UIF Corporation is pleased to announce the availability of a Faith-Based Profit-Sharing Time Deposit Account from University Bank for consumers who seek a permissible yield on their funds. These Profit-Sharing Time Deposit Accounts are available to consumers nationwide with a return derived from UIF’s Sharia compliant portfolio of assets, including our Residential and Commercial Real-Estate, Vehicle Financing, and other Portfolios originated and/or managed by UIF Corporation.
Although the Profit-Sharing Time Deposit Accounts are held by our parent company’s depository institution, University Bank, rest assured that your funds will be segregated from any conventional interest-bearing funds held at the Bank. Our program has been reviewed and approved by our independent Sharia Supervisory Board with a fatwa issued based on the Agency Investment model covered in AAOIFI’s standard No. 46. In the Agency model, the Account Owner relies on UIF Corporation, as Agent, to perform detailed due diligence and use the funds to support the growth of the Faith-Based compliant asset portfolios of the Agent. In return, UIF Corporation will pay a profit through University Bank to the Account Owner.