This paper describes and analyzes a unique combination of analog modulation with code division multiple access. Although the capacity of the analog CDMA system is less than that of the digital CDMA, the analog system has reliable voice quality, economy and ease of implementation, simplified frequency planning, and compatibility with current analog phone systems and devices, which is an especially attractive feature. The FM CDMA system is proposed as a fixed wireless system, e.g., wireless local loop, in which the small scale fading distortion due to Doppler effect is likely to be moderate. This allows the use of simple and cost-efficient receiver structures while maintaining performance.