JAK has been operating an interest-free savings and loan system since 1970. A bank license was obtained in 1997. Formally JAK is a co-operative bank. We have 35,000 members and our growth is 5 percent per year.
Members’ deposits finance all loans. The members have saved a total sum of € 97 million and have borrowed € 86 million. (2008)
Annual membership fees and loan fees (equals approximately 2.5 % effective rate of interest) cover administration and development costs.
In combination with the interest-free savings account we have two products. Both are interest-free.
1. The (Original) Balanced Savings Loan (best suited for individuals).
2. The (New) Support Savings & Loan Instrument (for small companies and associations). Note: This English language version is a short version intended for your information only. The Swedish language version is the official and complete version.