Last few years has brought enormous and unexpected changes in the International and American Financial practices. The Recession which started to make impact in 2007 is not over yet. Housing Mortgage sector is one of the most affected sectors due to this recession. In this difficult time Islamic Finance or Banking System has emerged as an alternative, which is going beyond conservative Muslim countries and into the financial system of the developed and developing countries. In America due to the debate over Sharia Law, Islamic banking and finance has also been under some criticism. George Town University and US Qatar Business Council held a forum on the development of Islamic Finance System. VOA's Saqib Ul Islam was there who talked to the participants and speakers.