SOURCE: University Bank

March 13, 2008 09:50 ET

New York Times Article Regarding University Bank's Islamic Banking Subsidiary, University Islamic Financial

ANN ARBOR, MI--(Marketwire - March 13, 2008) - Stephen Lange Ranzini, President and Chairman of Ann Arbor's University Bank®, a wholly owned subsidiary of University Bancorp (NASDAQ: UNIB), announced that The New York Times has published an article entitled, "Banks Springing Up to Serve the Underserved," that discusses Islamic Banking in the United States and features information on University Bank's Islamic Banking Subsidiary, University Islamic Financial Corporation (UIFC). The article is currently available free online at: http://www.nytimes.com/2008/03/08/business/yourmoney/08money.html?_r=1&st=cse&sq=university+islamic+financial&scp=1&oref=slogin.

UIFC, currently with over $35 million in assets, has the largest balance sheet of any retail Islamic banking enterprise in the U.S. and holds both Islamic financings and Islamic deposits offering the Islamic community the opportunity to support a virtuous cycle of investment in compliance with the Sharia'a. UIFC offers the only Islamic Sharia'a FDIC-insured Deposits (offered through University Bank) and originates Islamic Sharia'a home financings as agent for University Bank. 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 also has a master commitment with one of the Government Sponsored Enterprises 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 whose subsidiaries service a total of over $4.4 billion in financings. 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 also engages in Islamic 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 home mortgage alternative financing, the only FDIC-insured Islamic 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 250 credit unions (representing 2.6% of all credit unions in the U.S.) through its Houghton-based 80%-owned subsidiary, Midwest Loan Services, Inc. In 2007, University Bank was selected as the "Community Bankers of the Year" by U.S. Banker magazine.

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