To help serve its Muslim members while adhering to their beliefs, North Jersey Federal Credit Union has designed an Islamic banking division.
Working closely with Islamic leaders and mosques to promote the new program, the $187 million CU in Totowa, N.J. is offering an NCUA-insured deposit program up to $500,000-$250,000 through the NCUA and an additional $250,000 through private Excess Share Insurance- that is consistent with the principles of Islamic law or sharia. Under sharia, Muslims are prohibited from engaging in interest payments on loans and other financial products.
Through a partnership with New England Financial, North Jersey FCU is offering Shariah Mutual Funds, in addition to sharia-compliant mortgages and home refinancing. The CU also offers interest-free checking and savings accounts.
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