Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Muslim members of North Jersey Federal Credit Union will have access to a new Islamic banking division in line with their spiritual beliefs.

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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Peter Westerman

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.