About "Devon Islamic Ventures - Offshore".
Devon Bank opened originally as the Devon North Town State Bank in Chicago, Illinois on June 9, 1945. Its founders were local merchants who believed that the community known then as North Town, on Chicago's north side, would benefit from a community bank.

Owned and operated primarily as a family-owned business since 1953, Devon Bank has remained an independent community bank with deep roots in its communities and with the dedicated customer commitment envisioned by its founders.

Devon Bank's headquarters at Devon and Western Avenues is in one of the most ethnically-diverse neighborhoods in the United States. This includes a large Muslim population, which requested that the Bank provide religiously-acceptable banking services. In response to customer demand, Devon Bank created its Islamic Financing Program. This program is based on the cornerstones of 1. being the most Shariah compliant; 2. fitting within U.S. law, and without the uncertainty (gharar) caused by having separate U.S. law/Shariah agreements; 3. making good business sense, for both customers and the Bank; and 4. keeping the "COBM" (cost of being Muslim) as low as possible. Because of this customer-centric focus, Devon Bank is one of the premier providers of Islamic financing services in North America.

In January, 2010, it was voted "Best Islamic Bank" for 2009 in the U.S. in Islamic Finance News' poll. Devon Bank's program has been recognized as a "Best Practice in Immigrant Lending" in a study by the American Bankers' Association, received a community reinvestment award from the Woodstock Institute, received the Sheikh Mohammed Bin Rashid Al Maktoum award for Islamic finance in 2006 in the category "Vision: North America," and earned "Deal of the Year" for the U.S. from Islamic Finance News for both 2007 and 2008. Devon Bank's products have received the broadest religious approval of any such products offered in the United States.

As word of Devon Bank's program spread, the Bank received inquiries from other communities with under-served Muslim populations, and for additional products, including some products that could not be offered in a Shariah-compliant manner by U.S. banks within the current regulatory structure. These inquiries expanded outside of the U.S., and outside of traditional banking business.

To accommodate the needs of the greater Muslim community, beyond just the Bank's local community, Devon Islamic Ventures-Offshore (DIVO) was proposed to allow for the expansion of Devon Bank's Islamic Financing Program, to allow for the creation of a Shariah-compliant investment vehicle, and to allow for an investment conduit of other Islamic financing ventures, such as those that have contacted Devon Bank in the past. The goal is to have an investment company that functions as a conglomerate of Islamic finance and investment company interests.

Once launched, the DIVO will be a company most likely domiciled in Ireland to take advantage of that country's tax and business climate. The DIVO will have close ties to the Devon Bank in that many of the DIVO's functions will be outsourced to Devon Bank, and many of the DIVO's businesses will support or be derived as a result of Devon Bank's Islamic Finance Program. However, it is an independent entity that is not owned by the Devon Bank. Although there will be some common directorship between the Bank and the DIVO, the DIVO maintains an independent board of directors that determines the DIVO's direction and approves of its business transactions. The Bank does not control the direction of the DIVO and the DIVO does not control the direction of the Bank.

The DIVO will be engaged in a portfolio of Shariah-compliant businesses. Some of these businesses may be provided directly by the DIVO or an affiliate, but some may be provided by making equity investments in other providers of such services, or in funds operated by such providers. The focus of these businesses will be on sustained operations, particularly in the areas of Islamic financing that will generate a sustained cash flow to support the DIVO's operations.