CoopHalal

Islamic finance in cooperative form

CoopHalal is an Islamic financial services cooperative based in Barcelona. Its legal name is SERVEIS FINANCERS ISLÀMICS-COOPHALAL, SCCL. It was established on May 6, 2015, and is registered under Catalonia's Cooperatives Act as number 14534.

Savings and financing

The cooperative offers savings and financing designed to follow Islamic finance principles and avoid usury. Savings products include:

• Standard Savings: savings contributions for financial security.
• Children's Savings: flexible contributions toward a child's future.
• Youth Savings: saving for future education expenses.
• Hajj Savings: gradual savings for a pilgrimage.
• Home Savings: saving toward a home purchase without interest.
• Taxi Savings: saving toward a taxi license and personal vehicle.
• Other Business Savings: support for entrepreneurs and business projects.

CoopHalal also arranges financing for homes, taxi licenses, and other businesses, and has a Takaful fund for funeral or repatriation expenses.

Governance

The cooperative is member-governed. Its General Assembly, made up of all individual and organizational members, is the highest authority and meets twice a year. A 10-member Board of Directors with management experience is renewed every four years and reviews project feasibility. A Sharia Committee of certified experts reviews contracts for compliance with Islamic principles. An outside advisory council provides legal, tax, and employment guidance.

Location and contact

Address: 81 Vilamarí Street, Barcelona 08015, Spain. Phone: 931 86 78 74 or 695 829 210. Email: info@coophalal.eu. The cooperative offers members an online office.