May 26, 2006, - 11:42 am

Money Pit: Islamic Bank Bleeding Funds

By Debbie Schlussel
Early this year, we wrote about University Bancorp, Inc. of Ann Arbor, Michigan, and its much touted Community and Islamic Banking division, which garnered nationwide press. (Interesting that “Islamic” is separate from “Community.” But, hey, we already knew that.)
Now comes word that the bank is doing poorly and its Islamic Banking division is bleeding money. The Islamic portion of the bank lost $36,000 for the first quarter of 2006 (it broke even in the same quarter in 2005). The whole bank reported net income of only $14,687 for Quarter 1 of 2006, compared with $163,865 for the same period last year. Earnings per share for Q1 were -O-, compared with 4 cents in 2005.
No surprise that this news of failure is nowhere to be seen in the mainstream media that gushed over this bank, nationwide (and globally).

islamicbank.jpg

Islamic Bank Loses $$$. . .

Clearly, Islamic banking ain’t where it’s at. Unless you’re looking to practice employment discrimination against Infidels.
As we previously noted, the Islamic banking division of University Bank did not appear to employ ANY non-Muslims. We’ve been following announcements of newly hired employees as they’ve appeared in the Detroit area media. And guess what? They are all Muslim women wearing hijabs. Non-Muslims need not apply. As we wrote, this is employment discrimination.
Even if the bank does not specifically refuse to hire non-Muslims–and we find that hard to believe–the federal government looks at “disparate impact” in hiring results. Clearly, with 100% Muslim employees, there is a disparate impact against Non-Muslims. Very disparate, since there are none.
Time to file a lawsuit. We challenge any of our readers in the Ann Arbor, Michigan area to apply for a job with the Islamic portion of University Bank. If you’re not hired–and you won’t be, please let us know.
universitybankmuslimteam.jpg

AND Practices Employment Discrimination Against Infidels

Laws against employment discrimination are not meant to only protect Muslims. They’re meant to protect us against extremist Muslims who use our country’s great marketplace to discriminate against all of us and benefit only their own in hiring, too.
***
As we’ve noted, Islamic, Shariah-Complaint Banking is a fraud.
Islamic law forbids the payment of interest, but the way this Islamic lending system is set up, there is interest whether they admit it or not. The bank utilizes a land contract enabling Muslim customers to avoid paying interest, and instead, they pay monthly rental payments. The bank is in it to make money (despite not doing well in achieving that goal). The bank has to charge interest to recoup the investment and make a profit. Therefore, the monthly payments on the mortgage are set up to include interest for the entire period of the payments. They can call it whatever they want. But the customers are still paying interest, regardless of the semantics.

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3 Responses

Come on now…be nice. I mean, I wouldn’t bank at a place where the service dress like the “Emperor Zurg”, or a cast member of “Star Wars: The Empire Strikes Back”. “Sand People”? Uh oh, the thought Police are at the door…May the Force be with you…
…let’s go Chewy!

SickBoy on May 27, 2006 at 11:13 am

“Islamic law forbids the payment of interest…”
This is true.
“…but the way this Islamic lending system is set up, there is interest whether they admit it or not.”
This is also true because Islam is rife with loopholes, lies, deceptions, and nonsense. In Islam, ANYTHING GOES!
They aren’t making money because, as is the case with all commerce in all Muzlum countries, they need to hire the Westerner (brainpower, work ethic, etc.) to run their bank.
Now, if their business was selling explosives and bomb belts, they’d be booming (no pun intended).

Thee_Bruno on May 27, 2006 at 11:58 am

You people are wacked, man.

CrackHo on January 3, 2007 at 4:40 pm

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