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Houston-based Islamic credit union offering 0% interest loans and NCUA-insured savings accounts to Jafari Muslim community members across the US.
Data compiled from public sources
Jafari No-Interest Credit Union (JNICU) is a federally chartered, NCUA-insured credit union based in Houston, Texas. Approved by the Texas Credit Union Department and the National Credit Union Administration in early 2016, it was established by and for the Jafari Muslim community. The credit union operates according to Islamic finance principles, which prohibit the payment or receipt of interest (riba), drawing guidance from the Quran and the teachings of Prophet Muhammad.
Rather than charging interest on loans, JNICU sustains operations through member account fees, voluntary contributions, and donations, keeping annual operating costs at approximately $40,000 through donated office space and an all-volunteer staff. JNICU offers two core product lines: a federally insured savings account and a suite of no-interest loan products. The savings account requires a $200 opening deposit with a $50 minimum balance; all deposits and withdrawals are handled by ACH transfer only — no cash, ATM, debit card, or checking services are available.
Loan offerings include refinancing for existing auto, student, or home loans up to $35,000; home and car repair, medical, and college loans from $1,200 to $8,000; personal loans from $3,000 to $8,000; and business equipment purchase or repair loans from $5,000 to $16,000. Non-refundable loan application fees of $25 or $50 apply, and all borrowers must meet income, credit, and other eligibility requirements. JNICU is one of the very few NCUA-chartered credit unions in the United States that charges listed no-interest on every loan product.
155 million in interest charges. Membership is restricted to attendees of specific Jafari community centers in Houston, Dallas, and Austin, or their qualifying family members, who may live anywhere in the US. The CU currently serves members in more than a dozen states through these family-based membership relationships.
JNICU fills a genuine and underserved need for interest-free financial services within the Jafari Muslim community. The no-interest model is structural and permanent, not a promotional rate. That said, the institution is small, with limited loan caps, no checking or ATM services, and a narrowly defined membership base tied to specific community centers.
Monthly fees ranging from $3 to $60 — determined by the ratio of a member's savings balance to outstanding loans — replace interest as the revenue mechanism and are mandatory. For eligible members, particularly those carrying high-interest auto or student loans, JNICU represents a compelling, Sharia-compliant alternative to conventional lending.
This is state-level context for Credit Unions consumers in Houston, TX. It does not confirm that Jafari No-Interest Credit Union or this specific location is licensed.
State regulator
Texas Office of Consumer Credit Commissioner
Consumer protection
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Jafari No-Interest Credit Union offers 12 services including NCUA-insured savings accounts (up to $250,000 federal insurance), No-interest auto loan refinancing (up to $35,000), No-interest student loan refinancing (up to $35,000), No-interest home loan refinancing (up to $35,000), Home and car repair loans ($1,200–$8,000), and 7 more.
Jafari No-Interest Credit Union has profile signals associated with Jafari Muslim community members in Houston, Dallas, or Austin seeking Sharia-compliant, interest-free loans, Existing members' family members anywhere in the US who want to refinance high-interest auto or student loans at 0%, Community members who need personal, medical, or home repair financing without paying interest, Individuals who want federally insured savings within an Islamic finance framework.
Key strengths: Charges advertised 0% interest to verify on all loan products — a permanent feature, not a promotional rate; NCUA-insured deposits up to $250,000, providing full federal deposit protection; Has saved members a cumulative $1.155 million in interest since inception (as of Dec 2025). Areas to consider: Membership is restricted to attendees of specific Jafari community centers in Houston, Dallas, and Austin — or qualifying family members; No cash handling, ATM access, debit/credit cards, or checking accounts — ACH transfers only.
In the Credit Unions category, comparable providers include Baptist Federal Credit Union, Bayou City Federal Credit Union, CPS IBEW Federal Credit Union. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
JNICU is best suited for Jafari Muslim community members in Texas — or their family members nationwide — who want to eliminate interest payments on existing auto or student loans, or who need personal, medical, or business financing in a Sharia-compliant framework. The main caveat is that membership eligibility is tightly restricted to specific Jafari community center attendees and their families, and the credit union does not offer checking, ATM, or cash services, making it a supplement to — not a replacement for — a conventional bank account.
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