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 ets, 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 .
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Comments
Not really, Islam …
Not really, Islam permeates, or should permeate every facet of a persons life.
The prohibition of …
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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the problem of …
the problem of western democracies is that when you brand a person or a community cause he is different then you are called a racist , this is acceptable to me as long as the same charge is applied to people who want to indentify themselves different from the other community following different laws and investments . promoting this shariah investment is also a racist thing. This too will create a bubble and when it blows , it will be bigger thab the BIG BANG creation of the universe.
Answer to Crock : …
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.
Question for anyone …
Question for anyone:
Under Islamic banking, if I buy a $100,000 house in a partnership with an Islamic bank, and after 10 years, I pay half of the house off.. but the housing market tanks.. and I sell the house to a new buyer for $50,000, does that mean that I still owe the bank $25,000, and the bank loses $25,000 of its own money?
Non-Muslims are …
Non-Muslims are completely free to use Sharia based banking. Same with halal (muslim kosher) meat.
Where i live, we don’t have a lots of Muslims and so only 1 out of the 3 grocery stores sells halal meat.
Theirs never enough and the area where its located is always empty. I guess because the STRICT method of handling and processing meat in Islam appeals to people who are afraid of getting E. coli or other viruses from contaminated meat.
If the poor cannot …
If the poor cannot be charged with theft, and it is the states responsibility to ist that person… what is the incentive for that person to use the help and not just rely on the state? Just the shame of being poor and dependent?
I’m really curious and hope you’ll respond. If I am right about the shame thing, it seems that this creates a dangerous problem. Poverty becomes shameful, and wealth honorable.
Can non-muslims use …
Can non-muslims use the banks? If not, is it Sharia Law that prohibits non-muslims from using it, or just the bank’s unique bylaws/rules?
i hope u seek the …
i hope u seek the right bank in which islam is the way of life. Islam is not what most media post them as bad.
apart from what is …
apart from what is mentioned below. sharia law makes it polsary for the leaders to be elected,
No punishment can be given unless the court rules it any prior punishment even for interogation is prohibited
A alleged criminal cannot be put behind bars nor placed under house arrest
Capital Punishment only in the case of Rape, ADultry or Murder
All non-Muslims are Citizens and they are to be taken care of directly by the Goverment and have the right to their seperate electorates
Sharia Law is not …
Sharia Law is not what the Media Promotes you should Read the Sharia Law where
1.If a poor person steals he cannot be harmed since its the states responsibility to help him in a business and help him establish himself
2.the President and the leaders cannot have Guards at their homes and must live at a level equal to the lower middle class with no special previlages, no expensive cars nothing
3.The Leaders and their Laws can be challenged by any person in any court and they have to comply
I am not Muslim, …
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.