The National Credit Union Administration has granted the first new federal charter of 2021.
The NCUA said Wednesday that Maun Federal Credit Union in Kendall Park, New Jersey, has been approved to serve a local Islamic community.
“Appropriately enough, ‘Maun’ means ‘small kindness,’ which is an apt way of describing a credit union’s mission," NCUA Chairman Todd Harper said in a press release. "The organizers recognized the unmet need for financial services in their community and set about to create a solution through the credit union cooperative business model, tailored specifically for their members.”
The credit union will serve employees and members of the New Brunswick Islamic Center and employees and members of the Islamic Society of Central Jersey in Monmouth Junction.
During its first year of operations, Maun will focus on non-interest-bearing consumer loans and offer its members savings accounts and direct deposit, among other services.
The new credit union has a mentoring agreement with the $1.7 billion-asset Jafari No-Interest Credit Union in Houston, which has a similar no-interest, fee-based business model.
The NCUA approved just one federal charter in 2020.
