A credit union is a member-owned, not-for-profit financial institution that offers banking services like checking accounts, savings accounts, and loans to its members.

The main difference is that banks are for-profit institutions owned by shareholders, while credit unions are not-for-profit cooperatives owned by their members, often offering lower fees and better rates.

Yes, Credit unions are federally insured by the National Credit Union Administration (NCUA), which protects deposits up to $250,000 per member, per credit union, similar to the FDIC insurance for banks. This means your money is just as safe in a credit union as it is in a bank.

JFCU (proposed) will be the nation's first Shia-focused, interest-free federal credit union. Our goal is to foster a resilient community built on Islamic values by championing a banking model that upholds integrity, transparency, and community reinvestment.

Our partner institution, Jafari No-Interest Credit Union based in Texas has been serving its members since 2016. We want to take the next step, with their guidance and support, and expand the services and establish ourselves as a trusted financial partner for Shia muslims across the United States.

The current conventional banking system promotes a cycle of debt and financial inequality by relying on interest based transactions, which contradicts the core values of fairness, justice, and social responsibility taught in Islam. We want to redefine what it means to bank with purpose. By establishing a Sharia-compliant, interest-free alternative, we aim to offer financial services that respect Islamic principles while still providing modern banking convenience.

We aspire to unite members across the nation to reinvest in our communities, support one another, and build a stronger financial future for generations to come.

Even if you don’t intend to take out a loan, joining a credit union that offers interest-free loans supports community financial health. Credit unions operate on a cooperative model — the more members who join and deposit money, the more funds are available to offer loans to others in the community who need them. By simply being a member, you’re playing an active role in empowering others and strengthening the financial well-being of the whole community.