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UIF Corporation, through University Bank, is pleased to announce a new profit-sharing time deposit account!

UIF offers a unique and socially responsible way to grow your money with our Profit-Sharing Time Deposit Account offered through University Bank (Member FDIC).

This account is available to customers nationwide and provides an excellent opportunity to earn an anticipated return on your funds while staying true to your values.

  • Minimum balance to open an account is $5,000 and a maximum of $2,000,000

  • Jumbo accounts with better anticipated returns, for accounts exceeding $100,000

  • Terms available include 12-, 36-, and 60-month maturities

  • Profits are calculated and paid out every quarter

  • Automatic renewal at the maturity date unless instructed otherwise by the Account Owner

man at bank

Frequently Asked Questions

UIF Corporation is not a bank and operates independently from its parent company University Bank (the “Bank”), an FDIC insured depository institution. UIF Corporation is a subsidiary of the Bank. UIF Corporation has an agency agreement with the Bank to hold your funds. The Profit-Sharing Time Deposit funds will be segregated from any interest-bearing assets and deposits.

Profit sharing will be generated from faith-based compliant assets that we, as your agent, have determined to be compliant and will provide you with an anticipated return. (Note: the relationship is structured based on investment agency standards found in AAOIFI standard number 46) All agreements have been structured with approval from UIF Corporation’s Sharia Supervisory Board, which also regularly audits all business dealings of UIF Corporation to ensure continued compliance.

The clear difference between a conventional Certificate of Deposit (“CD”) and the faith-based compliant Profit-Sharing Time Deposit is how the return is derived. In a conventional CD, interest earned is based on the traditional method of earning money on deposited funds. In a faith-based compliant Profit-Sharing Time Deposit, profits are derived directly from the returns earned on faith-based compliant assets.

Additionally, a conventional CD usually provides a fixed rate of return. The faith-based time deposit provides an anticipated profit, which is permitted to be higher or lower than the stated profit-sharing rate, however profit is not guaranteed. Lastly, the early withdrawal penalties and processes differ.

UIF Corporation has been originating and servicing faith-based financing transactions for almost two decades. We have a significant amount of performance history that we rely on to determine anticipated profits. Your anticipated profit rate under your time deposit is based upon our anticipated profits.

The relationship is structured based on investment agency standards found in Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standard number 46. The anticipated Profit rate (rate of return) is determined upfront and disclosed to each Account Owner in the Profit-Sharing Time Deposit agreements. An anticipated yield will be paid out to the Account Owner quarterly.

In a case where the agent (UIF Corporation) performs the due diligence properly, but the portfolio doesn’t perform as expected, the agent (UIF Corporation) may pay less than the anticipated profit rate.

Once you call us at (248) 290-9925 or submit an online inquiry below and express your interest to open an account, our Customer Relations team will assist you in filling out the account opening form and hold your hand throughout the short process. Electronic ACH and wire transfers are accepted for initial account funding. Your time deposit account is held by University Bank, and you may also contact University Bank directly to open your account.

Opening an account is easy, simply fill out the form below and our Customer Service Team will be in touch to assist you and answer any questions you may have.

When completing the form below DO NOT include personal information such as your account number(s), password(s), social security number(s), etc.