First ever U.S Islamic Banking Subsidiary

UIFC, which was formed on December 29, 2005 and capitalized with $15,581,000 in shareholder equity and assets, is the first ever U.S. Islamic Banking Subsidiary to be formed. UIFC engages in Islamic Banking with an initial focus on its existing product set: soliciting Islamic Sharia'a FDIC-insured Deposits held by University Bank and originating Islamic Sharia'a home financings as agent for University Bank. UIFC's products have received favorable legal rulings (fatawa) from some of the leading Islamic legal scholars in the U.S. and the world. University Bank also recently announced a $100,000,000 strategic relationship with the Federal Home Loan Mortgage Corporation to create a secondary market for UIFC's Sharia'a compliant home financings nationwide.

For additional information about UIFC's Sharia'a compliant products and its fatawa, see www.universityislamicfinancial.com .

Category:

News & Politics

Tags:

• islam
• sharia
• compliant
• finance
• bank
• banking

[ribhfinance]

The prohibition of usury is contained in all the original texts of judaism, christianity and islam. Shariah finance is a gift to mankind and is not reserved for muslims. Sharia law is flowing from this pure original source. It was designed by the One God who created this universe and who knows what benefits mankind. There will be no sharia bubble. Sharia finance is the exact opposite of Wall Street's greed, tricks and deception.

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[ribhfinance]

Answer to Crock : Well it actually depends on the terms of your contract... You should refer to the clauses and conditions under which the house can be sold and who takes the initiative to sell : is it you or the bank. But anyway a clause that would clear the bank from bearing it's share of the loss would be void under Sharia law.

[135petition]

I am not Muslim, but I think this type of banking system is very interesting. While I don't ever want to live under Sharia law, I think Americans should have the choice of using this type of system, which avoids the immorality and instability of the fractional reserve system. I like the idea of full-reserve banking and shared risk between the bank and customer.

[Zeek19]

@conglomerate8 Not all involves back door Riba.

[WorldOfDeceptions]

Not like it used to be, clicking on reply to oher peoples' comments. Anyway, I agree with Conglomerate8 :)

[xpressin]

@mowgly3000 not all banking in Dubai is Islam based

[cmonpeeps]

@135petition Well christianity is supposed to forbid usury as well. But, there is a separation between church and state so that's how the crooks can do what they do. In most islamic countries, there is not that separation. Sharia law and islam is not a religion; it's a way of life.

[mowgly3000]

@tayseerbr Yes, that's why Dubai is in worst financial crisis it's been since before they found oil

[markazislam1]

very good effort....

[conglomerate8]

Islamic banking = Back-door for Riba

[tayseerbr]

my friends ,,

islamic banks are more safety that others ,,

and the financial problems last year was the best example

[tahir1251]

shariah finance the solution for humanity!

[DawnsNighmare]

Oh... you must live in Canada. That's right, you do!!