'Regular customers' can change $100s here

The Muslim Credit Union has offered its services as a banking institution to some non-Muslim members of the public in the midst of the chaos during the $100 bill exchange period.

The credit union, in a media release on Tuesday, said regular customers would be accommodated if they wish to exchange a limited amount of cash.

“Banking at home is a habit of the past and not a best practice. This should not be encouraged and now you have an opportunity to safeguard your wealth.”

The credit union said news of the exchange came in “the same impromptu manner” as it did to the public, but its staff are properly trained in anti-money laundering, counter financing of terrorism and Financial Intelligence Unit (FIU) protocols. It said additional security escorts and other measures have been put in place to safeguard customers and ensure a smooth transition.

“Similar to most organisations, we will not be accepting cash at the last hour, so please take advantage of this opportunity.”

It expressed support for the crime-fighting initiative but was also concerned for the Muslim population because of the limited time to change their money. The release said some Muslims fear losing emergency funds, which they keep at home, and their life savings.

“Muslims choose to keep their money away from the conventional banks for many reasons. They also attain wealth through lawful means such as savings, small businesses, zakat (donations to charity), property and money inheritance."

The credit union said its core values compelled it to operate as the only interest-free credit union governed by the Co-operative Societies Act and it was "fully Shariah-compliant.”

Gabriel Faria, CEO of the Chamber of Industry and Commerce, said the chamber was happy to see more businesses extend the time to accept the old $100 bill and recommended they do so for as long as possible.

“We are aware there was some concern expressed by some businesses especially when it came to making deposits later in the month.

“We have also been told by some businesses that due to the increased amount of $100 notes being tendered, business have run out of change. So in some instances, they are unable to accept large notes, new or old, as they can’t provide change.”

He said the chamber had been told some businesses would accept the bills until December 31.

Faria said people who have not converted their old $100 bills would be able to change them into $50 bills. He added that money could also be deposited in banks and withdrawn through debit and credit cards.

“We have seem many of the banks update their ATMs so they can dispense the new $100 note also.

“We understand that it’s a commercial decision and expect that the competitive environment will dictate the course of action each business takes.”