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Michigan Bank Forms Islamic Banking Subsidiary

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Sun, 2006/01/01 - 16:54 by Muslim Investor

More than two years ago, University Bank in Ann Arbor, Michigan started offering banking products that are Muslim friendly.

Now, the bank has formed University Islamic Financial Corp., a subsidiary that focuses solely on serving Muslims' financial needs. The bank will operate in a 100% Shariah compliant way.

Moreover, the bank plans to offer mortgage alternative loan transactions (MALTs) nationwide.

The bank also offers deposit accounts.

Read the story in full: Michigan Bank Forms Islamic Subsidiary. 

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