A Muslim group in Texas is seeking to create its own credit union.
CUNA News reports that the Texas Credit Union League is working with the organizers of the proposed Jafari No-Interest Credit Union, which would serve Muslim residents in the Houston, Dallas and Austin markets and offer products designed to meet the tenets of Islamic religious law, also known as Sharia law. A charter application has been filed with the Texas Department of Credit Unions, and the credit union organizers also need to receive share insurance approval from the National Credit Union Administration.
The proposed credit union would be the second that specifically serves Muslim communities in the U.S. The Totawa, N.J.-based North Jersey Federal Credit Union currently has $198 million assets and provides financial products based on Sharia law, including mortgages that are originated through Reston, Va.-based Guidance Residential Mortgages.