International Credit Union Day

The functioning of Islamic banking is based on compliance with the principles of Sharia, which prohibits receiving remuneration or interest for providing a loan Muslims all over the world borrow money using the "mutual aid fund" Credit unions follow similar rules These non-profit organizations providing financial assistance to citizens provide interest-free loans to those in need, which sets them apart from banks A holiday has been established in honor of associations whose goal is not to make a profit, but to ensure the well-being of shareholders Every year on the third Thursday of October, International Credit Union Day is celebrated The list of festive events held for International Credit Union Day includes charity events, competitions, picnics and fairs The celebration has been celebrated since 1948, although the first credit unions appeared in Russia in the mid-19th century, and their rapid growth in the USA occurred in the 30s XX century The holiday was established in 1927 by the League of Credit Unions from Massachusetts It was dedicated to honoring the memory of Benjamin Franklin, whom Americans remember annually on his birthday on January 17 The outstanding politician was born into the family of a craftsman and a housewife in Massachusetts Therefore, at the initiative of the Credit Union League, Franklin's birthday became the date of the holiday The celebration was not very popular either among shareholders or employees of organizations The traditions of the celebration, which were forgotten for a while, were revived in 1948 At the initiative of the US Credit Union Association, International Day began to be celebrated in October In honor of this, consumer cooperatives in 88 countries around the world hold open days, radio and television broadcasts, and other events In modern Russia, the League of Credit Unions appeared in 1994 after a long period of calm that began in the 1930s, when the last cooperatives that still existed during the NEP were liquidated The history of savings and loan partnerships in our country goes back more than a hundred years According to official data, in 1914, 1117 mutual credit societies were opened in the Russian Empire, which united about 8 million members The cooperative's working capital amounted to 7828 million rubles - an impressive amount for those times Today, national leagues of credit unions in many countries around the world promote the promotion and formation of a democratic economy, uniting citizens and non-profit organizations to provide mutual assistance - providing them with cheap and accessible loans International Credit Union Day is intended to remind society of the existence of consumer cooperatives and the important role they play