New Jersey credit union chartered

The NCUA announced yesterday that it has issued a charter to the Maun Federal Credit Union, in Kendall Park, New Jersey, to serve a local Islamic community. The charter became effective April 26, and the credit union expects to open in June. Maun Federal Credit Union will be an Islamic-faith-based, no-interest credit union whose not-for-profit, cooperative business model will fill a need for affordable, federally insured financial services among members of its community. The credit union will serve employees and members of the New Brunswick Islamic Center in New Brunswick, New Jersey, and employees and members of the Islamic Society of Central Jersey in Monmouth Junction, New Jersey.