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University Bank of Islam in America: Promoting a Better Understanding of Islamic Finance

University Bank of Islam in America: Promoting a Better Understanding of Islamic Finance


Muslimcreed - University Bank of Islam in America has been working to promote a better understanding of Islamic finance in the country since its founding two years ago. The company’s founders developed the idea while studying Islamic finance overseas, and wanted to take their expertise back to the United States. The company has released several successful products and services during its brief existence but faces some challenges from critics in both the non-Islamic and Islamic communities alike. In this article, we will examine what Islamic banking and finance mean, the pros and cons of the service, and how University Bank of Islam in America is making an impact on the industry as a whole.


What is the University Bank of Islam in America?

In the United States, there are very few people with knowledge about Islamic finance. That's why University Bank of Islam in America is an invaluable resource for Muslims who are interested in exploring these principles and practices. What makes this bank different from other banks is that it was founded on the principle that Islamic finance can make a better future. As such, their goal is to promote greater understanding and awareness by providing financial services that are consistent with the teachings of Prophet Muhammad (Peace Be Upon Him) and Quran. They offer one-of-a-kind products tailored to the needs and desires of Muslim customers, including both individual banking as well as business banking products.


The UBIA and its objectives

The goal of the University Bank of Islam in America (UBIA) is to promote a better understanding and awareness of the Islamic finance industry. UBIA seeks to educate, support, and enable students to participate effectively as leaders in the field. To achieve this goal, it focuses on three primary objectives: undergraduate education, professional development for professionals, and financial inclusion for underserved communities.

 The UBIA’s approach to achieving its goal is through activities that build an understanding and awareness of Islamic finance and educate, support, and enable students to participate effectively as leaders. The approach consists of three primary objectives that comprise multiple efforts. First, it seeks to increase undergraduate student participation by offering coursework. Second, it aims to promote professional development for professionals who are already engaged in or interested in pursuing careers with Islamic finance institutions.

read also: Exciting news for university students – the Islamic bank program will be back in 2022!


The UBIA and its products

The University Bank of Islam in America (UBIA) provides the Muslim community with bank products that adhere to the teachings of Islam. Their goal is to help Americans better understand and have access to Islamic finance. To achieve this, they offer many types of accounts that comply with sharia law, including Murabaha, Mudaraba, Musharakah, and Ijara. In addition, UBIA offers home mortgages that are compliant with sharia law without charging interest or offering credit cards or auto loans.

 Established in 2010, UBIA is one of very few institutions that offer these types of products. These products are all designed to comply with sharia law. Therefore, they will not charge interest on accounts and also adhere to other aspects of religious doctrine, like prohibitions against gambling and alcohol.

The UBIA’s success: The growth and success of UBIA is evident by looking at their assets under management (AUM) over time.


The UBIA and its services

The UBIA is the first Islamic bank to be established in the United States. The UBIA’s mission is to promote a better understanding of sharia-compliant finance, and to help establish uniform standards among other American banks that are not sharia-compliant. With an estimated Muslim population in the United States at 1.8 million people and with over $110 billion dollars currently being spent on interest alone, it's clear that there is immense demand for an alternative source of financing. The establishment of the UBIA is an important step towards meeting this demand, but more work remains if we are to have significant impact on underserved communities across the country.

 The UBIA works to provide equal and fair access to financial services for underserved communities across America, including many that have never had access to financing before.


The UBIA and its future

United States based university bank that is dedicated to promoting better understanding of Islamic finance. The University Bank of Islam (UBIA) was founded by Dr. Asad Ali, former Associate Vice President for Financial Services at Illinois State University and Director for the Center for Excellence in Learning and Teaching at Indiana University-Purdue University Indianapolis (IUPUI). UBIA will provide tailored financial services to meet the needs of Muslim communities and those who desire to better understand Islamic finance while living, working or traveling abroad. UBIA will also offer competitive pricing on more than 300 shariah-compliant products, including financing and investment vehicles such as home mortgages, education loans, business loans and credit cards.


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