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A Not-for-Profit Financial Institution Developed to Empower our Community

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
  • Remote Check Deposit
  • Online Account Access

Planned additional services:

  • Full-Service Checking Accounts
  • 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.

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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

Step 1 - Getting Started

To Get Started, you need to be a member of the Islamic Society of Central Jersey (ISCJ) or of the New Brunswick Islamic Center (NBIC). If you are not a member, no problem , follow the links below to sign up

Only 1 person in the family needs to be a member of the ISCJ or NBIC for any family member to open an account with the Maun FCU.

Step 2 – Contact US and we will send you the necessary forms and documents to get started.

Please Note: Each account will be charged a $5/month fee. The Maun FCU is a not-for-profit entity and the fees help cover the operational costs so that we may offer interest-free loans.

ISCJ Membership Application
NBIC Membership Application

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See What Our Existing Customer Says About Us

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Our Dedicated Team Members

Board of Directors

Irfan Galaria - Chairman

Irfan Galaria MD, MBA is a Plastic and Reconstructive Surgeon. He is involved with several not-for-profit organizations that are focused on improving diversity on college campuses and promoting civil rights in America.

Nadeem Baig - Vice Chair

Served as a board member of the Digestive Health Physicians Association. Currently, serving as a board member of New Brunswick Islamic Center

Ahsun Saleem

As Managing Principal with Simplegrid, he overseers all aspects of the organization - strategy, marketing, operations, finance and personnel.

Ahsen Janjua - Treasurer

Ahsen designs comprehensive succession planning strategies to protect economic interests and maintain operational excellence during transition.

Arif Patel - Secretary

Grassroots Civic and Local Community Volunteer with Corporate, Personal Business and Leadership experience for 15+ years.

Supervisory Committee

Mohammed Salyani - Chair

Mohammed is a Principal at a regional accounting firm WilkinGuttenplan which he joined in 2001. Mohammed has been an active member of both ISCJ and NBIC for many years.

Mohamed Shiliwala

Mohamed’s practice focuses on real estate( residential, commercial purchases & sales) and business transactions.

Executive Team

Gulnaz Batliwala - Accounting Committee

Gulnaz works as the Finance Lead of a nationwide corporation, and has been a CPA since 2002. She has also served as an internal auditor at ISCJ.

Tariq Ajaz - Strategy and Operations

Tariq Ajaz is a senior level financial services executive with versatile background in international and domestic banking processes and regulations.

Shomail Malik - Director of Marketing and Outreach

Grassroots local community volunteer with corporate and business leadership for 15 plus years.

We are fortunate to work with great brands

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FAQ

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 community based institutions which run as non-profit entities. FCU accounts are also secured by the government.
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.
A FCU requires an organization (such as a religious institution or other community group) to serve as its “sponsor”. This sponsor organization is not legally or financially responsible for the actions and/or outcomes of the FCU.
No one. The FCU is not owned by investors. It is a not-for-profit entity.
The FCU will be guided by a volunteer Board of Directors. The members (bank account holders) of the FCU will elect board members. No seat is permanent.
The FCU 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, home loans, and business loans. These services will be introduced incrementally as the FCU gains experience and members.
Start-up funds will come from donations, sponsors and advertisers.
As a not for profit, interest-free institution, the initial operating expenses will be covered by fees. These fees may abate as the FCU matures and earns steady revenue from other services. Because of the unique ethical principles of this institution and array of financial services it will offer, individuals will be willing to pay a small premium to participate in the FCU. Additional revenue will be secured from advertisers. Revenue will also be generated from loans.
Loans will be 100% interest free. Loans are feebased. All loan fees will be adjusted so as to cover the expenses of operating the FCU. The loans will be collateralized or supported by a co-signer. Loans would not be financed/sold/supported by thirdparty financial institutions or government agencies. All other aspects of banking transactions and loans will also adhere to religious and ethical banking principles.
The design for this banking model was developed after extensive consultation and review from/with the following sources: (1) Dozens of leading Islamic scholars. (2) Islamic bankers including conversations with the former head of an Islamic country’s central bank. (3) Other models of Islamic banking/finance including banks in Malaysia, Pakistan, Bangladesh and Africa. (4) Conversations with leading Islamic loan providers and their shura boards here in the United States. (5) FCU conferences. (6) Discussions with ½ dozen credit union staff members including founders, and CFOs of other existing credit unions. (7) Consultation with lawyers who have extensive experience with FCUs.

Get in touch with us.

Have questions about opening an account?

    Open Hours

    Main Office

    Thursdays: 5 PM – 7 PM

    ISCJ

    1st Fridays of the Month: 5 PM – 7 PM

    NBIC

    3rd Fridays of the Month: 5 PM – 7 PM
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    Contact

    • 3250 Route 27, Suite 201 Kendall Park, NJ 08824

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