- CHICAGO, IL, January 20, 2008 - The international financial news journal, Islamic Finance News, announced the results of its 2007 Deals of the Year Awards. A $2 million project organized by Devon Bank has been selected as the best deal of the year for the United States.
The real estate transaction, designed for the purchase of a new school and office building for the Rahmat-e-Alam Foundation located in the West Ridge neighborhood on Chicago's north side, is believed to be the most complex retail Islamic financing transaction done in the United States to date. It includes one of the first commercial lines of credit, and the first Shari'ah-compliant cash management account. The newly purchased property will house the operations of Darul Uloom Chicago, Guidance Educational Academy and The Shari'ah Board of America.
The Foundation purchased the building from the Light of Christ Lutheran Church. The Church, which has a history of interfaith outreach, provided substantial supplemental seller-financing to the Foundation. This financing allowed the Foundation to purchase a large enough building to meet its needs just in time to begin its fall class session.
The transaction involved subdividing the church's property using several financing structures designed to minimize potential real estate taxes to be paid by the otherwise tax-exempt religious institution. This transaction represents a true integration of religions, cultures and legal systems all striving to accommodate the demands of Islamic finance in the fledgling US Islamic finance market.
About Devon Bank
Devon Bank, headquartered at 6445 N. Western Avenue, is celebrating its 63rd year in Chicago's community banking scene. The Bank is owned primarily by the Loundy family, as it has been for most of its history. Several members of the family are active in day-to-day bank operations. In addition to Chicago, Devon Bank has locations in Deerfield / Northbrook, Glenview, Naperville and has just broken ground on a new branch in Wheeling, Illinois. Additional information about Devon Bank can be found online at www.devonbank.com