Proposed Islamic Credit Union: Survey of Community Interest
SURVEY LINK: https://www.surveymonkey.com/r/YFTLY6C
Dear respondent,
· The rationale for this survey is to assess community support for a Muslim (Sharia-compliant) credit union in the GTA. There are currently no credit unions that have been established to operate solely upon the tenets of the Muslim faith.
· A credit union is very similar to a bank, but its primary difference is member-ownership. For credit unions, their depositors are also called “members” and they have an ownership stake. A bank, in contrast, is owned by shareholders who are not necessarily the same as depositors. In general, credit unions can be thought of as a financial service co-operative and not as a community banking institution: credit unions are not regulated like a bank nor do they have the same access to the financial markets as a bank.
· Money deposited in an account with an Ontario credit union is insured by the Deposit Insurance Corporation of Ontario (DICO) up to $250,000.
· This credit union will operate in accordance to the Islamic faith, i.e., be sharia-compliant and will hopefully become a model for other Canadian Muslim communities.
· The business model of this proposed credit union currently does not exist in Ontario, as the conventional credit union system is interest-based. Our proposed model is based on profit-and-loss sharing and avoiding speculation in financial assets.
· As the Muslim population grows, it is critical that services are created to meet the community’s needs and preferences.
· Our proposed credit union operates on the SHARE, principle:
· Service – Serve the Muslim communities financial needs according to their religious tenets
· Help – Help with various aspects of financial issues islamically
· Alternative – Give an alternative to interest through Halal means
· Return – Return the profit generated from the investments back to its members
· Education – Provide community with sponsored education programs
Please note that this survey was circulated a few years ago when we were working on the business plan. That had since been completed and submitted to the regulators. They have now asked us to: 1) make some adjustments, and 2) redistribute the surveys to re-confirm your continued support for the project.
The purpose of this survey is to know more about the community so that we can properly tailor the key products offered to better serve the community. Your continued support is sincerely appreciated.
You can complete this survey online using this form:
SURVEY LINK: https://www.surveymonkey.com/r/YFTLY6C
Alternatively, you can mail a hardcopy to:
Attn: Sheikh Sulieman
ICUC “Proposed Credit Union” Survey.
205 North Service Road., Mississauga ON L5A 1A4
By participating in this survey you consent to have your information used in determining the feasibility of an Islamic credit union. If you have any concerns, please contact Imran Abdool, ICUC Lead Consultant at: iabdool@uwindsor.ca.