University Islamic Financial
 | |
| Wholly Owned Subsidiary of University Bancorp, Inc. [1] | |
| Industry | Mortgage, Real Estate |
| Founded | 2007 |
Key people | Stephen Lange Ranzini (CEO) |
| Products | Murabaha and Ijara |
| Website | http://www.myuif.com |
University Islamic Financial Corporation is an American financial service company headquartered in Southfield, Michigan. It provides home and commercial financing based on Islamic banking and finance principles for the Muslim community. UIF, is the first Islamic banking subsidiary run entirely on Shariah principles and serves the needs of the American Muslim community by offering both Shariah-compliant commercial real-estate financing and home financing through their Murabaha and Ijara programs.
Independent Shariah Supervisory Board
UIF is committed to operating our company and offering products by utilizing the best practices in the field of Shariah compliance. The initial fatawa for our products were produced by Sheikh Yusuf DeLorenzo and Sheikh Nizam Yaquby through Shape Financial Corp.[2] These products have been subsequently reviewed by other scholars including Dr. Muhamed Shleibak and Sheikh Muhamed Becic. UIF continues its consultative and audit relationship with Shape Financial Corp. who maintains an active team of Shariah scholars and auditors providing ongoing guidance and support.
Additionally, UIF has established a relationship with the U.S. based advisory group Straightway Ethical Advisory, LLC[3] which serves as a local Shariah Board to assist with product review/development and periodic audits. The members of the Board are Sheikh Taha Abdul-Basser, Sheikh Ashraf Gomma Ali, Mufti Abdullah Nana and Sheikh Faraz Rabbani. Both groups include experts in Islamic financial ethics, and particularly the standards adopted by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).[4]
References
- ↑ "University Bancorp".
- ↑ "Shape Financial Corporation". Shape Financial Corporation. Retrieved 30 August 2016.
- ↑ "Straightway Ethical Advisory". Straightway Ethical Advisory. Retrieved 30 August 2016.
- ↑ "Accounting and Auditing Organization for Islamic Financial Institutions". Accounting and Auditing Organization for Islamic Financial Institutions. Retrieved 30 August 2016.