UNIVERSITY BANK ANNOUNCES NEW ISLAMIC BANKING DIVISION – University Bank

Gunnar Larson g at xny.io
Sat May 20 06:46:39 PDT 2023


We might try something like this out. Won't find this at Coinbase...
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https://www.university-bank.com/2004/10/04/university-bank-announces-new-islamic-banking-division/


UNIVERSITY BANK ANNOUNCES NEW ISLAMIC BANKING DIVISION
October 4, 2004, Ann Arbor, Michigan – University Bancorp (NASDAQ:UNIB)
announced today it has a new Islamic Banking Division. The Islamic Banking
Division will initially be responsible for promoting both an interest-free
Mortgage Alternative Transaction (a redeemable lease program) and the
FDIC-insured Profit Sharing Money Market account for the Bank. Additional
products will be added including more deposit options and mutual funds.

As with some other faith communities, the Islamic prohibition against
paying interest has kept American Muslims from home ownership and limited
options for bank deposit products. As a community bank focused on meeting
the diverse needs of the community, this is also an opportunity to reach an
under-served market. Recent successes in the growth of both areas led to
the development of an entire Division.

“We are very pleased with the progress of our Islamic bank products in
gaining market acceptance. We now have $6.3 million in Mortgage Alternative
Loan Transactions and just under $1 million in SHAPE™ deposits as a direct
result of the program,” noted University Bank’s President Stephen Lange
Ranzini. “The announcement today expands our commitment to serve the needs
of our community and reinforces why University Bank is the only bank in
Washtenaw County with an ‘Outstanding’ rating from the FDIC for community
service and community investment.”

Mushir Khwaja and Sarah Siddiqui joined University Bank’s Islamic Banking
Division as Islamic Bankers. They will be primarily responsible for
building relationships with Muslim customers for the Bank’s interest-free
Mortgage Alternative Transaction (a redeemable lease program) and the
FDIC-insured Profit-Sharing Money Market Account. Both have completed the
Bank’s Islamic Banker Training Program.

“With his degree in economics and his time with Morgan Stanley, Mushir has
the background and experience to enhance our Islamic Banking Division,”
said John Sickler, Vice President of Residential Lending. “Mushir has the
precise profile we were seeking for our Islamic Banking Division and it is
a bonus that he is a graduate of the Plymouth-Canton Schools and the
University of Michigan, Sickler continued.

Khwaja graduated in May 2002 from the University of Michigan with a
Bachelor of Arts, majoring in both Economics and Organizational Studies.
While at the University of Michigan Khwaja served on the Executive Council
of the Organizational Studies Student Assembly and as Treasurer of the
International Cultural Society. He took an active role in jump starting the
Organizational Studies’ concentration from a mere individualized
concentration, to a full-fledged department with faculty and staff. He is a
resident of Canton, Michigan.

“Sarah Siddiqui has a history of leadership in the southeast Michigan
Muslim community”, said John Sickler Vice President of Residential Lending.
“She definitely shares the bank’s vision that good banking starts by being
a good neighbor,” Sickler continued.

Siddiqui is very involved with various organizations in the Islamic
Community. She is a Co-Founder and Adjunct Board Member of the Michigan
Chapter of the Council of American Muslim Professionals. Since her
graduation from the University of Michigan – Dearborn she has volunteered
for various organizations including IMPACT, Michigan, and the Council on
American-Islamic Relations, the Supporting Empowerment, Enhancement &
Development Foundation and the Ummah Project.

Siddiqui, a Magna Cum Laude graduate from the University of Michigan,
Dearborn with a Bachelor of Arts, also attended Lambton College of Applied
Arts and Technology in Sarnia, with a specialization in Information
Systems. Her extracurricular activities included Student Government, Peer
Mentoring Program, Muslim Students Association and Phi Theta Kappa Honor
Society. She is preparing to enter the MBA program at Eastern Michigan
University.

Prior to joining University Bank, Siddiqui worked at Holcim, Inc. from 2002
to 2004 and as a consultant for Stopka & Associates from 2000 to 2002. She
is a resident of Ann Arbor, Michigan.

Contact:
Stephen Lange Ranzini
734-741-5858, ext. 266

Ann Arbor based University Bancorp owns 100% of University Bank. University
Bank is an FDIC-insured, locally owned and managed Community Bank primarily
serving the cities of Ann Arbor and Ypsilanti of Washtenaw County. The
Community Banking operation focuses on local businesses, minorities and the
non-profit communities. University Bank is the only financial institution
located in Washtenaw County to be rated “Outstanding” by the FDIC for
Community Service and Community Reinvestment. Other Community Banking
specialties include highly competitive deposit products for business
owners, residential mortgages, commercial real estate lending and
insurance, investments and money management through its wholly-owned
subsidiary, University Insurance & Investments, Inc. In addition to its
Community Banking operations, University Bancorp specializes in mortgage
subservicing and mortgage origination primarily serving the credit union
industry through the Bank’s Houghton-based 80%-owned subsidiary, Midwest
Loan Services.
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