ISLAM IN ACTION: Michigan Bank Falls to Islam – This is a very disturbing article about the University Bank in Ann Arbor Michigan. The bank has recently implemented sharia banking, but to make matters worse they have even canceled their annual Christmas party and have stated that no alcohol will be served at after work gatherings. Several employees have quit the bank and hopefully they will sue the bank for religious discrimination. – Christopher Logan
ASSOCIATED PRESS: Michigan Bank Operates by Islamic LawHat tip: Always On Watch
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.
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. >>> Jeff Karoub,Sebastian Abbot, Associated Press | Tuesday, January 20, 2009
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