Verified
Didn't think a regular bank could do halal
Got SBA financing through Stearns for my restaurant. They structured it in a way that's compliant which I didn't think a regular bank could do. Pleasantly surprised.
Rashid M.MN
13 found helpful
Stearns Bank Commercial Real Estate Financing
Halal Business Financing in Illinois
4.5
Best for: Business financing expertise
Funding for properties used for business purposes, such as office buildings, retail spaces, and industrial warehouses.
Stearns Bank offers Commercial Real Estate Financing, a halal business financing product using a Salaam Banking structure. Financing amounts range from Contact provider to Contact provider. Best suited for: Business financing expertise.
Pros
- Available nationwide in all 50 states
- Uses Salaam Banking financing structure
- High HalalWallet rating of 4.5/5
- Established provider with 114+ years of experience
Varies by product1 statesEst. 1912
Updated February 2026
Apply Now
Visit Stearns Bank's website to learn more and get started.
See pricing & termsOpens Stearns Bank's site — no obligation
Product Details
Type
Commercial Real Estate
Structure
varies
Min Amount
Contact provider
Max Amount
Contact provider
Stearns Bank in Illinois
Stearns Bank's Commercial Real Estate Financing is available for businesses in Illinois, using a varies structure. Financing amounts range from Contact provider to Contact provider. Illinois is among the top states for small business activity, creating strong demand for Shariah-compliant business financing alternatives. Illinois is home to an estimated ~474K Muslims (3.7% of the population) (World Population Review, 2020 estimates). Stearns Bank serves 1 state, including Illinois.
Our Take on Stearns Bank
Stearns Bank's Salaam Banking program is an option for Muslims wanting FDIC-insured halal banking. Like Devon Bank, the FDIC insurance differentiates it from non-bank providers.
How Stearns Bank Compares
Devon Bank offers similar FDIC-insured halal banking with 34-state home financing coverage.
Bottom Line
Stearns Bank provides FDIC-insured halal banking with institutional stability. Compare with Devon Bank for the broader Midwest.
Read full Stearns Bank reviewShariah Compliance & Oversight
Shariah Board
Offers faith-based banking services developed in partnership with Islamic scholars and reviewed by an independent Sharia supervisory board.
Details
Independent Sharia Supervisory Board reviews products (Mufti Ibrahim Essa + others). Board approved deposit & financing products.
Last Verified
2026-02
State Availability
Available in 1 state
Apply Now — Stearns Bank
Visit Stearns Bank's website to get current terms, check eligibility for Illinois, and get started today.
See pricing & termsOpens Stearns Bank's site — you're not committing to anything
Compare With Other Options in Illinois
13 other business financing products available to Illinois residents
User Reviews for Stearns Bank
5 verified reviews
4.45 reviews
5★
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Verified
Good but SBA loans are always slow
The process was professional but took a while — about 4 months from application to funding. To be fair, SBA loans always take time regardless of the lender.
Karim T.TX
8 found helpfulVerified
Used them for my dental practice
Used them for equipment financing for my dental practice. Straightforward and the team understood what I needed for halal compliance. Would use again.
Samira J.FL
6 found helpfulFrequently Asked Questions
What is Stearns Bank Commercial Real Estate Financing?
Funding for properties used for business purposes, such as office buildings, retail spaces, and industrial warehouses.
What Shariah oversight does Stearns Bank Commercial Real Estate Financing have?
Independent Sharia Supervisory Board reviews products (Mufti Ibrahim Essa + others).
Board approved deposit & financing products.
Is Stearns Bank Commercial Real Estate Financing available in Illinois?
Yes. Stearns Bank Commercial Real Estate Financing is available in Illinois and 0 other states. Verify current availability directly with the provider.
What Shariah oversight does Stearns Bank have?
Stearns Bank's Shariah compliance is overseen by: Offers faith-based banking services developed in partnership with Islamic scholars and reviewed by an independent Sharia supervisory board.. Independent Sharia Supervisory Board reviews products (Mufti Ibrahim Essa + others).
Board approved deposit & financing products..
What financing structure does Stearns Bank Commercial Real Estate Financing use?
Stearns Bank Commercial Real Estate Financing uses a Varies by product structure. This is a Shariah-compliant financing arrangement that avoids interest (riba).
How do I apply for Stearns Bank Commercial Real Estate Financing in Illinois?
You can apply for Stearns Bank Commercial Real Estate 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.