TOTOWA, N.J. – North Jersey FCU has developed an Islamic banking program that features non-interest products and services in line with Shariah practice in order to cater to the area’s large Muslim population.
North Jersey representatives worked with local Islamic leaders to develop deposit products, mortgages and mutual funds that are consistent with Islamic law, known as Shariah. Shariah Mutual Funds are being made available through a new partnership with New England Financial. The credit union also is offering Shariah-compliant mortgages and home refinancing. Islamic law forbids the charging of interest.
New Jersey is home to the second-largest percentage of Muslims in the U.S More than 700,000 Muslims live in Bergen County, which lies just west of New York City.
