BROOKLYN, N.Y.--(BUSINESS WIRE)--KFI (Kosher Financial Institute) is celebrating $500 Billion in loans closed by KFI-certified mortgage companies.
In spite of the fact that 2022 was a challenging year for banks and mortgage companies, KFI has achieved a remarkable milestone by having our affiliate lenders close almost half a trillion dollars of mortgages.
Kosher Certified Banking has become the new norm in the money lending industry in record-breaking time. Top Orthodox Jewish leaders continue to be at the forefront of the call to expand the kosher phenomena to encompass the banking and lending industry. Kosher is not about food alone. Kosher is a reflection of integrity.
"We knew from the beginning that this was an idea whose time has come," says Avigdor Grunwald, KFI Director. "KFI took the challenge out of safeguarding kosher money."
Long aware that kosher supervision was needed for the banking and lending industry as well as food, the KFI was established to reach out to this never before touched upon market. In this way, the observant Jewish community would be prevented from transgressing the law of usury, otherwise known as ribbis, a severe violation in Judaism.
"Orthodox Jews' concern for pursuing only kosher is legendary," says Rabbi Aron Wieder, KFI Rabbinical admin. "Yet avoiding usury has been something that has been challenging. Now, through KFI, Orthodox consumers have easy access to a list of institutions qualifying as kosher and can make educated decisions about which of those institutions to frequent."
The KFI identifies which banks and lending institutions are kosher certified according to Jewish law. The kosher certification reflects the KFI's stamp of approval of the specific institution, making doing business with that institution allowable to Orthodox Jews.
The KFI kosher seal is not a carte blanche stamp of approval. Institutions can reach out for help from KFI, which will provide all the necessary support for obtaining kosher certification to avoid losing out on a premium market of clientele.
"Every bank has the potential to become kosher upon implementing the necessary steps required," says Rabbi Wieder. "Our goal at KFI is that a bank that wishes to become kosher certified should have an established body to turn to for help and support."
Kosher banks are listed on the KFI's Kosher Bank Directory, 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.
Despite the continued challenging economy, KFI is looking forward to achieving new milestones in 2023. KFI also anticipates onboarding additional banks and lenders to continue to assist the observant Jewish community in getting the loans they need while staying in compliance with their values.
