SOURCE: University Bancorp

November 20, 2007 11:49 ET

National Public Radio 15 Minute Interview With Amjad Quadri of University Islamic Financial

ANN ARBOR, MI--(Marketwire - November 20, 2007) - Stephen Lange Ranzini, President and Chairman of Ann Arbor's University Bank (NASDAQ: UNIB), announced that National Public Radio's "Talk of the Nation" program broadcast a 15 minute interview with Mr. Amjad Quadri, National Director/Community Development of Sales for University Islamic Financial Corporation (UIFC), in a show entitled "Better Ways To Borrow" on financial products geared to meet the specific needs of the Muslim community. The interview with Mr. Quadri, which begins 14 minutes and 45 seconds into the program, is available for download and listening online at: http://www.npr.org/blogs/talk/2007/11/better_ways_to_borrow.html.

Mr. Ranzini stated, "I am pleased to report that in the week following the interview, UIFC processed a record volume of $3.7 million in home financing applications."

UIFC, which was formed on December 29, 2005 and currently has $32.2 million in assets, 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. 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 has also formed a strategic relationship with the Federal Home Loan Mortgage Corporation (NYSE: FRE) 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 which services a total of over $4 billion in loans. 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 focuses on local businesses, minorities and the non-profit communities primarily serving the cities of Ann Arbor and Ypsilanti of Washtenaw County. Other University Bank 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. University Bank also engages in Islamic Banking through 80%-owned University Islamic Financial Corporation, the first and only Islamic Banking subsidiary in the U.S., and offers the only FDIC-insured Islamic deposits at a U.S. bank. University Islamic Financial offers home financings, 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 240 credit unions (representing 2.5% of all credit unions nationwide) through its Houghton-based 80%-owned subsidiary, Midwest Loan Services, Inc.

Any prediction of the future is inherently not assured. Investors should read the risk factors listed on pages 21 through 22 in the Company's report on Form 10KSB for the year ended December 31, 2006 and any prediction in this release is intended to be covered by the Safe Harbor provisions of Section 21E of the Securities Exchange Act of 1934.

Additional comprehensive investor relations information on University Bancorp is available at www.university-bank.com/bancorp.htm.

Contact Information

  • Contact:
    Stephen Lange Ranzini
    Chairman and President
    734-741-5858, Ext. 226
    Email: Email Contact