Muslim investors in Texas have filed paperwork to form the Jafari No-Interest Credit Union.
A no-interest credit union that would market to the Shia Muslim populations in Austin, Houston and Dallas is taking shape.
Muslim investors have filed to charter Houston-based Jafari No-Interest Credit Union, which would not charge interest on loans or pay interest to its members on deposit accounts, but rather it would charge various fees, as charging interest goes against certain principals of the Shia Muslim faith, the Houston Business Journal reports.
The investors will soon have to submit a business plan to show that the credit union is viable, HBJ reports.
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Source: http://feedproxy.google.com/~r/vertical_10/~3/_8FlJuXgxSQ/texas-credit-union-marketed-to-shia.html
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