fjármálasambanda
Fjármálasamband, often translated as financial association or financial union, refers to a cooperative financial institution where members pool their resources to provide financial services to each other. These organizations are typically member-owned and operated, with the primary goal of serving the financial needs of their members rather than maximizing profits for external shareholders. The concept emphasizes mutual benefit and community involvement.
Members of a fjármálasamband usually share a common bond, such as employment in a particular industry, residence
The governance structure of a fjármálasamband is democratic, with members typically electing a board of directors