Maun Federal Credit Union – Federal Credit Union

By applying Faith-Based Principles to provide Accessible, Interest-Free Financing.

Your Deposit is Not a Donation.

Your deposit will be used to directly provide interest-free loans to those that are truly in need.

It’s that Simple.

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Our Story

For almost a decade we have been searching for an equitable financing model that would serve the fundamental purposes of a banking institution without exploiting both the depositors and those in need. We aim to disrupt the current banking models by providing an alternative solution that is founded upon faith-based principles. Leaders and community members from both the New Brunswick Islamic Center and the Islamic Society of Central Jersey have championed this vision to create the Maun Federal Credit Union. We pray that this small act of kindness (ma’un – Arabic), will help empower our community and help bring us all closer to fulfilling our faith. We hope that our success will serve as a model for others to embrace.

Sincerely,
Irfan Galaria MD, MBA Chair,
Board of Directors

Strong, Safe and Secure

Maun Federal Credit Union is built on a sound foundation.

We adhere to faith-based principles and our policies and procedures are regularly audited by experts and scholars.

We are closely regulated by the Federal Government.

The National Credit Union Administration (NCUA), a U.S. Government Agency, insures members’ savings up to $250,000.

Our Services

Maun Federal Credit Union plans to incrementally increase services over the next few years.

At present, we offer:

Deposit Accounts
Accept ACH Deposits and Wire Transfers
Online Account Access
Full-Service Checking Accounts

Planned additional services:

ATM
Debit Card
Mobile Wallet
Online Bill Pay

Our Values

Focusing on Values of Service, Integrity and Community Supports our Mission to make YOU our Top Priority.

We Serve With Compassion

Compassionate service goes beyond knowing your name. It’s understanding and caring about what’s important to you. That’s why we’re dedicated to your overall financial well-being and helping you achieve what you want in life.

We Put Members First

Members FIRST. As a not-for-profit credit union, we strive to do what’s right for our membership as a whole, so we can bring real value to all of our members. It’s a matter of integrity and simply the right thing to do. So, you can trust that 24/7/365, we are focused on your needs.

We Champion Community

People FIRST: We’re dedicated to fostering the financial health and well-being of the members of the ISCJ and NBIC communities.

Maun FCU Intro Webinar

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FAQ

1. What is the purpose of the MFCU?

The MFCU is not a charity. It is a not-for-profit banking institution that is developed to empower our community. The MFCU will pool the resources of the community to provide interest-free loans to those in need. The MFCU will adhere to ethical and religious principles

2. Why does the MFCU need to charge fees?

Banks primarily make money in 2 ways: they charge interest, and they invest their deposits in interestbearing accounts. The MFCU does neither. Therefore, the MFCU needs to charge fees to cover its operating expenses. These fees will decrease as more and more individuals use the MFCU.

3. How can you join the MFCU?

The Islamic Society of Central Jersey (ISCJ) and the New Brunswick Islamic Center (NBIC) serve as “sponsor” organizations for the MFCU. So, you must be a member of either the ISCJ or the NBIC to join the MFCU. In the future, the MFCU hopes to add additional sponsor organizations so that it may expand its membership base.

4. Are deposits in the MFCU insured by the federal government?

Yes, all deposits are insured up to $250,000 per individual. The MFCU is regulated and monitored by the federal government.

5. What is the difference between a federal credit union and a bank?

The two institutions are very similar in function. However, the key philosophy behind credit unions and banks is different. Banks operate for the aim of generating profits while credit unions are communitybased institutions which run as not-for-profit entities.

6. Why do we need to create a new banking institution?

There currently is no institution in America that provides a full spectrum of banking services using Islamic principles. The goal is to develop a no-interest, not-for-profit credit union that would provide both basic banking services and a portfolio of loan options (auto, education, home, business) for the members of the community using ethical financing principles.

7. Who will be profiting from the MFCU?

No one. The MFCU is not owned by investors. It is a not-for-profit entity

8. Who will be in charge of the MFCU?

The MFCU will be guided by a volunteer Board of Directors. The members (bank account holders) of the MFCU will elect board members. No seat is permanent.

9. What kind of services will the MFCU provide?

The MFCU will be a full-service banking institution that will provide cutting edge financial services including: checking and savings accounts, online banking services (ex: bill pay, mobile wallet, wire transfers, check deposits, etc.), auto loans, education loans, and home loans. These services will be introduced incrementally as the MFCU gains experience and members.

No monthly Fees to Open an Account!