Welcome to ICUC
The Islamic Credit Union of Canada (ICUC) is a purely Halal (riba-free) Islamic community banking institution owned and operated solely by its members. The main goal is to facilitate Shariah Compliant Islamic banking (which is allowed by the Canadian financial institutions regulators) through which Muslims can transact their financial affairs without worrying about being exposed to the dangers of riba. We want to create an avenue for Ta’aawun (Cooperation) where Muslim cooperation is enhanced through pooling of capital together and generating profits, some of which could be used in other community development projects. We have a very simplified and easy process of becoming a member of ICUC. We have a few requirements and a token capital/ operational contribution. Therefore Invest, patronize your own investment, and be empowered to reap the rewards of your own investments through Halaal returns rather than Riba/Interest based returns through our various results-oriented benefits from returns/profits programs. We have honored the sons of Adam; provided them with transport on land and sea; given them for sustenance things good and pure; and conferred on them special favours, above a great part of our creation.” Q17:V70. What is the difference between a Credit Union and a Bank. Why did we choose to establish a Credit Union instead of a Muslim Bank? The answer is simple; we work with the Community for the benefit of the Community. By looking at the table below you can clearly see why we decided to create a Credit Union.
Banks are owned by shareholders. A Credit Union is owned by its members, who are depositors of money in the institution.
Banks aim to make a profit for share holders. Credit unions are not for profit. Any money left over after expenses and reserves is passed back to customers (members) in the form of lower fees, higher deposit yields and free services.
Commercial bank, community bank, community development banks, savings bank, postal savings bank and private banks Consumer credit unions & corporate credit unions.