Muslim Credit Union to Run on Fees, Not Interest, Founder Says

[Houston Business Journal]

As I reported last week, a group of Muslim investors have filed to charter a new no-interest credit union based in Houston.

Marketing to Shia Muslims in Houston, Dallas and Austin, the Jafari No-Interest Credit Union’s business model would rely on fees, rather than charging interest on loans to customers.

The credit union would also not pay any interest on deposit accounts.

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