The announcement of a new Sharia compliant banking subsidiary of University Bank in Ann Arbor, Michigan-home of the University of Michigan: Universal Islamic Financial Corporation (UFIC). UFIC is trying to become in its own words- the go to place for Sharia consumer banking in America.The website NuBank has an entire page extolling the virtues of tapping into the booming market of Sharia compliant banking including how to underwrite interest free home loans. Simple, capitalize it and bury it in the mortgage payments. Your local Imam won’t be any the wiser.

This UFIC announcement boasts:

University Islamic Financial’s goal is to be the financial institution of choice for the Muslim community in the United States.

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