RETAIL ISLAMIC FINANCIAL SERVICES IN NORTH AMERICA: THE (UPPER) MICHIGAN CONNECTION

The purpose of this paper is to explore how a small remote Midwestern bank reformulated itself into a major marketer of retail Islamic financial services in the United States and influenced Islamic financial services marketing in North America. The paper is based on a review of existing literature and a case study of how University Bank, now based in Ann Arbor, Michigan, has become the leading provider of Islamic financial services in the United States. University Bank whose principals are Roman Catholic identified the Muslim market in Southeast Michigan as measurable, differentiable, accessible and substantial. As part of the Bank's reformulation strategy it has successfully executed a strategic plan to capture this growing market in the United States and North America. The paper draws attention to the often ignored attractiveness of the Muslim market in North America as well as highlights how a small, nimble organization has been able to capitalize on using Muslims as a market segmentation variable.