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WOCCU Announces First Islamic Finance Manual for CUs
Wednesday, July 31, 2013 5:55 AM

The World Council of Credit Unions (WOCCU) has published the “Islamic Finance Manual: Operating Policies and Procedures for CUs,” the first known guide to establishing Shariah-compliant credit unions in the developing world. The Customer Owned Banking Association, WOCCU’s member organization in Australia, developed the manual based on WOCCU’s experience establishing Islamic investment and finance cooperatives in Afghanistan (2004–2012).

The comprehensive guide details operating policies and procedures based on international standards for financial cooperatives and adapted to comply with Islamic Law. The 305-page document addresses membership, shares and savings mobilization, Shariah-compliant financing and collection, provisions and allowances for bad debts, asset and liability management, capitalization and capital adequacy, accounting, cash operations, internal controls, human resources, procurement and information technology and security. Each chapter includes a comprehensive review of procedural requirements and who should be involved, including template forms and contracts.

"The Islamic Finance Manual produced with the initiative of the Customer Owned Banking Association of Australia is a product of years of dedication and cooperation among World Council staff and local Afghan leaders to adapt World Council's traditional credit union building model to an Islamic banking environment," said Brian Branch, World Council president and CEO. "The manual now provides a cornerstone for local credit union development in countries as diverse as Libya and Pakistan to Australia and the United States."