Jafari No-Interest Credit Union, headquartered in Houston, became the first officially chartered credit union in 2016, the Cornerstone Credit Union League and NCUA announced in Feb. 26 press releases.

The credit union will serve members in Houston, Dallas and Austin, Texas, and was officially chartered by the Texas Credit Union Department on Feb. 16.

The institution was formed to provide financial services for those of the Muslim faith that follow the Jafari School of thought, and members of the Islamic Education center of Houston, the Islamic Ahlul Bayt Association in Austin and the Metroplex Organization of Muslims in North Texas.

With plans to open in April with more than 23,000 members, Jafari No-Interest Credit Union was the first new credit union chartered in Texas since 2008.

“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 in a statement. “Many credit unions have willingly offered their expertise and guidance to help us achieve this accomplishment, 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.”

The NCUA said the credit union was approved for federal insurance.

“The Cornerstone Credit Union League would like to extend its sincere congratulations to the leadership team of Jafari No-Interest Credit Union on the chartering of their credit union,” Cornerstone SVP of Credit Union Relations Mike Delker said. “Their perseverance and dedication throughout the chartering process is evidence of their desire and ability to provide financial products and services designed to meet the unique needs of their membership. Cornerstone looks forward to providing them with the assistance and service they will need to be successful in their growth.”

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Muslim Faith-Based Credit Union Chartered

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