HOUSTON–A credit union has been chartered here to serve people of the Muslim faith who follow the Jafari School, community members and families of the Islamic Education Center of Houston, the Islamic Ahlul Bayt Association in Austin, or the Metroplex Organization of Muslims in North Texas.
Jafari No-Interest Credit Union is the first credit union in the country to be founded in 2016 and the first state-chartered credit union to be chartered in Texas since 2008. It plans to begin operation in April.
The credit union’s name is based on a tenet of Islamic banking that prohibits paying or receiving fixed interest.
“Going through the chartering process, we have seen firsthand that the cooperative spirit of the credit union movement is alive and well,” President/CEO Imran Dhanji said. “Many credit unions have willingly offered their expertise and guidance to help us achieve this milestone, and we would like to express our heartfelt appreciation for their support. We are proud to be a part of the credit union movement and look forward to being an active member of the Cornerstone Credit Union League."
According to the Cornerstone CU League, organizing for the charter has been in the works for almost four years. In 2012, the group contacted Cornerstone VP of Small Credit Union Development Linda Winkfein, who began providing direction and guidance to get the group started on their chartering course.
When Winkfein passed away in February 2014, the new VP of small credit union development, Lorri Gaither, assumed responsibility for shepherding the group toward a completed charter. Gaither has since been actively working to ensure the credit union has access to the tools and resources it will need to grow and thrive in the marketplace.
The credit union received additional help from distinguished leaders in the credit union community. Mentor James Tuggle, Jr., CEO of Transtar Federal Credit Union, and his staff, including Kay NewBury and Rocky Hinojosa, have provided and will continue to provide operational guidance.
Others who provided guidance included Cindy Hester, CEO of Union Fidelity FCU; George Bishop, CEO of St. Luke’s Community FCU; Lynda Milton, CEO of Team Financial FCU; and Randy Martinez, CEO of Promise CU, as well as the Texas Credit Union Department and its commissioner, Harold E Feeney.
According to NCUA, Jafari No-Interest Credit Union will serve approximately 23,191 potential members of the three religious associations.