NEW YORK–(COMMERCIAL THREAD) –Important Jewish leaders are at the forefront of the call to expand the kosher phenomenon to encompass the banking and lending industry.
“This is an idea whose time has come,” says Shulem A. Grunwald, director of KFI – Kosher Financial Institute. “We had to rise to the challenge of protecting kosher money.”
Recognizing for a long time that kosher supervision was necessary, not only for food, but also for the banking and lending industries, KFI was created to reach this never-before-seen market. In this way, the observant Jewish community will be prevented from breaking the law of usury, otherwise known as ribbis, a serious violation of Judaism.
“The concern of Orthodox Jews to pursue only kosher is legendary,” Grunwald continues. “Yet avoiding wear and tear has been difficult for many reasons. Now, thanks to KFI, orthodox consumers will have easy access to Kosher bank directory a list of those institutions that qualify as kosher, and they will be able to make informed decisions about which institutions to attend.
The KFI seal identifies banks and lending institutions certified kosher under Jewish law. The certification reflects the KFI seal of approval of the specific institution doing business with that institution as something authorized for Orthodox Jews. KFI’s seal is a promise that the institution will not violate any of the usury laws applicable to Jews.
KFI’s Kosher Seal is not a white card seal of approval. Establishments can seek help from KFI, which provides all the support needed for kosher certification to avoid losing a premium customer market.
“Every bank has the potential to go kosher after implementing the necessary measures,” says Grunwald. “At KFI, our goal is to help any bank that wishes to become Kosher Certified by providing an established organization they can turn to for help and support.”
Kosher banks will have the option of being listed on KFI’s Kosher Bank Directory, which has already become the gold standard for those looking for a list of kosher banks to do business with. This is where observant Jews now seek to verify the kosher status of an institution before choosing a lender or bank.