Shariah Board Approval
Devon Bank independently developed its Islamic finance products using the writings of an internationally known Islamic finance scholar as a blueprint. The products were created by an officer of Devon Bank who has earned a post-graduate diploma from the Institute of Islamic Banking and Insurance in London. The details of the initial murabaha and ijara products were reviewed by the Honorable Mufti Muhammad Nawal-ur-Rahman and the Shariah Supervisory Board of America, located near Devon Bank’s main office in the Chicago neighborhood of Rogers Park. After requested changes were made by the Bank, a fatwa was issued by the Shariah Board approving these products. Devon Bank gratefully acknowledges all the unpaid time Mufti Nawal-ur-Rahman, and the Scholars of the Shariah Board who have volunteered to help with the creation of our products. Later products and variants have followed a similar development path.
Devon Bank has also discussed its products with religious advisors in several U.S. states and overseas.
To contact our Faith-Based Finance Division, please call (773) 423-2303 or contact one of our Islamic lending specialists individually.
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