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Muslim investors seek to form no-interest Texas credit union
by Collin Eaton
Muslim investors in Texas have filed to charter a new Houston-based credit union that would market to the Shia Muslim populations in Houston, Dallas and Austin.
Unlike most of its counterparts, the Jafari No-Interest Credit Union 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.
"I don't think this is a brand new concept in the U.S., but we don't have any in our jurisdiction right now," said Betsy Loar, assistant commissioner and general counsel for the Texas Credit Union Department.
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