Muslim and immigrant-owned businesses are facing a growing threat of financial exclusion due to the practice of “de-risking” by financial institutions. This has resulted in the closure of bank accounts and restrictions on transactions, making it difficult for these businesses to access essential banking services. The issue is particularly acute for charities and organizations working to provide aid to Palestinians in Gaza, who are being unfairly targeted by banks due to their association with the conflict.
Forecast for 6 months: In the next 6 months, we can expect to see a continued trend of bank account closures and restrictions on transactions for Muslim and immigrant-owned businesses. However, there may be some efforts by lawmakers and advocacy groups to raise awareness about this issue and push for reforms to prevent financial exclusion.
Forecast for 1 year: In the next year, we may see some progress in addressing the issue of financial exclusion, with banks and regulatory bodies taking steps to improve their practices and prevent discriminatory treatment of Muslim and immigrant-owned businesses. However, the pace of change may be slow, and it may take several years for meaningful reforms to take hold.
Forecast for 5 years: In the next 5 years, we can expect to see a significant shift in the way banks and financial institutions approach their relationships with Muslim and immigrant-owned businesses. There may be increased transparency and accountability, as well as efforts to develop more inclusive and culturally sensitive banking practices. However, there may still be challenges and setbacks along the way.
Forecast for 10 years: In the next 10 years, we may see a fundamental transformation in the way financial institutions approach diversity, equity, and inclusion. Muslim and immigrant-owned businesses may have greater access to banking services and capital, and there may be a more level playing field for all businesses, regardless of their background or identity. However, this will require sustained efforts and commitment from policymakers, regulators, and industry leaders.
