Financial Exclusion: The Growing Threat to Muslim and Immigrant-Owned Businesses

 

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.
  
  Read more here: https://soothsayer.press/financial-exclusion-the-growing-threat-to-muslim-and-immigrant-owned-businesses/