About BaitunNasr in Farida Apt. L.J. Cross Road No. 2, Mahim

Bait-Un-Nas’r was set up as an Urban Co-operative Credit Society, on Friday, 1st October 1976, under the Maharashtra Co-op. Societies Act, 1960. It was registered in Co-operative Credit Sector to enable it to operate on banking lines, but without interest with the Registrar of Co-operative Societies, with the registration number BOM/RSR/786 OF 1976. Since its Registration, the Society has come a long way. It commenced its operation, in the office of MESCO, a Socio-Educational Organization, with a meagre fund of Rs. 12,000/- only. The Society had been functioning with dedication to the ideals of co-operative service with its unique feature of interest free banking to members for a period of about 25 years from the year 1976 to 2000. It has branches in many localities in the region of Greater Mumbai. Its operations were running very smoothly. It was rendering excellent services to its members and depositors. During this period of 25 years no instance of irregularity or financial misdemeanor was observed. Prior to suspending its operations, the Society was considered as one of the leading co-operative credit societies of Mumbai and was constantly awarded with ‘A’ audit classification. It was also acknowledged as the best organized and managed financial institution in the country working on an interest-free basis.

Bait-un-Nasr commenced its functioning with the aim of inculcating saving habits amongst the poor, lower middle, as well as middle class persons of the community and helping the needy amongst them through a system of interest free credit. It’s objects also encompasses providing low-cost houses to lower middle income group of the community. The operations of Bait-un-Nasr aims at creating an interest free economy.