Contact Information: Contact: Stephen Lange Ranzini Chairman and President 734-741-5858, Ext. 226 Email:
Washington Post Article Regarding the Growth of Islamic Financing and University Bank's Islamic Banking Subsidiary, University Islamic Financial
| Source: University Bancorp
ANN ARBOR, MI--(Marketwire - May 15, 2008) - Stephen Lange Ranzini, President and Chairman
of Ann Arbor's University Bank (NASDAQ : UNIB ), announced that The
Washington Post has published an article titled, "A Higher Law for
Lending," that discusses the recent growth of Islamic Banking in the United
States and features information on University Bank's Islamic Banking
Subsidiary, University Islamic Financial Corporation (UIFC). The family
featured and pictured in the article is a customer of UIFC. The article is
available online at:
http://www.washingtonpost.com/wp-dyn/content/article/2008/05/12/AR2008051202740.html?nav=rss_religion.
UIFC is currently the largest retail banking entity in the U.S. holding
Islamic financings and Islamic deposits. UIFC offers the only Islamic
Sharia'a-compliant FDIC-insured deposits nationwide (offered through
University Bank) and originates Islamic Sharia'a home financings and
commercial real estate financings in a dozen states. 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 where it serves as agent for FHLMC (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 $5.2 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 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 260
credit unions (representing 2.7% of all credit unions in the U.S.) through
its Houghton-based 80%-owned subsidiary, Midwest Loan Services, Inc., and
offers insurance and investment products through its 100%-owned subsidiary,
University Insurance & Investment Services, Inc., also based in Ann Arbor.
Additional comprehensive investor relations information on University
Bancorp is available at www.university-bank.com/bancorp.htm.