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August 24, 1990 - Image 60

Resource type:
The Detroit Jewish News, 1990-08-24

Disclaimer: Computer generated plain text may have errors. Read more about this.


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checks written, and a minimal charge for account
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Compare for yourself. You'll see what we mean
when we say that at Franklin Savings Bank, our
business is to help your business.




Mich. National

Maryland Permanent on Reisterstown Road amends its bylaws to
become Baltimore's first "glatt kosher" bank.




Glatt Kosher Bank
Opens In Baltimore


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ashering a bank is
not what Va'ad
HaKashrus is most
well-known for. But with the
opening in June of a new
"glatt kosher" bank on
Reisterstown Road, that is
essentially what was done
by the Orthodox kosher cer-
tification agency.
Maryland Permanent
Bank and Trust Co. has in-
corporated clauses into its
bylaws to bring its practices
into conformity with Jewish
laws prohibiting the charg-
ing of interest on loans made
between Jews.
There are no Kosher banks
in Michigan.
The additions were pro-
posed almost a year ago to
Warren Klawans, the bank's
chairman of the board, by a
friend, Stanley Rochkind, a
local Orthodox real estate
owner. Klawans then agreed
to meet with Rabbi Moshe
Heinemann, rabbinic ad-
ministrator of Va'ad
HaKashrus, to consider the
feasibility of such a change.
Rabbi Heinemann of the
Park Heights Agudath
Israel Synagogue described
his views on the interest
problem in the Sukkot 1986
issue of Kashrus Kurrents
"There is a question [in
Jewish law] as to whether
one may deposit money in a
bank whose owners are
either wholly or in part
[Jews]," since essentially the
Jewish depositor is lending
money to the bank to be

Tzvi Dole is a staff reporter for
our sister newspaper, the
Baltimore Jewish Times.

repaid with interest, Rabbi
Heinemann wrote.
To solve the problem, a
document called a heter
iskav is signed by both par-
ties, declaring their inten-
tion to be business partners
as opposed to borrower and
lender. Once the transaction
ceases to have the legal sta-
tus of a loan, the payment of

"There is a
question [in Jewish
law] as to whether
one may deposit
money in a bank
whose owners are
either wholly or in
part [Jews]."
M. Heinemann

interest is no longer a prob-
lem in Jewish law since it is
then merely an arrangement
between business partners,
according to Rabbi
Rabbi Moshe Feinstein, a
respected Jewish scholar,
argued a few years ago that
bank deposits do not require
such a document because the
individual depositor would
be getting interest from a
corporate entity rather than
a single person. His position
is not universally accepted,
and even he acknowleged in
his responsa [Jewish legal
opinion] that bank loans re-
main a problem.
Since Rochkind's request
implied no change in the ac-
tual operation of Maryland
Permanent, and 17 of the 18
board members are Jewish,
the amendment to the
bank's bylaws was easily
approved. With additional

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