19 Februari 2009

U.S. BANKS HAVE SHARIA

Large-scale financial institutions have been hit by the global financial crisis. Values, especially in the sharia financial institutions also began to demand by non-Muslim citizens. The implementation of sharia principles that do not impose interest on the financing also be imitated by a small bank in Michigan, called U.S. University Islamic Financial.

Specifically, the bank provides financing in accordance with sharia values. This means do not attract interest and no transaction with a high risk. The Bank also has its own regulations on a number of things such as housing loans and credit default swap to create the West's financial crisis.

"If you use the principles of Islamic financing in line then you will not be affected by the crisis," said Director of University Islamic Financial Corp., John Sickler, as dilansir from startribune.com. Bank Syariah get income from wages earned through a loan provided. Some of the pay at the beginning and the rest at the end.

University Islamic Financial has two types of financing, namely the installment sale and lease. Wages obtained from the financing is comparable with the interest payment on a traditional loan.

For example, a seller to buy a house worth 100 thousand U.S. dollars and sell them back at 120 thousand U.S. dollars or even 300 thousand. If there is agreement between the seller and buyer, the house can be sold in installments according to the negotiations between them. Islamic law states that money can not grow by itself through the interest rate doubled. Trade transaction can be accepted for the price offered in accordance with the commodity sold.

University Islamic Financial is a representative of University Bank in Michigan. Currently the University Islamic Financial leaders also met with executives from the two national banks who want to learn more about the business sharia. The goal of University Financial islamic financial institutions is becoming an option for Muslim communities in the U.S.. Currently the University Islamic Financial also serves the home financing in Illinois, Indiana, Maryland, New Jersey, Ohio, Texas. Virginia, New York, Calfornia, Pennsylvania, and Connecticut.

When the economic crisis the U.S. a number of specialist departments in the country's financial power is also important to learn the features of sharia banking. When the U.S. government needs to look to discuss the effectiveness of the banking system in the condition of sharia global financial crisis.

Principles applied in the Sharia bank sharia operating system is not affected by most of the economic crisis that occurred.



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