Jafari No-Interest Credit Union

Jafari No-Interest Credit Union Created and supported by the Jafari Community, the Jafari No-Interest Credit Union (CU) aims to prov For more information about us: http://www.jafaricu.com

09/05/2023

Salamun Alaikum.

For members with federal student loans please see the link about the new SAVE program https://studentaid.gov/announcements-events/save-plan

CU STATISTICS
Alhamdolillah, the CU has 282 members and $1,646,000 in federally insured deposits. The CU has issued $2,093,000 in no-interest loans, since inception, saving our community $653,000 in interest. Loans have been issued to members in Texas, Florida, Maryland, Illinois and New Jersey.

MONTHLY STATEMENTS AVAILABLE
Your August 2023 monthly statements are available on the credit union's Online Banking website.

MONTHLY ACCOUNT MAINTENANCE FEE CHANGE
The CU has changed the monthly account maintenance fee. Please see the email sent to members or visit the CU website.

APPLY FOR A NO-INTEREST LOAN
Please visit this link to learn about the types of loans offered by the CU and how to apply for a loan:http://www.jafaricu.com/files/ApplyingForALoan.pdf

08/07/2023

Salamun Alaikum.
May Allah make our reward and your reward great for our grief for Husayn peace be upon him. May He place us and you from those who help His cause with His representative, the guided Imam from the family of Muhammad, peace and blessings be upon him and his family.

ANNUAL MEETING
The Annual Meeting of the Members of the Credit Union was held Jun 10, 2023. The presentation and the CU's 2022 financial statements were emailed to the members.

CU STATISTICS
Alhamdolillah, the CU has 272 members and $1,601,000 in federally insured deposits. The CU has issued $2,024,000 in no-interest loans, since inception, saving our community $620,000 in interest. Loans have been issued to members in Texas, Florida, Maryland, Illinois and New Jersey.

MONTHLY STATEMENTS AVAILABLE
Your July 2023 monthly statements are available on the credit union's Online Banking website.

APPLY FOR A NO-INTEREST LOAN
Please visit this link to learn about the types of loans offered by the CU and how to apply for a loan:

04/01/2023

Salamun Alaikum. Ramadhan Mubarak.

A lot of people in our community do not know about Jafari No-Interest Credit Union. Please share information about the CU with your family members and friends. Family members of existing CU members can join wherever they live in the US, as long as they meet the other eligibility criteria. JazakAllah Khair. New Member instruction:https://www.jafaricu.com/files/NewMemberInstructions.pdf.pdf

MONTHLY STATEMENTS AVAILABLE
Your March 2023 monthly statements are available on the credit union's Online Banking website.

CU STATISTICS
Alhamdolillah, the CU has 260 members and $1,562,000 in deposits. The CU has issued $1,801,000 in no-interest loans, saving our community $526,000 in interest. Loans have been issued to members in Texas, Florida, Maryland, Illinois and New Jersey.

APPLY FOR A NO-INTEREST LOAN
Please visit this link to learn about the types of loans offered by the CU and how to apply for a loan:http://www.jafaricu.com/files/ApplyingForALoan.pdf

10/24/2022

Salamun Alaikum.

ANNUAL MEETING
The Annual Meeting of the Members of the Credit Union was held July 24, 2022. The presentation and the CU's 2021 financial statements were emailed to members.

CU STATISTICS
Alhamdolillah, the CU has 260 members and $1,484,000 in deposits. The CU has issued $1,637,000 in no-interest loans, saving our community $430,000 in interest. Loans have been issued to members in Texas, Florida, Maryland, Illinois and New Jersey.

MONTHLY STATEMENTS AVAILABLE
Your September 2022 monthly statements are available on the credit union's Online Banking website.

LOAN CHANGES
The maximum car loan has been increased to $35,000. Note: Members can apply to refinance a car or student loan after making at least 3 monthly payments.

The CU will start offering loans to pay for College Tuition, starting InshAllah from Spring 2023.

Please visit the CU’s website for eligibility and other details:http://www.jafaricu.com/files/ApplyingForALoan.pdf

MONTHLY ACCOUNT MAINTENANCE FEE CHANGE

The new fee became effective for new members who joined after October 01, 2022 and will become effective for existing members on November 16, 2022.

