UIF Deposit Account

Halal Bank Accounts in Washington, D.C.

UIF's Profit-Sharing Time Deposit - the halal counterpart to a CD - offered nationwide through University Bank (Member FDIC). Terms run 12, 36, or 60 months from a $5,000 minimum, with a jumbo tier above $100,000 and a $2,000,000 maximum; anticipated profit is paid quarterly, by check or applied to the balance. The relationship is an investment agency per AAOIFI Standard 46: deposits fund UIF's sharia-compliant residential, commercial, and vehicle financing portfolios, segregated from interest-bearing assets, with the anticipated rate disclosed upfront in the account agreement. Principal is FDIC-insured; a signed fatwa from UIF's independent Sharia Supervisory Board covers the product.

The UIF Time Deposit is for money with a defined horizon and a saver who wants the strongest sharia paper trail in US deposit banking. The structure is a wakala investment agency under AAOIFI Standard 46 with a Mudharabah partnership layer, covered by a signed January 2023 fatwa from a board that includes Sheikh Nizam Yaqubi - and FDIC insurance on principal was explicitly ruled permissible by that board since the FDIC is a third party. The costs of that rigor are practical: $5,000 minimum, quarterly-forfeit rules on early closure, no partial withdrawals, and an anticipated rate you learn at account opening rather than from a public rate sheet. Auto-renewal at the then-prevailing rate deserves a calendar reminder. For committed funds, it pairs naturally with UIF's $100 savings account for liquidity.