Join the Movement!
UIF Corporation, through University Bank, is pleased to announce Halal Savings Accounts.
UIF offers a unique and socially responsible way to grow your money with our Profit-Sharing Halal Savings 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.
Higher Anticipated Profit Potential: Earn more anticipated profits based on your account balance.
Low Minimum Opening Balance: Get started with with as little as $500.
Effortless Online Banking & Transfers: Access your savings on the go and transfer funds with ease using a powerful and user-friendly digital banking platform and MyUIF App.
No Hidden Charges: Enjoy the peace of mind that comes with no one-time or monthly fees.
Real Time Alerts: Set up personalized alerts to monitor your account activity and track deposits and withdrawals, ensuring you remain up-to-date.
Ready to open a deposit account? Use our Self-Serve option!
Select the account type below to open an account with our online application.
Proft-Sharing Personal Savings Account
- Higher Anticipated Profit Potential: Earn more anticipated profits based on your account balance.
- Low Minimum Opening Balance: Get started with with as little as $500.
- Effortless Online Banking & Transfers: Access your savings on the go and transfer funds with ease using a powerful and user-friendly digital banking platform and MyUIF App.
- No Hidden Charges: Enjoy the peace of mind that comes with no one-time or monthly fees.
- ATM Card Available: Access your funds easily with an ATM card.
Profit-Sharing Time Deposit Account
- Flexible Terms: Choose from 12-, 36-, or 60-month maturity terms to best suit your financial goals.
- Save With Confidence: You can start your wealth-building journey with a balance ranging from a minimum of $5,000 to a maximum of $2,000,000.
- Earn More With Jumbo Accounts: Take advantage of increased anticipated returns on accounts exceeding $100,000.
- Stress-Free Renewal: Your deposit account is set to auto-renew at maturity, offering you a seamless investment experience.
All profit-sharing accounts are offered with:
Digital Banking & MyUIF App
With internet and mobile banking services, take control of your financial journey at your convenience, whether you’re home or on the move.
E-Statements
Real Time Alerts
Set up personalized alerts to monitor your account activity and track deposits and withdrawals, ensuring you remain up-to-date.
Have a question or need assistance getting started?
Opening an account is easy. Simply fill out the form below, and one of our Relationship Managers will contact you to assist you and answer any questions you may have.
Frequently Asked Questions
Profit sharing will be generated from faith-based compliant assets, that UIF Corporation, as your agent, have 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.
Individual Profit-Sharing Savings Accounts require a minimum opening amount of $500. 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.
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 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.
