JAK is an interest free, members owned bank and movement who works for and with fair economy. We have operated an interest free savings and loan system since 1970 and we obtained bank license in 1997. They have over 38 000 members, who all have one vote each in the democratic process. Education plays a key role in JAK Members Bank strategy: the Nordic tradition of Popular Education (Folkbildning). The Nordic tradition of Popular Education has its roots on the popular movements of the XIX and early XX century. It is an educational tradition constructed by the people and for the people, with the purpose of educating ourselves to be able transforms the communities and the societies where we live. It is a non hierarchical educational tradition where everyone shall fell that their experiences, questions and opinions is just as important as everybody else’s, where everyone shall feel that they understand and can express their experiences.
"Some ask: how does JAK make money? In essence, it doesn’t; at least it does not make money from money
through interest. JAK simply covers its operating costs (25 employees) by charging minimal fees to its
members. More importantly it empowers individuals to realize the power of money as a medium of
exchange rather than a store of value or something to be hoarded. In JAK, all members and their
communities are better off by pooling their financial wealth and sharing it with those members most in
need. Instead of financial wealth, it is the “real” or “genuine wealth” of the household and community that
is being built up." - From: Mark Anielski (An Assessment of Sweden’s No-Interest Bank) Source: www.anielski.com