JAK Members Bank - Sweden

Description

"The JAK Members Bank, or JAK Medlemsbank, is a cooperative, member-owned bank based in Skovde, Sweden. JAK is an acronym for Jord Arbete Kapital in Swedish or Land Labour Capital. A membership of approximately 35,000 (as of 2008) dictates the bank's policy and direction. Board of Directors is voted annually by members, who are allowed only to have one share of the bank. Similar to Islamic banking, the JAK Members Bank does not charge or pay interest on its loans (see Usury). All of the bank's activities occur outside of the capital market as its loans are financed solely by member savings. As of 2008 members saved 97 million Euros, of which 86 million are given as loans to members. Administrative and developmental costs are paid for by membership and loan fees." (http://en.wikipedia.org/wiki/JAK_members_bank)

See also: JAK_Bank