We are the first Credit Union, not only in Great Britain, but in Europe, to offer Sharia’a compliant savings and finance products to our members.
We offer Sharia’a compliant finance products, which are interest free. All our products carry an arrangement fee – the amount of the fee varies, and is dependant on the required finance amount. The fee is based on the actual costs incurred for issuing the interest – free loan (Qard) in accordance with Sharia’a. The fee can be paid up front or over the duration of the finance.
Both our savings and loan products are based on strong ethical Islamic Financial principles, available to Muslims and non-Muslim members.
The Sharia’a-compliant savings accounts are operated under the Islamic principle of Wakala which is an agency agreement for investment.
We also offer a finance product for goods purchase, where we buy the required goods and then sell it on to our members on a cost plus profit basis. This Sharia’a compliant finance product is operated under the Islamic finance principle of Murabahah (cost –plus sale/financing).
Currently our savings products include our Hajj Fund, our Marriage Fund and our Funeral Fund.
Applications for these products may be made in person at our office on Walter Road, Swansea.