Jafari No-Interest Credit Union, headquartered in Houston,became the first officially chartered credit union in 2016, theCornerstone Credit Union League and NCUA announced in Feb. 26press releases.

The credit union will serve members in Houston, Dallas andAustin, Texas, and was officially chartered by the Texas CreditUnion Department on Feb. 16.

The institution was formed to provide financial services forthose of the Muslim faith that follow the Jafari School of thought,and members of the Islamic Education center of Houston, the IslamicAhlul Bayt Association in Austin and the Metroplex Organization ofMuslims in North Texas.

With plans to open in April with more than 23,000 members,Jafari No-Interest Credit Union was the first new credit unionchartered in Texas since 2008.

“Going through the chartering process, we have seen firsthandthat the cooperative spirit of the credit union movement is aliveand well,” President/CEO Imran Dhanji said in a statement. “Manycredit unions have willingly offered their expertise and guidanceto help us achieve this accomplishment, and we would like toexpress our heartfelt appreciation for their support. We are proudto be a part of the credit union movement and look forward to beingan active member of the Cornerstone Credit Union League.”

The NCUA said the credit union was approved for federalinsurance.

“The Cornerstone Credit Union League would like to extend itssincere congratulations to the leadership team of JafariNo-Interest Credit Union on the chartering of their credit union,”Cornerstone SVP of Credit Union Relations Mike Delker said. “Theirperseverance and dedication throughout the chartering process isevidence of their desire and ability to provide financial productsand services designed to meet the unique needs of their membership.Cornerstone looks forward to providing them with the assistance andservice they will need to be successful in their growth.”