Our COVID19 Response
To better serve our members during this unprecedented pandemic, the MCU has adopted several measures to help our business adapt to the new norm. As we continue to evolve into the future of Islamic banking, we hope to continue making our members’ lives easier with modernized products and services.
Online Banking Loan Payments
On-site LINX Payments
Online Banking Deposits and Shares Payments
Virtual/Remote Meeting Facilities
Digital Loan Application and Pre-Approval
Improved Online Presence
Digital Receipting
Improved Governance and Policies
ABOUT THE MCU
Established in 1984, the MCU was setup to provide Islamic Financial Services
to the Muslim population of Trinidad and Tobago. Its slogan, “The only alternative to riba”, clearly describes the kind of business model that the Credit Union wishes to maintain well into the future. Islamic finance is at the core of what makes the MCU unique among other Credit Unions in terms of both its mandate and its experience. This will serve to be our Sustainable Competitive Advantage in the short, Medium and long term.
As a Co-operative Society, the MCU is dedicated to its members and the wider public, with several charitable and assistance events including natural disaster relief, community service and fund raising.
Murabaha
A sale in which the cost of acquiring an asset and the profit earned from it are disclosed to the member. It is also referred to as cost-plus financing.
The Murabaha profit must be disclosed as a specific amount and is offered to fulfil tangible asset purchase requirements which must be clearly identified and quantified.
The asset of murabaha financing must exist at the time of the transaction. The asset must be Shariah-compliant.
Requirements for Murabaha:
Must be a member of the MCU
Up to date Job Letter and Pay Slip
Recent Utility Bill
Two Forms of Identification
If self-employed, Income and Expenditure Statement
Estimate or Invoice for asset purchase
20 % of Murabaha amount in Shares
Qard Hasan
A short-term loan granted for special purposes eg. to pay legal fees, medical
expenses or labour. Typically the Qard Hasan should be fully secured by Shares.
No mark-up or profit is charged on this Loan.
Requirements for Qard Hasan:
Must be a member of the MCU
Up to date Job Letter and Pay Slip
Recent Utility Bill
Two Forms of Identification
If self-employed, Income and Expenditure Statement
Invoice for payment of service
Equivalent amount in shares
Mudarabah
A Mudarabah is a partnership between two or more parties to conduct business. The investor, referred to as the Rabb al Maal, supplies the capital and the other provides the management expertise. The manager of the investment, referred to as the Mudarib, is solely responsible for managing the business.
Profit is shared based on pre-arranged ratios which must be clearly defined for all the
partners at the Mudarabah’s inception.
Debt cannot be used as investment for equity.
Proceeds for investment must be Shariah-compliant
All investments must also be Shariah-compliant
Board of Directors
Our team of Directors possess various skillsets from diverse professional backgrounds.
Jamsheed Khan
President
Amir Mohammed
Vice President
Shameel Khan
Treasurer
Shamshad Mohammed
Secretary
Kevin Ramcharitar
Asst Secretary
Rasshed Mahabir
Member
Azran Ali
Member
Keith Seemungal
Member
Harold Yacub
MEMBER
Shahanshah Ali-Cassim
MEMBER
35
YEARS SERVING
6,000
ACTIVE MEMBERS
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Contact Us
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