22 Jan 09 Michigan Bank Profits from Islamic Products
Interesting article from CNBC. In light of the current economic climate, it seems that there is a great deal to be learned from these alternative models. The bank in question is University Islamic Financial Corp. We’ll learn more about them in a later post. In the meantime, read this while I struggle in research.
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Finance the Islamic way at small US bank
By: The Associated Press | 14 Jan 2009 | 12:05 AM ET
DETROIT - Big financial institutions have been battered by mortgages gone bad. But a tiny Michigan bank is getting attention in the industry by turning a profit on loans without even charging interest.
Its specialty: financial products that comply with Islamic law. That means no collecting interest, no short selling and no contracts that are considered exceedingly risky. (more…)
Tags: Banking, cnbc, detroit, islamic banking, Islamic Finance
06 Jan 09 The Scarcity of my Blogroll
Welcome to my new blog. I’m still doing quite a bit of house keeping. But insh’Allah in the coming weeks this blog will become more active. (more…)
