Verified
My parents used them too
UIF was our first choice because my parents used them years ago. The team is experienced and the cost-plus structure is easy to understand. You know exactly what you're paying and why.
Jamal H.MI
14 found helpful
University Islamic Financial Auto Financing
Halal Auto Financing in Illinois
Best for: Full auto financing — new & used vehicles (MI, IL, OH, TX)
Full halal auto financing for new and used vehicle purchases using Musharakah (diminishing co-ownership) structure.
University Islamic Financial provides halal auto financing using a musharakah structure. Eligible vehicle types include new, used. Best suited for: Midwest buyers (MI, IL, OH, TX only).
Pros
- Broad coverage across 32 states
- Uses Musharakah (Diminishing) — a recognized Shariah-compliant structure
- High HalalWallet rating of 4.5/5
Musharakah4 statesEst. 2005
Updated February 2026
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Product Details
Structure
musharakah
Vehicle Types
New, Used
Down Payment
5% or 10%
Terms
24 months, 36 months, 48 months, 60 months, 72 months
Min Credit Score
620+
Max Amount
$100,000
University Islamic Financial in Illinois
University Islamic Financial offers halal auto financing in Illinois using a musharakah structure. Unlike conventional auto loans that charge interest, this structure avoids riba entirely. With Illinois's cost of living (median home price: ~$286,000), reliable halal auto financing can be an important part of a family's financial plan. Illinois is home to an estimated ~474K Muslims (3.7% of the population) (World Population Review, 2020 estimates). University Islamic Financial serves 4 states, including Illinois.
Shariah Compliance & Oversight
Shariah Board
Operates as a dedicated Islamic finance provider whose activities are overseen by a formal, independent Sharia Supervisory Board and aligned with recognized Islamic finance standards.
Details
Sharia Supervisory Board chaired by Sheikh Nizam Yaquby. Board reviews/approves UIF programs; fatwas + audits published.
Last Verified
2026-02
Get Pre-Approved — University Islamic Financial
Visit University Islamic Financial's website to get current terms, check eligibility for Illinois, and get started today.
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Compare With Other Options in Illinois
2 other auto financing products available to Illinois residents
User Reviews for University Islamic Financial
5 verified reviews
4.45 reviews
5★
2
4★
3
3★
0
2★
0
1★
0
Verified
Communication could be better
Decent experience. Communication could have been better during the underwriting phase — there were some delays where I didn't hear back for a couple weeks. But the end product is good.
Noor A.NJ
11 found helpfulVerified
Patient with a first-time buyer
First-time homebuyer here. UIF was patient with all my questions and the documentation was thorough. Took about 60 days to close which I'm told is normal.
Safiya L.VA
7 found helpfulFrequently Asked Questions
What is University Islamic Financial Auto Financing?
Full halal auto financing for new and used vehicle purchases using Musharakah (diminishing co-ownership) structure.
What Shariah oversight does University Islamic Financial Auto Financing have?
Sharia Supervisory Board chaired by Sheikh Nizam Yaquby.
Board reviews/approves UIF programs; fatwas + audits published.
Is University Islamic Financial Auto Financing available in Illinois?
Yes. University Islamic Financial Auto Financing is available in Illinois and 3 other states. Verify current availability directly with the provider.
What Shariah oversight does University Islamic Financial have?
University Islamic Financial's Shariah compliance is overseen by: Operates as a dedicated Islamic finance provider whose activities are overseen by a formal, independent Sharia Supervisory Board and aligned with recognized Islamic finance standards.. Sharia Supervisory Board chaired by Sheikh Nizam Yaquby.
Board reviews/approves UIF programs; fatwas + audits published..
What financing structure does University Islamic Financial Auto Financing use?
University Islamic Financial Auto Financing uses a Musharakah structure. This is a Shariah-compliant financing arrangement that avoids interest (riba).
How do I apply for University Islamic Financial Auto Financing in Illinois?
You can apply for University Islamic Financial Auto Financing directly through the provider's website. Visit their official site to start your application, check current requirements, and get personalized information for Illinois residents.
Are there halal banking options in Illinois?
Yes. Illinois is home to Devon Bank in Chicago — one of the few FDIC-insured banks in the U.S. offering Shariah-compliant financial products. Devon Bank provides Murabaha-based home financing and business financing. Additional nationwide halal banking providers also serve Illinois residents.
Does Illinois tax halal investment returns?
Yes. Illinois has a flat state income tax rate of 4.95%. Capital gains from halal investments are taxed as ordinary income. Consider halal IRA or 401(k) options to defer Illinois state taxes on investment growth.
Halal Finance Score
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Average score: 63/100
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Reviewed by: HalalWallet Editorial Team•Last reviewed: 2026-04-01•Disclosure: Featured partners may compensate HalalWallet for clicks. Editorial policy and full disclosures.
Reviewed quarterly and updated for major content changes.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.