A group of Muslims from the Houston and Dallas areas havesubmitted an application to charter a new credit union, JafariNo-Interest Credit Union, which they hope to operate out ofHouston, the Texas Credit Union Department said.
According to Betsy Loar, assistant commissioner and generalcounsel for the Texas Credit Union Department, Jafari No-InterestCU would operate on a fee basis in lieu of charging interest onloans and paying interest on accounts.
She said the agency is currently reviewing the application andrequesting additional information.
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