UIF Corporation, through University Bank, is pleased to announce a banking experience that aligns with Shariah Compliant Principles.

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UIF Corporation, through University Bank, is pleased to announce a banking experience that aligns with Shariah Compliant Principles.

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A New Faith-Based Banking Experience!

UIF is proud to partner with University Bank (Member FDIC) to offer a personal banking experience that aligns with your values and principles. UIF's commitment to faith-based principles ensures that your financial journey is not only secure but also ethically sound.

All profit-sharing accounts are available to consumers nationwide with an anticipated return derived from UIF's Shariah-compliant portfolio of assets, including our Faith-Based Residential, Commercial, Vehicle Finance, and other Faith-Based Portfolios originated and/or managed by UIF Corporation.

Profit-Sharing Savings Account

Start your journey with as little as $100 and embrace the opportunity to earn higher anticipated profits. Enjoy seamless access to your funds with digital banking services and the MyUIF app, complete with an ATM card for everyday convenience.

Profit-Sharing Time Deposit Account

Profit Sharing Time Deposit Account, a unique financial product engineered for the consumers seeking a Sharia-compliant way to grow their finances.

You can now manage your finances with ease through the user-friendly online and mobile banking platforms. Access your accounts, pay bills, and transfer funds securely, anytime, anywhere. Take control of your finances in a way that aligns with Islamic principles.

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Frequently Asked Questions

Profit-Sharing Time Deposit Accounts:

A Profit-Sharing Time Deposit Account is an account opened with University Bank for a specified length of time which provides a quarterly anticipated return that is compliant with faith-based standards.  Usually, time deposits offer a higher rate of return than a regular savings account because the depositor must commit to leaving the deposited funds untouched for a specified length of time.

Profit-Sharing Savings Accounts:

A Profit-Sharing Savings Account is an account opened with University Bank which provides a monthly anticipated return that is compliant with faith-based standards. Unlike the Time Deposit Account, a Savings Account allows you to deposit and withdraw funds at your convenience.

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 faith-based subsidiary of the Bank.  UIF Corporation has an agency agreement with the Bank to hold your funds. The Profit-Sharing Deposit funds will be segregated from any interest-bearing assets and deposits.

Profit sharing will be generated from faith-based compliant assets, that UIF Corporation, as your agent, has determined to be compliant and will provide you 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, who also regularly audits all business dealings of UIF Corporation to ensure continued compliance.

The clear difference between a conventional deposit account and the faith-based compliant profit-sharing deposit accounts is how the return is derived. In a conventional deposit account, interest earned is based on the traditional method of earning money on deposited funds. In a faith-based compliant profit-sharing deposit account, profits are derived directly from the returns earned on faith-based compliant assets.

Additionally, a conventional deposit account usually provides a fixed rate of return. The faith-based deposit account provides an anticipated profit, which is permitted to be higher or lower than the stated anticipated profit-sharing rate, however profit is not guaranteed.

Lastly, the early withdrawal penalties and processes differ from conventional time deposit accounts.

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 on your deposit account is based upon a share of our anticipated profits.

You can easily open your account by completing the online application and submitting your initial deposit for funding. Acceptable initial account funding options include Debit Card up to $2,500, electronic ACH from an external bank account up to $25,000 or for amounts exceeding $25,000 wire transfers are required. Your deposit account is held by University Bank and you may also contact University Bank directly to open your account.

Individual Profit-Sharing Savings Accounts require a minimum opening amount of $100. There is no maximum limit on savings accounts and no term requirements. However, anticipated profit is based on the daily balance held in the account.

Please see the chart below for Profit-Sharing Time Deposit Account details:

Term Min. Amount
to Open		 Term Min. Amount
to Open		 Maximum Amount
12 Months $5,000.00 12 Mo. Jumbo $100,000.00 $2,000,000
36 Months $5,000.00 36 Mo. Jumbo $100,000.00 $2,000,000
60 Months $5,000.00 60 Mo. Jumbo $100,000.00 $2,000,000

The relationship is structured based on investment agency standards found in AAOIFI standard number 46. The anticipated profit rate (rate of return) is determined upfront and disclosed to each Account Owner in the Account Agreement and Disclosures.

