Contact Information: Contact: Stephen Lange Ranzini Chairman and President 734-741-5858, Ext. 226 Email:
National Public Radio 15 Minute Interview With Amjad Quadri of University Islamic Financial
| Source: University Bancorp
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.