UIFC, currently with over $35 million in assets, has the largest balance sheet of any retail Islamic banking enterprise in the U.S. and holds both Islamic financings and Islamic deposits offering the Islamic community the opportunity to support a virtuous cycle of investment in compliance with the Sharia’a. UIFC offers the only Islamic Sharia’a FDIC-insured Deposits (offered through University Bank) and originates 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 has a master commitment with one of the Government Sponsored Enterprises 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.
Ann Arbor-based University Bancorp owns 100% of University Bank whose subsidiaries service a total of over $4.4 billion in financings. University Bank is an FDIC-insured, locally owned and managed community bank, and is the only financial institution headquartered in Washtenaw County rated “Outstanding” by the FDIC for Community Service and Community Reinvestment. University Bank also engages in Islamic Banking through 80%-owned University Islamic Financial Corporation, the first and only Islamic Banking subsidiary of a bank in the U.S. University Islamic Financial offers home mortgage alternative financing, the only FDIC-insured Islamic deposits (offered through University Bank) and Islamic equity mutual funds (offered through University Insurance & Investments). University Bank also specializes in mortgage subservicing and mortgage origination primarily serving over 250 credit unions (representing 2.6% of all credit unions in the U.S.) through its Houghton-based 80%-owned subsidiary, Midwest Loan Services, Inc. In 2007, University Bank was selected as the “Community Bankers of the Year” by U.S. Banker magazine.
Additional comprehensive investor relations information on University Bancorp is available at www.university-bank.com/bancorp.htm.
Contact: Stephen Lange Ranzini Chairman and President 734-741-5858, Ext. 226 Email: Email Contact