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Islamic Finance Briefing - Categorized | Finance, Islamic Law / Economics more

Muslim credit union to run on fees, not interest, founder says

Posted on 23 January 2013

A group of Muslim investors have filed to charter a new no-interest credit union based in Houston. Marketing to Shia Muslims in Houston, Dallas and Austin, the Jafari No-Interest Credit Union’s business model would rely on fees, rather than charging interest on loans to customers.
The credit union would also not pay any interest on deposit accounts. Because of the atypical business model — running on fees — I was interested in speaking with the founders of the credit union to get an idea about how that would work………………………………………..Full Article: Source

 
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