Islamic lenders have their pockets full of cash and they are looking to partner with Western businesses that comply with Islamic law, The New York Times The Dealbook reported. Citing industry insiders, the report said there aren't enough acceptable places for Islamic banks to pour their money in, leading American investment bankers to put deals together.

Data from industry publication Global Islamic Financial Review showed that in the past three decades, the Islamic financial sector has grown to more than $1.6 trillion in assets from virtually zero. The economic crisis has only spurred growth, as the industry's assets increased 19% in 2011 and 20% last year. This compared with the growth of less than 10% posted by non-Islamic banks in most countries of the world.

Islamic lenders have traditionally poured money mostly in the Middle East or if they invested outside the region, they would choose real estate investments. The report said real estate is a popular investment under Shariah since an agreement can be made without requiring interest payments, something which Islamic law prohibits. However, as the banks expand, they are looking to make more diversified investments.

One of investments being studied by Islamic banks is that of Continental Rail, a business that focuses on running freight trains up and down the East Coast, the report said. American investment bankers have brought in Yusuf DeLorenzo, a well-respected scholar of Muslim law, to check Continental Rail's financial standing and to see if the cars are halal or comply with Islamic law. DeLorenzo is checking to make sure that that pork, tobacco or alcohol are not transported by the rail cars since investments in these three commodities are not allowed under Shariah. If the cars are found to be halal, then it will be one of the first in the US to be completed following Islamic law.