The first Sharia-compliant financial institution in the U.S. No doubt the first of many more to come. From the Bahrain Tribune, with thanks to Twostellas:
The President and Chairman of Ann Arbor’s University Bank, Stephen Lange Ranzini, has announced the formation of the first US Shari’ah-compliant subsidiary called University Islamic Financial Corporation (UIFC).
UIFC is capitalised with $15.5 million in shareholder equity and assets and is the first-ever US Islamic banking subsidiary to be formed….
Ranzini said: “This transaction represents a major milestone in the bank’s Islamic activities and gives us the resources to put us on an accelerated growth curve.”…