Muslim investors in Houston have filed an application to launch Jafari No-Interest Credit Union, a credit union that will cater to Shia Muslim members in Texas.
Muslim investors have filed an application with state regulators to form a new credit union in Houston that would target the Shia Muslim population in Austin, Houston and Dallas.
Jafari No-Interest Credit Union would not charge its members interest on loans or pay out interest to their members on deposit accounts. Islam prohibits Muslims from charging fellow Muslims interest on loans.
However, investors behind the credit union would have to submit a business plan to regulators to show how the financial institution would be solvent. Jafari would have to support its operations primarily from non-interest income in the form of various fees.
Source: Houston Business Journal.
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