IslamicFinance.de

The U.S. dollar-denominated Shariah compliant perpetual sukuk issuance is believed to be the first sukuk to be included within the Additional Tier 1 capital resources of a bank in the United States. Linklaters LLP has advised University Bank on its sukuk issuance in the United States. This is believed to be the first sukuk to be governed by the laws of the United States, in this case, the laws of the State of New York. The sukuk is limited to an annual profit rate of 5.75% and has no maturity date. University Bank, a subsidiary of University Bancorp Inc., is a community bank which specialises in Islamic banking and mortgage subservicing for the credit union industry.