets to better serve their Muslim clients in the US wishing to make sharia-compliant investments and estate plans.

Outcomes 

1. Live webinar training services and resource packages provided to over 100 bankers and financial planners. 
2. A separate webinar recording continues to educate employees on the halal financial industry, enabling them to better access and support nearly 4 million American Muslims with a collective buying power of $200 billion.

Islamic Banking & Finance in the US: Engaging Diverse Muslim Clients (Training)

Muslims comprise 25% of the world’s population. Halal industries—that is, industries that are permissible under Islamic law—are slated to grow rapidly post-pandemic. A deeper understanding of current and potential Muslim clients and markets is crucial in mutliple industries, including banking and finance.

Goldman Sachs recognized how important it was to better understand and serve its American Muslim clients with cultural sensitivity and solid information on halal banking opportunities available in the United States. These clients are among the nation’s diverse 4 million American Muslims, many of whom are interested in sharia-compliant banking and are connected to global halal markets representing $4 trillion in market share. They also offer an entry point into accessing the 75% of Muslims in the world who remain unbanked.

Dr. Jamal developed a training and resource guide for a segment of the multinational investment bank’s financial planners. Content included the business case for engaging Muslim clients, diversity in Islamic legal interpretations on wealth, and an overview of Islamic banking and finance concepts and products in American markets. She also covered recent U.S. laws and trends that impact Islamic finances, including investments, insurance, estate planning, and charity. Finally, Dr. Jamal provided best practices for engaging diverse American Muslim clients with cultural competence and sensitivity.

The training received very positive reviews from financial planners, bankers, middle and upper management, as well as HR and DEI professionals involved. Pointedly, some Muslim employees expressed surprise and pride to see their faith presented in a professional context with respect, sensitivity, and insight that they and their secular colleagues valued and learned from.