Contact Information: Contact: University Bank Stephen Lange Ranzini President and CEO Phone: 734-741-5858, Ext. 226 Email:
University Islamic Financial Corporation Joins AAOIFI, the Global Islamic Finance Accounting Standards Setting Organization
| Source: University Bancorp
ANN ARBOR, MI--(Marketwire - November 12, 2008) - University Bank (NASDAQ : UNIB ) today
announced that its 80% owned subsidiary, University Islamic Financial, has
joined AAOIFI, the global Islamic Finance accounting standards setting
organization, as a full member. AAOIFI is responsible for developing
accounting, auditing, ethics, governance, and Shari'a standards for the
international Islamic banking and finance industry. AAOIFI is supported by
over 160 institutional members from around 40 countries. It has its
corporate office in Kingdom of Bahrain. More information about AAOIFI and
its programs and standards is available at http://www.aaoifi.com/.
University Bank & University Islamic Financial's President & Chairman
Stephen Lange Ranzini stated, "AAOIFI is setting the global standards for
Islamic Banking Sharia'a standards. University Islamic Financial wants to
serve as the model in the United States for operating 100% in compliance
with the Shari'a. Our membership in AAOIFI will assist us in that
ambition."
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 billion
in loans and assets. 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 through its creative and innovative services to
meet the financial needs of its community. 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 residential and commercial real estate
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.
University Insurance & Investment Services is a 100%-owned subsidiary that
provides a full range of insurance services as an independent agent for 49
insurance companies and investment brokerage account services. University
Lending Group is a Farmington Hills-based 50.01%-owned subsidiary that
originates HUD's FHA and VA and other mortgage loans on a wholesale and
retail basis.