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.