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
19 Jan 09 Student Loans…What’s a Muslim to do?
Many among us have experienced the headaches of student loans. For the fortunate few, they received scholarships or parents’ savings to pay for education. This post is not meant to answer any questions in regards to Ribah (usury). A complex topic that will have to be addressed at a different time. Rather, I’d like to explore a few of the alternative models out there and leave it to discuss. You maybe surprised with the alternatives. (more…)
Tags: iana financial, islam, Islamic Finance, ribah, student loans
18 Jan 09 You Say You Want to Go to College!!
I’m working on a post for student loans. Until then enjoy this amusing cartoon.
Tags: cartoon, economy, student loans
17 Jan 09 Origins of American Finance House LARIBA
This is not an endorsement!
This is one of the few companies in the United States that offers Islamic Mortgages called LaRiba or no riba (usury). They have been around for sometime. There are some disagreements on whether or not their products are genuinely Sharia compliant. This is a video from their founder.
Tags: islamic mortgages, lariba
14 Jan 09 Islamic Mutual Funds - An Overview
I’ve conducted some very brief searches. Below is a list of Islamic funds. I have no knowledge of their performance or ethical practices. I will soon assess each fund in greater detail and compare it to market indexes and sharia compliance, though all of them are available through most major brokerages. For now, one thing to note is that there does not appear to be many types of funds like these to begin with. The only funds in this group that have received five star ratings from Morningstar are the Amana Funds. This should not be construed as an endorsement or positive outlook for future performance, as much more research needs to be conducted on these funds. The following is a brief summary of each. (more…)
Tags: amana funds, azzad funds, iman fund, Islamic Finance, islamic funds, morningstar
