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University Islamic Financial Corporation Joins AAOIFI, the Global Islamic Finance Accounting Standards Setting Organization
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ANN ARBOR, MI -- (Marketwire) -- 11/12/08 -- University Bank (NASDAQ: UNIB) todayannounced that its 80% owned subsidiary, University Islamic Financial, hasjoined AAOIFI, the global Islamic Finance accounting standards settingorganization, as a full member. AAOIFI is responsible for developingaccounting, auditing, ethics, governance, and Shari'a standards for theinternational Islamic banking and finance industry. AAOIFI is supported byover 160 institutional members from around 40 countries. It has itscorporate office in Kingdom of Bahrain. More information about AAOIFI andits programs and standards is available at http://www.aaoifi.com/.
University Bank & University Islamic Financial's President & ChairmanStephen Lange Ranzini stated, "AAOIFI is setting the global standards forIslamic Banking Sharia'a standards. University Islamic Financial wants toserve as the model in the United States for operating 100% in compliancewith the Shari'a. Our membership in AAOIFI will assist us in thatambition."
About University Bank
Ann Arbor-based University Bancorp owns 100% of University Bank which,together with its subsidiaries, holds and manages a total of $5.8 billionin loans and assets. University Bank is an FDIC-insured, locally owned andmanaged community bank, and is the only financial institution headquarteredin Washtenaw County rated "Outstanding" by the FDIC for Community Serviceand Community Reinvestment through its creative and innovative services tomeet the financial needs of its community. University Bank also engages inIslamic 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 residential and commercial real estatefinancing, the only FDIC-insured Islamic deposits (offered throughUniversity Bank) and Islamic equity mutual funds (offered throughUniversity Insurance & Investments). University Bank also specializes inmortgage subservicing and mortgage origination primarily serving over 250credit unions (representing 2.6% of all credit unions in the U.S.) throughits Houghton-based 80%-owned subsidiary, Midwest Loan Services, Inc.University Insurance & Investment Services is a 100%-owned subsidiary thatprovides a full range of insurance services as an independent agent for 49insurance companies and investment brokerage account services. UniversityLending Group is a Farmington Hills-based 50.01%-owned subsidiary thatoriginates HUD's FHA and VA and other mortgage loans on a wholesale andretail basis.
Contact:University BankStephen Lange RanziniPresident and CEOPhone: 734-741-5858, Ext. 226Email: Email Contact
About University Bank
Ann Arbor-based University Bancorp owns 100% of University Bank which,together with its subsidiaries, holds and manages a total of $5.8 billionin loans and assets. University Bank is an FDIC-insured, locally owned andmanaged community bank, and is the only financial institution headquarteredin Washtenaw County rated "Outstanding" by the FDIC for Community Serviceand Community Reinvestment through its creative and innovative services tomeet the financial needs of its community. University Bank also engages inIslamic 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 residential and commercial real estatefinancing, the only FDIC-insured Islamic deposits (offered throughUniversity Bank) and Islamic equity mutual funds (offered throughUniversity Insurance & Investments). University Bank also specializes inmortgage subservicing and mortgage origination primarily serving over 250credit unions (representing 2.6% of all credit unions in the U.S.) throughits Houghton-based 80%-owned subsidiary, Midwest Loan Services, Inc.University Insurance & Investment Services is a 100%-owned subsidiary thatprovides a full range of insurance services as an independent agent for 49insurance companies and investment brokerage account services. UniversityLending Group is a Farmington Hills-based 50.01%-owned subsidiary thatoriginates HUD's FHA and VA and other mortgage loans on a wholesale andretail basis.
Contact:University BankStephen Lange RanziniPresident and CEOPhone: 734-741-5858, Ext. 226Email: Email Contact
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