Who We Are
Welcome to FoneBank USA – where ethical microfinance banking meets the principles of Islamic Shariah. At FoneBank, we have redefined the landscape of banking by embracing a philosophy that shuns interest, gambling, and ambiguous contracts. Our commitment to providing ethical financial solutions is not just a business model; it's a reflection of our dedication to humanity, society, and the state.
Headquartered in the vibrant city of Houston, Texas, FoneBank USA extends its benevolent reach to all states across the nation. As a pioneer in ethical microfinance, our mission is to cater to the underserved populations in the United States, ensuring that everyone has access to fair and just financial services
Why FoneBank?
- Ethical Banking: We adhere strictly to the principles of Islamic Shariah, ensuring that our services are free from the pitfalls of interest, gambling, and ambiguous contracts.
- Inclusive Reach: With our headquarters in Houston and a designated presence in every state in the USA, FoneBank is committed to reaching the underserved and providing them with ethical financial solutions.
- Diverse Offerings: From traditional banking services to non-banking assistance, FoneBank is a one-stop destination for all your financial needs, accompanied by a commitment to ethical practices.
Interested in Shariah based Ethical Banking?
Our Core Services and Products:
Depositing and Saving Facility Without Boundaries
FoneBank offers a secure and inclusive platform for individuals to deposit and save without any constraints. We believe in breaking down barriers and providing financial empowerment to all, irrespective of background or circumstance.
Pool-Based Investment with Industrywise Choice
Unlock the potential of your finances with FoneBank's innovative pool-based investment solutions. Invest any amount and choose from a diverse range of industries. We empower you to shape your financial future responsibly.
Non-Banking Services
Beyond traditional banking, FoneBank extends its services to cater to the diverse needs of our community. Whether it's assistance with funerals, support for Hajj and Umrah, or aiding in recovering from financial hardship, FoneBank is your partner in every aspect of life.
Training and Support for Home Craft
FoneBank is not just a financial institution; we are a community that values growth and self-sufficiency. Our commitment to your well-being extends to providing training and support for home crafts, ensuring that you have the tools to thrive in every aspect of life.
What is Shariah based Ethical Banking?
Shariah-based ethical banking, as embraced by FoneBank, represents a financial system that adheres not only to federal laws, state laws, and regulatory requirements but also aligns with the principles outlined in Shariah law. Shariah serves as a comprehensive filtering system, ensuring that the bank’s operations are not only legally compliant but also ethically sound, with a focus on the welfare of humanity, society, and the state.
Here’s a breakdown of how Shariah-based ethical banking works at FoneBank:
- Legal Compliance: FoneBank diligently follows all federal laws, state laws, and regulatory requirements, ensuring that every aspect of its operations is in strict adherence to the legal framework set by authorities. This commitment to compliance forms the foundation of the bank’s operations.
- Shariah Law Integration: Shariah law, a set of principles derived from Islamic teachings, serves as an additional layer of scrutiny for FoneBank. After covering all regulatory compliance, Shariah law becomes a guiding force in shaping the ethical dimensions of the bank’s activities.
- Welfare Focus: Shariah goes beyond mere compliance; it actively seeks the welfare of humanity, society, and the state. FoneBank, in alignment with Shariah principles, prioritizes the well-being of its customers, the community, and the nation at large.
- Elimination of Harmful Elements: Shariah takes a proactive stance in eliminating elements that may be permitted by regulators but are deemed harmful to humanity, society, and the state. This includes practices such as charging interest, engaging in gambling activities, and the presence of ambiguity in contracts.
- Interest-Free Banking: FoneBank, following Shariah principles, operates on an interest-free basis, ensuring that financial transactions are conducted without the burden of interest. This promotes financial inclusivity and fairness.
- Avoidance of Gambling: Gambling activities, known for their social and economic harms, are strictly avoided by FoneBank. This commitment aligns with Shariah’s stance on promoting responsible and ethical financial practices.
- Clarity in Contracts: Ambiguity in contracts is eliminated, providing transparency and clear terms for all financial dealings. This ensures that customers are well-informed and protected in their interactions with FoneBank.
In summary, Shariah-based ethical banking at FoneBank goes beyond legal requirements, incorporating a holistic approach that not only ensures compliance with regulations but also actively contributes to the betterment of individuals, communities, and the broader society, guided by the principles of Shariah law.