UIF Savings Account

Halal Bank Accounts in Utah

A nationwide profit-sharing savings account from UIF Corporation, a faith-based subsidiary of University Bank (Member FDIC). It opens with $100, carries no one-time or monthly fees, and pays a monthly anticipated profit computed on the daily balance - sourced from UIF's sharia-compliant portfolios of residential, commercial real estate, and vehicle financing under an investment-agency (wakala) structure per AAOIFI Standard 46. Funds are segregated from interest-bearing assets, principal is FDIC-insured up to $250,000, and the account is backed by a signed fatwa from UIF's independent Sharia Supervisory Board, which includes Sheikh Nizam Yaqubi.

UIF's Profit-Sharing Savings Account is the most credible plug-and-play halal savings option for most American Muslims: $100 to open, zero fees, nationwide availability, FDIC insurance through University Bank, and a governance file most competitors cannot match - a signed fatwa (April 2024) from an independent board featuring Sheikh Nizam Yaqubi and Dr. Abdulbari Mashal, full AAOIFI membership, and a published June 2024 independent sharia audit. The structure is honest about its nature: returns are anticipated profit from UIF's financing portfolios, disclosed at opening rather than posted publicly, and they can come in below the anticipated rate. That opacity on headline rates is the real drawback versus Stearns Salaam's published tiers. If you can accept asking for the current rate, the compliance depth here is best-in-class.