0 votes

Finance the Islamic Way at Michigan Bank

Small Michigan bank: No interest, no short selling, no exceedingly risky contracts.
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.

It also rules out some of the activity that got Western finance in trouble — subprime mortgages, credit default swaps and the like.

"When you look at the economic crisis we're in, if you were to follow Islamic or Sharia financing, you couldn't have this crisis," said John Sickler, corporate director for the bank, University Islamic Financial Corp. in Ann Arbor.

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

I guess the time is right for them to try

to buy some Americans. I'm sure there will be many who are willing to sell their souls!

~Your perception becomes your reality~

~Your perception becomes your reality~

How do they get around

the Federal Reserve Bank?

Along the same lines…

The other day I realized something: The main reason the anti-God creeps in DC keep levitating away from real money is because actual money is biblical. Throughout the Bible money is silver and gold. Another thing—God condemns usury as well as those who subject people to it. Educated idiots who work in banks leave absolutely no room in their minds for thoughts of actual money or any kind of lack of usury (everything [I mean EVERYTHING] automatically has a penalty attached—that's how the mental deviates play the game).

--Cliff, Sioux City, Iowa
January's song: That's the Way of the World by Nelson Rangell

On Facebook:
Personal ProfilePolitical GroupPolitical Page


How do they make money? Charge a fee for the loan?

I assume off investments and

I assume off investments and interest from their account holders money. Then fees.....