BriefingMiddle East & North Africa

As Oil Revenues Boom, Islamic Banking Goes Global

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Caribou Coffee, the second-largest U.S. java seller, seems at first blush like a fairly ordinary American company. The chain was founded in 1992 in the small town of Edina, Minn., the brainchild of idealistic newlyweds, and has since expanded to over 400 coffeehouses in 18 states. Caribou’s menu is muffins and lattes — not an Arabic coffee in sight. It may come as a surprise, then, to know that Caribou Coffee is “Shariah compliant,” one of the largest American businesses to run its operations in accordance with Islamic law. Caribou isn’t alone. After decades on the economic backburner, flush oil […]

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