$3/Month if the account's Savings Deposit balance equals or exceeds the account's credit union total outstanding loans’ balance.
$3/month fee waived if member younger than 18 years.
$10/Month if the account's credit union total outstanding loans’ balance exceeds the account's Savings Deposit balance by less than $10,000.
$30/Month if the account's credit union total outstanding loans’ balance exceeds the account's Savings Deposit balance by less than $30,000.
$50/Month if the account's credit union total outstanding loans’ balance exceeds the account's Savings Deposit balance by $30,000 or more.

Please see the Truth-in-Savings Disclosure on the CU website. This was also emailed to members.

ONLINE BANKING CHANGES
The Online Banking has been upgraded and the login process will be slightly different. Your existing username and password will still work.

The upgraded Online Banking will enable members to transfer funds to other members at the CU. If you would like to be able to transfer funds to other members please send an email or Secure Message to the CU requesting this access.

APPLY FOR A NO-INTEREST LOAN
Please visit this link to learn about the types of loans offered by the CU and how to apply for a loan:http://www.jafaricu.com/files/ApplyingForALoan.pdf

03/21/2022

CU Board Elections

Salamun Alaikum. Alhamdolillah, the CU has completed almost six years of operations and it is time to elect a new board of directors for the next 3 years, InshAllah. The new board will be elected at the CU's next annual meeting in the second half of July 2022, InshAllah. Please see the section CU ELECTIONS below about the upcoming elections and how someone can be nominated for the CU Director positions.

CU STATISTICS
The CU has 259 members and $1,337,000 in deposits. The CU has issued $1,479,000 in no-interest loans, saving our community $372,000 in interest.

MONTHLY STATEMENTS AVAILABLE
Your Feb 2022 monthly statements are available on the credit union's Online Banking website.

APPLY FOR A NO-INTEREST LOAN
Please visit the CU website to see what types on no-interest loans are available. Visithttp://www.jafaricu.com/files/ApplyingForALoan.pdf for details.

INVITE FAMILY MEMBERS TO BECOME CU MEMBERS
Your family members, living in any US state, are generally eligible to join the CU. Family members include Muslims who follows the Jafari School and are a Sibling, Spouse, Parent, Child, Grandparent, Grandchild, Sibling of Parent, Sibling’s Child, First Cousin, Spouse’s Sibling, Spouse’s Parent, and Spouse’s First Cousin.

ONLINE BANKING
If you have not signed up for online banking yet please call the CU at 866.341.1214 and a CU staff member will call you back with your initial Online ID and password. The Online Banking website lets you view your balances, transaction history and monthly statements.

Once you sign up for online banking you can also download and use the CU's IPhone/Android app to access your credit union account. Search for the app name using the CU's name, Jafari No-Interest Credit Union.

CU ELECTIONS
Alhamdolillah, the CU has completed almost six years of operations and it is time to elect a new board of directors for the next 3 years, InshAllah. The new board will be elected in the second half of July 2022.

An email was sent to members describing the CU Election process and the persons nominated so far.

10/12/2021

Salamun Alaikum.

ANNUAL MEETING
The Annual Meeting of the Members of the Credit Union was held June 26, 2020 5:00 pm. The presentation and the CU's 2020 financial statements were emailed to members.

CU STATISTICS
Alhamdolillah, the CU has 255 members and $1,289,000 in deposits. The CU has issued $1,266,000 in no-interest loans, saving our community $319,000 in interest. Loans have been issued to members in Texas, Florida, Maryland, Illinois and New Jersey.

MONTHLY STATEMENTS AVAILABLE
Your September 2021 monthly statements are available on the credit union's Online Banking website.

APPLY FOR A NO-INTEREST LOAN
Please visit this link to learn about the types of loans offered by the CU and how to apply for a loan:

06/26/2021

Salamun Alaikum. Please join the CU's Annual Meeting today at 5 pm CST. The link to join the meeting was emailed to CU members. If you didn't get the link please email [email protected].

06/12/2021

Salamun Alaikum.

ANNUAL MEETING
The Annual Meeting of the Members of the Credit Union, InshAllah, will be held on June 26 2021 5:00 pm to 6:00 pm CST, online only.

The CU board will present the report for the past year. The CU's Supervisory Committee will present a summary of their recent audit of the CU.

The CU will email the link on the day of the meeting InshAllah. Please email [email protected] if you have not received the link before the meeting.

At least 25 CU members must attend for quorum. Please attend to learn about the CU's performance and hear about future plans. Please also invite other community members to attend, so they can learn about the CU's services.

