Head-to-head comparison of halal financial providers on HalalWallet — features, fees, Shariah oversight, state availability, and independent editorial verdict. Published by HalalWallet (halalwallet.us).
Devon Bank vs Stearns Bank
Two FDIC-Insured Islamic Banking Options in America — Which Is Right for You?
Reviewed quarterly and updated for major content changes.
Our Verdict
Both are FDIC-insured U.S. banks offering Shariah-compliant products. Devon Bank (Chicago-based, est. 1945) has a longer track record in Islamic banking and offers both personal and business products. Stearns Bank provides Islamic banking with a focus on commercial/business clients. Devon is the more accessible option for personal banking; Stearns is strong for business needs.
Side-by-Side Comparison
| Feature | Devon Bank | Stearns Bank |
|---|---|---|
| Headquarters | Chicago, Illinois | St. Cloud, Minnesota |
| FDIC Insured | Yes | Yes |
| Personal Banking | Checking, savings, CDs | Limited personal banking |
| Business Banking | Business accounts + commercial financing | Business accounts + commercial financing |
| Home Financing | Yes — Murabaha structure, 34 states | No home financing |
| Shariah Oversight | Independent Shariah Supervisory Board | Shariah compliance review |
Which Should You Choose?
You want a full-service halal personal bank
→ Devon Bank— Personal checking, savings, CDs, and home financing under one FDIC-insured roof
You need Islamic business banking or commercial products
→ Either— Both serve business clients with Shariah-compliant commercial products
You want halal home financing from a bank
→ Devon Bank— Offers Murabaha home financing in 34 states
Devon Bank Full Review
Pros, cons, rates & details
Stearns Bank Full Review
Pros, cons, rates & details
Not sure which is right? Compare all Bank Accounts providers.
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See yoursFrequently Asked Questions
Are my deposits safe at either bank?
Yes. Both are FDIC-insured, meaning your deposits are protected up to $250,000 per depositor, per institution.
Can I do all my banking at one of these?
Devon Bank offers a more complete personal banking experience (checking, savings, CDs, home financing). Stearns Bank is more focused on commercial/business banking.
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: March 2026
How to cite this page
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.