Yes.
http://www.michigan.gov/msp/0,1607,7-123-1586_27094-10953--,00.html
Last question on the page:
"3. Is it okay if I loan my pistol to a friend?
MCL 28.432 An individual can carry, possess, use or transport a pistol belonging to another individual, if the pistol is properly licensed and inspected under the Act, and the individual carrying, possessing, using or transporting the pistol has obtained a license to carry a pistol concealed permit from Michigan."