A group of Muslims from the Houston and Dallas areas have submitted an application to charter a new credit union, Jafari No-Interest Credit Union, which they hope to operate out of Houston, the Texas Credit Union Department said.
According to Betsy Loar, assistant commissioner and general counsel for the Texas Credit Union Department, Jafari No-Interest CU would operate on a fee basis in lieu of charging interest on loans and paying interest on accounts.
She said the agency is currently reviewing the application and requesting additional information.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
