there seems to be a resurrection of Islamic studies going on in the world. Naturally it will be time before the newer ones will equal places like "Al azhar" but the future looks bright that at some time there will be quality Islamic universities where ever Muslims are found.

the Department of Islamic Studies, at the University of Texas is already getting a good reputations and to be scholars are even coming from Saudi for Islamic studies here. The current undergrad curriculum is already impressive and plans are to bring it up to Ph.D level.

http://www.utexas.edu/cola/depts/mes/islamic/