Posted on 06/03/2010 7:58:10 AM PDT by b4its2late
To help serve its Muslim members while adhering to their beliefs, North Jersey Federal Credit Union has designed an Islamic banking division.
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.
Through a partnership with New England Financial, North Jersey FCU is offering Shariah Mutual Funds, in addition to sharia-compliant mortgages and home refinancing. The CU also offers interest-free checking and savings accounts.
According to North Jersey FCU, the state is home to the second largest percentage of Muslims in the country. There are more than 700,000 Muslims in Bergen County, N.J. The CU serves nearly 30,000 members.
“Like many businesses in the North Jersey area, North Jersey Federal recognizes the importance of creativity and flexibility when serving an extremely diverse population, the CU said in a statement.
And the cultural suicide continues...
Slowly but surely, Sharia Law is making its way further into this country. Personally, I would boycott this bank and if I had any funds there, I would pull it with due haste. Idiocy is overtaking America in rapid fashion. As a society, we are in deep trouble....
You would be better off keeping your savings there, and pulling your loans out. That’d hurt them twice.... Just sayin’..
Sharia is unconstitutional,one shadow gov’t is enough!
FEDERAL credit union here.
Who the hell surrendered and when?
They get a lower interest rate on Loans for Jihad program.
“”Muslims are prohibited from engaging in interest payments on loans and other financial products. “”
I wonder if they object to interest INCOME or just PAYING interest! Do they get home loans or business loans without interest? How does that work?
I know. I was wondering that myself.
Just great....
In theory, its also supposed to be interest INCOME.
I.E, there are some Muslims who refuse the interest they make on their savings (or donate to the poor), which is how this is supposed to work.
In terms of practical purposes in the modern world, its not practical. Although if we went away from usury, many of the financial problems this country faced would start to evaportate
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