LOAN SERVICE CHANGE
Members can now apply to refinance existing car and student loans as long they have made at least 3 monthly payments. The CU previously required members to have made at least 6 monthly payments to be eligible to apply.

CU STATISTICS
Alhamdolillah, the CU has 255 members and $1,270,000 in deposits. The CU has issued $1,207,000 in no-interest loans, saving our community $309,000 in interest. Loans have been issued to members in Texas, Florida, Maryland, Virginia, Illinois and New Jersey.

MONTHLY STATEMENTS AVAILABLE
Your May 2021 monthly statements are available on the credit union's Online Banking website.

ONLINE BANKING
If you have not signed up for online banking yet please call the CU at 713.331.1072 and a CU staff member will call you back with your initial Online ID and password. The Online Banking website lets you view your balances, transaction history and monthly statements.

Once you sign up for online banking you can also download and use the CU's IPhone/Android app to access your credit union account. Search for the app name using the CU's name, Jafari No-Interest Credit Union.

APPLY FOR A NO-INTEREST LOAN
Please visit this link to learn about the types of loans offered by the CU and how to apply for a loan:

12/21/2020

Salamun Alaikum.

ANNUAL MEETING
The Annual Meeting of the Members of the Credit Union was held October 18, 2020 5:00 pm. The meeting presentation and the CU's 2019 financial statements were sent in the email from the CU to members.

CU STATISTICS
Alhamdolillah, the CU has 255 members and $1,185,000 in deposits. The CU has issued $1,049,000 in no-interest loans, saving our community $278,000 in interest. Loans have been issued to members in Texas, Florida, Maryland, Illinois and New Jersey.

MONTHLY STATEMENTS AVAILABLE
Your November 2020 monthly statements are available on the credit union's Online Banking website.

LOAN CHANGES
Below are some changes made to the types of loans offers by the CU. Please see "Apply for a Loan" on www.JafariCU.com for details
1. Short-Term maximum loan amount increased from $6,000 to $8,000
2. Car Loan maximum car loan increased from $25,000 to to $30,000
3. Personal Loan maximum loan increased from $2,400 to $5,000 for single members and $10,000 for joint members (if both members have income)
4. New loan type: Business Equipment Purchase/Repair loan $5,000 - $16,000

We hope, InshAllah, these loan changes will help meet more of the financing requirements of our community.

MONTHLY ACCOUNT MAINTENANCE FEE CHANGE
The new fee became effective for new members who join after Dec 18, 2020, and will become effective for existing members on Feb 15, 2021.

Monthly Fee: $3 if you have no CU loans or your Savings balance equals or exceeds your CU total loans, $10 if your CU total loans exceed your Savings balance by less than $10,000, and $30 otherwise

Please see Truth-in-Savings Disclosure on the CU's website for details.

ONLINE BANKING
If you have not signed up for online banking yet please call the CU at 713.331.1072 and a CU staff member will call you back with your initial Online ID and password. The Online Banking website lets you view your balances, transaction history and monthly statements.

Once you sign up for online banking you can also download and use the CU's IPhone/Android app to access your credit union account. Search for the app name using the CU's name, Jafari No-Interest Credit Union.

APPLY FOR A NO-INTEREST LOAN
Please visit this link to learn about the types of loans offered by the CU and how to apply for a loan:http://www.jafaricu.com/files/ApplyingForALoan.pdf

MEMBERS ACCESS TO CU DOCUMENTS

Upon request, a member is entitled to review or receive a copy of the most recent version of the following credit union documents:
(a) Balance Sheet and Income Statement, (b) Summary of Annual Audit, (c) Written Board Policy Regarding Membership Access to Credit Union Documents, (d) IRS Form 990 and (e) Annual Report

COMPLAINT NOTICE

If you have a problem with the services provided by this credit union, please contact us at:
Jafari No-Interest Credit Union, 2323 S Voss Rd Suite 308, Houston, TX 77057, Phone: 713-331-1072, Email: [email protected]

The credit union is incorporated under the laws of the State of Texas and under state law is subject to regulatory oversight by the Texas Credit Union Department. If any dispute is not resolved to your satisfaction, you may also file a complaint against the credit union by contacting the Texas Credit Union Department at 914 East Anderson Lane, Austin, Texas 78752-1699, Telephone: (512) 837-9236, Website: Home - Credit Union Department

Was-salaam.

Address

2323 South Voss Road Suite 370
Houston, TX
77057

Website

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