Top rabbinical leaders call upon the Jewish community to utilize only kosher-certified lending institutions in all of their financial dealings
Prominent Jewish leaders are at the forefront of the call to expand the kosher phenomena to encompass the banking and lending industry.
“We needed to take the challenge out of safeguarding kosher money.”
“This is an idea whose time has come,” says Shulem A. Grunwald, KFI – Kosher Financial Institute Director. “We needed to take the challenge out of safeguarding kosher money.”
Long aware that kosher supervision was needed, not only for food, but for the banking and lending industry as well, KFI was established to reach out to this never before touched upon market. In this way, the observant Jewish community will be prevented from transgressing the law of usury, otherwise known as ribbis, a severe violation in Judaism.
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“Orthodox Jews’ concern for pursuing only kosher is legendary,” continues Grunwald. “Yet avoiding usury has been challenging for many reasons. Now, through KFI, Orthodox consumers will have easy access to the Kosher Bank Directory a list of those institutions qualifying as kosher, and they will be able to make educated decisions about which institutions to frequent.”
The KFI seal identifies which banks and lending institutions are kosher certified according to Jewish law. The certification reflects the KFI’s stamp of approval of the specific institution making doing business with that institution something allowable to Orthodox Jews. KFI’s seal is a promise that the institution does not violate any of the usury laws applicable to Jews.
The KFI kosher seal is not a carte blanche stamp of approval. Institutions can reach out for help from KFI, which provides all the necessary support for kosher certification to avoid losing out on a premium market of clientele.
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“Every bank has the potential to become kosher upon implementing the necessary steps,” says Grunwald. “At KFI, our goal is to assist any bank that wishes to become kosher certified by providing an established body where they can turn to for help and support.”
Kosher banks will have the opportunity to be listed on the KFI’s Kosher Bank Directory, which has already become the gold standard for those seeking a list of kosher banks with which to conduct business. It is where observant Jews now look to verify an institution’s kosher status before choosing a lender or bank.
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