May 2019 marks the 10th Anniversary of the Amwal Credit Union (ACU) inception.
What was a vision and a strategic objective in late 2006 has become reality! On the 27th of May 2009, when government regulators approved Hong Kong’s first cooperative Shariah compliant financial institution and what was the world’s first Islamic Credit Union.
When President Franklin Roosevelt signed the Federal Credit Union Act on June 26, 1934, he may not have realized what a gift he was giving to his citizens and the world.
The Credit Union movement spread to Asia by 1938 taking first root in the Philippines; then following World War II, expanding into other Asian countries; until the beginning of the 1960’s when Rev. Father John Collins, learned of the movement and went on to established the first Credit Union in Hong Kong; the St. Francis Credit Union.
Elsewhere, it is alleged that the first, experimental, Islamic banking cooperative (Credit Union equivalent) was established in the late 1950s in rural Pakistan, which, charged no interest on its lending. In 1963, the same was established in rural Egypt by economist Ahmad Elnaggar to appeal to people who lacked confidence in state-run banks.
Fast-forward six (6) decades The Arab Chamber of Commerce and Industry recognized when established that there was a lack of Islamic banking in Hong Kong and China. In 2009 it established the Amwal Credit Union, which would provide Shariah compliant, Islamic banking and finance based on the core principles of community and individual responsibility, environmental responsibility, and Islamically permissible banking practices.
In what was to become the first Islamic Credit Union in the world, the first licensed Islamic financial institution in Hong Kong, and the sole Shariah Compliant Credit Union within the China region.
The Amwal Credit Union vision embodies building, championing, defending and growing a global community that improves lives through upholding Islamic tenets in a cooperative financial banking framework.
The following table offers a glimpse on the Credit Unions movement today.
With each challenge we embark on, you have supported us. Our commitment to you and your commitment to us is reflected in our mutual embrace of the many changes and opportunities that have allowed for the continued success of our Amwal Credit Union.
Lord Edwin E. Hitti closed his statement saying: We look forward to future anniversaries and continued play of a pivotal role in the growth and success of the Hong Kong SAR.