Albirr Credit Union

Al-Birr CU

20 Feb, 2022

Albirr Credit Union

Dear Members and General Public,
COMMUNIQUE: OFFICIAL REGISTRATION OF ALBIRR CREDIT UNION LTD (ABCU)
We are pleased to announce a historic milestone in our collective journey towards financial empowerment and ethical banking.

AlBirr Credit Union Ltd (ABCU) has officially been registered as a UK Credit Union Society by the Financial Conduct Authority (FCA) on 12th December 2024, with registration number 765C under the Credit Unions Act 1975. This marks a significant achievement, reflecting over seven years of dedication and hard work since this journey began in 2017.

ABCU is the second halal credit union in the UK. This achievement is also a pioneering moment for the Muslim Communities in the UK. ABCU intends to work collaboratively in the service of the community and its members.

Our vision remains clear: to provide a community-based, ethical financial solution that aligns with Islamic principles while catering to the diverse needs of our members and the wider community, while in strict compliance to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

The registration marks the formal beginning of ABCU. The first six to twelve months will be used to deploy and perfect our IT systems and provide extensive training to the board, committees and other volunteers. Consequently, our operations will be restricted during this period as agreed with the regulators.
We are committed to using the next 12 months to:

  • Build a robust operational framework.
  • Enhance member engagement and understanding of the credit union’s principles.
  • Establish the systems, partnerships, and structures necessary for long-term
    success.

Next Steps and Member Involvement
As valued members of our community, your engagement and support will remain pivotal
to our success. The next issue of the AlBirr Newsletter will provide:

  • A detailed explanation of the registration conditions.
  • A roadmap outlining the actions required to launch ABCU’s operations.
  • Our key focus areas for the next 12 months.
  • How members can contribute to and benefit from this initiative.

A Shared Vision for Financial Empowerment
This achievement is a testament to the strength of our collective vision, the dedication of our team, and the unwavering support of our community. Together, we are building a financial institution rooted in trust, shared values, and a commitment to ethical finance. Our goal is to create a sustainable Credit Union and a legacy for future generations. Today, we lay the foundation for our community’s growth and development.

We invite all members of our common bond, Vanguard Community, FOMWAUK, MANUK, and The Muslim Platform to stay connected, as your involvement will be instrumental in shaping the future of ABCU.

Let us continue to strive towards economic empowerment, social responsibility, and the betterment of our community. This is just the beginning of a journey that holds immense promise for all of us.

Thank you for your support and trust.
Signed:
Management Team
AlBirr Credit Union Ltd (ABCU)