Apple Bank – the largest state-chartered savings bank in New York – has officially become kosher certified through the Kosher Financial Institute (KFI), marking a significant development for the frum community and for Anash in Crown Heights in particular, which is home to one of their branches.

With this certification, Apple Bank, which has Jewish ownership, will now offer the KFI’s individual Heter Iska to its customers across the bank’s extensive network, allowing individuals and businesses to formally enter into a halachically compliant framework for their financial transactions.

“This is to certify that transactions with Apple Bank are Kosher and comply with Jewish law,” the official certification reads. “We commend the recipient for their actions in assisting innocent and devout individuals to uphold their beliefs and principles.”

In recent years, significant demand for a kosher certification agency for financial institutions has been growing in the Jewish community. Issues of ribbis in modern finance have long been complex, often leaving consumers uncertain as to the proper halachic approach – whether dealing with traditional banks, mortgage firms, hard money lenders, or general mortgage brokers.

In response, a group of concerned Jewish financiers and business owners laid the groundwork for the KFI, reaching out to leading rabbis with collective expertise in ribbis.

KFI certification is known for its strict standards, combining thorough supervision with a strong commitment to halachic integrity. This move is expected to make a real difference, helping Anash in Crown Heights and frum Jews across the state handle everyday financial matters without concerns of ribbis.

When opening a checking or savings account or signing a loan agreement, customers should ensure that both they and the bank’s authorized signer execute the appropriate Heter Iska. For deposit and savings accounts, use Heter Iska ID K-820-D; for loan-related products, use K-820-L.

Agreements can be completed at any branch or downloaded here and emailed to [email protected].