Coalition of Islamic and Christian Groups Announce Launch of Usury-Free Association of North America (UFANA)



TORONTO, February 26, 2010 – A coalition of Islamic and Christian groups today announced the creation of a new association devoted to promoting usury-free finance.

The Usury-Free Association of North America (UFANA) is a non-profit national organization representing institutions, businesses and individuals in North America who operate in a usury-free environment. Its mission is to enable these institutions, businesses and individuals to connect and further develop the usury-free industry in North America.

The founding members of UFANA are Guidance Financial Group, UM Financial Group, frontierAlt Capital, An-Nur Cooperative and the Family Life Foundation.

Guidance Financial Group is the leading Islamic financial institution in the United States and has originated over $1 billion in Islamic residential financing. UM Financial Group is the leading Islamic Financial institution in Canada and has originated over $120 million in residential financing in the Canada. Both are members of the Islamic Financial Services Board (IFSB).  UM Financial is also member of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). 

FrontierAlt Capital was the first Islamic mutual fund in Canada. An-Nur Cooperative is an Islamic non-profit cooperative that provides financing and investment in Canada. Family Life Foundation is a registered Canadian Christian charity which has been promoting a usury-free lifestyle. All founding members meet the association criteria of actively promoting a usury-free lifestyle for over five years.

To fulfill its mandate, UFANA will hold annual conferences, publish quarterly publications, conduct workshops and foster communication and coordination among all levels of government in Canada and the United States.

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For more information on the organization, please visit: www.UFANA.org  and for media requests, please contact:

Oroosh Sheikh, Coordinator
info@ufana.org
416 786 9296