Janseva has been promoted by group of people committed to interest free financial system drawn from different states of India. However it owes its existence to the decisions of Board of Trustees of All India Council of Muslim Economic Upliftment Mumbai (AICMEU) and Community Coordination Initiative (CCI).
AICMEU has been providing interest free financial services through its subsidiary - Aicmeu’s Baitulmal Cooperative Credit Society Ltd to more than 15000 persons since 1984. But on account of limited area of operation confined to Mumbai on the one hand and absence of provision of application of funds for earning Halal income for its members on the other has led to search of other legal entity that can fulfil together the banking and business needs of the people.
Thanks to the enactment of Multi State Cooperative Society (MSCS) Act 2002 that the search ended and a new society in the name and style of Janseva Cooperative Credit Society Ltd has been registered in March 2010. It may be noted that not only individuals but many NGO’s lent support for the formation of this society.