In a case where the agent (UIF Corporation) performs the due diligence properly on assets it acquires, but the assets in the portfolio don't perform as expected, the agent (UIF Corporation) may pay less than the anticipated profit rate.

Profits from our faith-based compliant asset portfolio are calculated and a portion of which are shared with the Account Owner. Profits are paid monthly on savings accounts and quarterly on time deposit accounts.

Profit-Sharing Time Deposit: At the time your Profit-Sharing Time Deposit Account is opened, you will select between two options to receive your quarterly profit payments. Profits can be paid to the Account Owner by check sent by mail or applied to the balance of the Profit-Sharing Time Deposit Account.

Profit-Sharing Savings: Profits will be paid to the Account Owner by automatically applying to the savings account balance monthly.

The main asset types are faith-based residential and commercial real estate financing, and vehicle financing programs. Based on our multi-decade experience with these types of assets, we can assess risk well and understand the profitability and performance to properly project the range of profits we can expect and in turn, share with the depositor. However, UIF Corporation may acquire other faith-based assets in the marketplace or develop new products. UIF Corporation will continue to originate and service the faith-based financing transactions, and your deposits will be segregated from all conventional interest-bearing assets at the Bank to support faith-based efforts.

No. Your faith-based deposit balance will be held by University Bank, an FDIC insured depository institution. According to the Shariah Supervisory Board, it is permissible to have applicable FDIC insurance on your deposit account balance in accordance with U.S. Banking regulations since the FDIC is a third party to the depositor and the depository institution. However, to be clear, the standard insurance amount by the FDIC is $250,000 per depositor, per insured bank, for each account ownership category. Further, profit is anticipated but not guaranteed. You may find more information on FDIC insurance at: https://www.fdic.gov/resources/deposit-insurance/.

From a faith-based perspective there must be risk taken by both parties. In this investment agency model, you, the depositor are relying on the Agent, UIF Corporation, to generate a profit from faith-based compliant assets, which will likely produce a profit that is higher than your anticipated profit rate. At the discretion of the Agent, you may be paid more profit than the anticipated profit rate, if the faith-based compliant assets over perform. However, you can also be paid less than the anticipated profit rate or no profit at all if the asset pool does not perform as expected, even after proper due diligence. This means that you are at risk of earning no profit.

Under the terms of the time deposit account documents, no withdrawals are permitted during the first seven (7) days after opening and funding your Account. No partial withdrawals are permitted upon your Account prior to maturity. If your account is closed prior to the end of any calendar quarter, the amount you receive from the balance of your Account will be discounted by an amount equal to all profit that has accrued to your Account during the calendar quarter in which your Account was closed, and you will not receive any profit for that calendar quarter. You will receive all profit paid in previous calendar quarters.

Unless otherwise requested by the Account Owner, all Time Deposit Accounts are automatically renewed upon maturity based on the anticipated profit rate then in effect for the same term length as the original Time Deposit.

Introducing MyUIF app built on your values!

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I have a few deposits with UIF and I like the fact that they have an App to see how much profit I earned, once in a while. I didn't know where to put my savings to make profit in a halal way, I am happy that I found them. I don't think any other Islamic organization offer this service.

- I.T.O., (Google Review)

I recently opened up a halal savings account. These unique products at UIF help the community grow while helping us here to our faith. I highly recommend UIF!

- T.H, (Google Review)

Associates from UIF were incredibly nice. I was having an issues with setting up my online Halal Savings Account. So, I called the number that was provided to me. So, I called them. They were incredibly polite. They helped with all the issues that I had. They're knowledgeable and know their stuff! Highly recommend.

- M.S, (Google Review)