City National Bank (CNB) and The Council of Imams in New Jersey (CINJ) have partnered to create a relationship that will provide members of CINJ with the information, support and services critical to helping them achieve both their religious obligations and their financial goals. The Partnership is a religious compliant financial services platform tailored for the needs of CINJ’s membership.
The Partnership works as follows: CNB will make an annual contribution to CINJ if CINJ’s members and supporters bank with CNB. CINJ members can contribute to the organization simply by obtaining products and services from CNB they likely may possess anyway, such as maintaining a checking account or purchasing insurance products such as auto or homeowners insurance. The annual contribution is based upon an annual profitability analysis of the Partnership. CNB will evaluate participation, number of accounts established, costs, revenues, average account balances and other relevant data to determine the amount of the contribution. No money is withdrawn from either the CINJ’s or the member’s account. There are no added fees or costs to the member. All contributions to CINJ are paid directly from CNB.
In terms of savings or investments, individual believers establish “New Africa Community Service Accounts” with a specific goal such as Eid Al-Adha (Feast of Sacrifice Fund), Hajj (Hajj Performance Fund), Education savings for a child or other loved one, Retirement, Religious Compliant Stock Investing, Janazah and/or Aqeeqah Education Scholarship. Further, CINJ will establish “Economic Development Fund” accounts based on the principle of Sadaqah. Individual believers may voluntarily make contributions to the Economic Development Fund. Sadaqah contributions on behalf of believers made to CINJ may be tax deductible. CINJ uses its discretion when distributing the funds in any or all of the following:
- Unified Eid Fund – pays for Eid Al-Adha and/or Eid al-Fitr celebrations for those in need
- Janazah Fund – pays for burial/funeral expenses for believers in need
- Muslim Pioneer Fund – financial support for elders in need
- Imams’ Retirement Fund – establishes a pension plan for Imams. Believers are encouraged to care for Imams during their retirement years
- Real Estate and Business Investment Fund – funds dedicated to business or real estate projects intended to increase the standard of living and economic health of the communities CINJ serves
- School Fund – for the development and establishment of a school for Muslim youth
- New Jersey Halal Certifying and Regulatory Board Account – the leading resource for Halal information, research and education and provider of Halal Certification services
CNB is an African American owned and managed bank that provides strong, trustworthy partnerships to individuals and businesses. Our mission is to build economic strength and improve the quality of life within the communities we serve. Among the solutions CNB provides for individuals and businesses include: Financial literacy and investment education resources, financial planning, checking and savings accounts for individuals and businesses, certificates of deposit, credit and debit cards, prepaid cards, payroll cards, online banking and mobile account access, annuities, mutual funds, IRAs, college savings programs (529 Plans), brokerage accounts, auto insurance (personal and commercial), homeowners insurance and renters insurance, umbrella insurance (personal and commercial), Takaful insurance, Key Person insurance, Workers Compensation insurance, Business Liability insurance, Commercial Property insurance, small business loans, business financial reporting and payroll services.
CINJ and CNB share a mission of helping communities become healthy and sustainable. The Partnership serves as an opportunity for both organizations to link their complementary missions and develop a strategic alliance to increase the availability of financial information, products and services to the Muslim community and enable believers to accomplish their financial and spiritual needs. The success of the Partnership is largely dependent upon the participation of members. CINJ and CNB will act as a single aligned enterprise in the interest of participating members. By making our respective processes seamless in service to the participants, we create greater value for their community at large. CINJ, CNB and individual participants win with: collaboration, innovation and focus on our shared missions, solutions and resources.