That was then. Since fielding that first request, Devon Bank has transformed itself into a specialist in the kind of no-interest Islamic financing the customer was seeking. Islamic financing now accounts for more than 75% of the bank’s mortgage portfolio, and Devon has made mortgages compliant with Islam’s sharia law in 36 U.S. (and just WHAT and HOW do they define Islam’s Sharia Laws?)
By Paul Wiseman, USA TODAY A customer showed up at little Devon Bank on Chicago’s North Side, asking for a loan to open a neighborhood shop. But there was a hitch, the would-be borrower explained: “We can’t pay any interest. Can you help?” (Interest is charges, but restructed, so as to be “hidden” the bank makes money on this transaction-this is a ruse”) comments by allyson rowen taylorAt the time, seven years ago, the answer was: “Nope,” recalls David Loundy, Devon’s vice president and legal counsel.