Halal Loans Available at Local Credit Union

Halal Loans Available at Local Credit Union

Until recently, it could be difficult for local Muslims to find loans compliant with Sharia Law, which forbids the payment and collection of interest. NorthCountry Federal Credit Union, in partnership with the Islamic Society of Vermont, has responded by creating a small dollar loan that removes the requirement for interest by charging a fee instead. Halal Loans provide local Muslims with a way to borrow funds without compromising their beliefs.

“This was something that we have been considering for a few years.  It was not until we partnered with the Islamic Society of Vermont that the vision became a reality. This is an excellent example of two community organizations working together to fill a void that existed within our community,” said NorthCountry SVP of Lending, Jeff Smith. Smith added that requests for Halal loans have been coming in on a steady basis, beginning even before the official announcement of their availability. “This is a really good sign that we’ve solved a pain point that has been felt by thousands of people in our community.”

NorthCountry Federal Credit Union’s mission is “to make dreams come true for all by offering personalized financial solutions.” It is a not-for-profit financial cooperative, owned entirely by its accountholders. Anyone who lives, works, worships, or attends school in its field of membership is eligible to join. It has locations throughout northern Vermont.