About

Credit unions are authorized financial institutions that generally provide services to members similar to retail banks, including deposit accounts, provision of credit and they are certified to receive cash cheques, issue loans, credit cards and many other financial services. They can provide all the basic financial services that can be provided by banks, savings banks and savings and credit unions. Because they are cooperatives, non-profit organizations operate for the benefit of their members and credit unions are partially tax-exempt because of this exemption, credit unions often offer lower rates than for-profit financial institutions.

It is regulated and audited by the National Credit Union Administration (NCUA) and periodically reviewed by them.

Member funds are insured up to a minimum of $250,000 by the National Credit Union Stock Insurance Fund (NCUSIF).

A credit union is owned and controlled by the people, or members, who use their services and each has with equal voting rights, elect the Board of Directors, which manages their day-to-day activities and sets their strategic goals for the future.

A credit union is an integral part of the community it serves; Profits earned by a credit union; members, staff, students, companies, schools, mosques, Islamic cultural centers and non-profit organizations etc. It serves all its members and the local community they represent.

Credit Union accepts deposits and lends money like bank institutions – but we are NOT in this business to make a profit. Most banks, savings and loans belong to groups of members whose interests included a healthy return on investment. Many shareholders/members do not even benefit from the services of that institution. As a Credit Union member, you are the owner and manager of the Credit Union along with other members.

Worldwide, 60,500 savings-focused credit unions in 109 countries provide more than 250 million members with access to financial services. In the United States, 6,100 National Credit Unions serve more than one hundred million members.

On the other hand, faith-based-ethical-profitable-interest-free Islamic financial instruments are an alternative financial value that has been accepted all over the world and has been applied for many centuries.

Today, the Islamic finance sector is growing between 15% and 25% a year and has become a $2.5 trillion sector with hundreds of specialized institutions located in more than 80 countries. Financial assets in the global Islamic criteria are estimated to reach US$ 3.69 trillion by 2024. Today, banks with interest-free products, including conventional global banks such as Citibank, Barclays Bank, HSCB and Commerzbank, operate perfectly in more than 60 countries in a geography stretching from South Africa to Kazakhstan and, from the USA to Europe.

There are 55 million expatriate foreigners and more than 8 million Muslims living in the United States. There are 52 expatriate-ethnic-Muslim communities from Pakistani American, Indian American, Bangladeshi American, Turkish American, Arab American, Palestinian American, Albanian American, Bosnian American, Albanian American, Azerbaijani American, Kazakh American, African American, and other Muslim communities.

These communities are in great need of faith-based investment financing products and institutions that will meet their financial needs and empower them by helping them.

Therefore, we are hardly working to establish the AMERICAN MUSLIM CREDIT UNION AND TRUST (AMUSCUT) to provide financial support services to Muslim communities living in America.
 

AMUSCUT to be established will provide financial support to its members in the most favorable conditions for the purchase of a house, office, car, commercial and investment areas, and for the school educational expenses of their children.

AMUSCUT, which will be incorporated in New Jersey, will operate all over the United States with Financial technologies and Internet Banking applications.