The JAK Bank
JAK (Jord Arbete Kapital - Land Labour Capital) in Sweden is a non-religious, politically neutral savings-and-loan co-operative which operates without usury . No usury is paid on savings and only a self-cost administration fee is taken for loans. JAK in Sweden was founded in 1965 inspired by J.A.K. in Denmark and consists today of approximately 18,000 members. In December 1997, JAK was granted a banking license. As a bank, presavings (see page 4) will be insured.
JAK maintains that the taking of usury is inimical to a stable economy:
JAKs ultimate aim is therefore the abolishment of usury as an economic instrument and to replace it with other, less harmful ones.
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