Minnwest Bank announced it was awarded a Certificate of Shariah Compliance for its Commercial Installment Credit Sale Program (Commercial Murabaha) by a consortium of Minnesota-based Imams
The development of this financing option for businesses and entrepreneurs was led by Sejal Patel, Senior Vice President and Director of Leasing for Minnwest Bank. The bank plans to get the word out about this financial opportunity through the local Muslim, immigrant and entrepreneur communities.
“Growing up the child of immigrants, I witnessed first-hand the language, cultural and other barriers to banking services in these communities,” said Patel. “I’m proud to work for an organization that understands that, and that is committed to helping immigrants better their lives through access to capital and business ownership.”
The Commercial Murabaha is the first banking solution offered by Minnwest Bank to achieve certification for Shariah compliance. A team led by Patel and other senior leaders in the organization continues to work on building additional products to serve the Muslim community, including an available savings product.
“Minnwest Bank has strived to build strong, vibrant communities for over 35 years, and this new financing solution for businesses will help an underserved community not only access banking solutions, but also build generational wealth for years to come,” said Todd McVay, Chief Executive Officer of Minnwest Corporation.
About Minnwest Bank
Minnwest Bank is a family-owned financial services company providing agriculture, commercial and personal banking services throughout Minnesota and South Dakota. It is one of Minnesota’s largest banks, with $2.8 billion in assets and 36 branch locations. For more information about Minnwest Bank, visit minnwestbank.com.
