Devon Bank vs UIF
Devon Bank and UIF both offer business financing - Devon Bank in Illinois, UIF in 5 states. This page lines up 14 listed data points side by side, with 10 differences, so you can see exactly where they part ways before you request quotes.
Built from each provider's listed data · provider data last verified Nov 2026
At a glance
- Devon Bank lists Illinois; UIF lists 5 states.
- Devon Bank uses Murabaha / Ijara; UIF uses Istisna (construction) / Musharakah.
- Both disclose the same level of Shariah oversight: Formal Board.
- HalalWallet Index: Devon Bank holds a A; UIF holds a A.
- On measurable rows, Devon Bank has the better listed value on 1 and UIF on 2.
- They differ on 10 of the 14 data points we list for business financing.
No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.
Devon Bank vs UIF: the full side-by-side
14 data points from each provider's published materials, lined up row by row. They differ on 10.
14 of 14 rows
States covered
Devon Bank: IllinoisUIF: 5 states
Minimum amount
Devon Bank: Contact provider (Construction Financing) · $250,000 (Commercial Real Estate Fin…)UIF: Contact provider (Construction Financing) · $100,000 (Commercial Real Estate Fin…)Maximum amount
Devon Bank: Contact provider (Construction Financing) · $5,000,000 (Commercial Real Estate Fin…)UIF: Contact provider (Construction Financing) · $2,000,000 (higher amounts possible by partnering with other investors) (Commercial Real Estate Fin…)
Financing purposes
Devon Bank: Not listedUIF: Purchase, Refinance
Structure
Devon Bank: Murabaha / IjaraUIF: Istisna (construction) / MusharakahShariah oversight
SameDevon Bank: Formal BoardUIF: Formal BoardShariah board / scholar
Devon Bank: formal_boardUIF: Sheikh Nizam Yaqubi, Abdulbari Mashal, Mufti Abdullah Ebrahim Nana, Hussein Hamed HassanPublished fatwa / certificate
Devon Bank: NoUIF: Yes Edge
Products listed
Devon Bank: Construction Financing, Secured Line of Credit, Commercial Real Estate Financing, Equipment FinancingUIF: Construction Financing, Commercial Real Estate FinancingBest for
Devon Bank: Midwest buyers, Chicago-basedUIF: Building & renovation
HalalWallet Index grade
SameDevon Bank: AUIF: AFounded
Devon Bank: 2003 EdgeUIF: 2006Google rating
Devon Bank: 4.4/5 (31 reviews)UIF: 4.5/5 (42 reviews) EdgeAwards
Devon Bank: Not listedUIF: IFN Best Islamic Bank (2015), IFN Best Islamic Bank (2016), IFN Best Islamic Bank in the US (2017), IFN Best Islamic Bank in the US (2018), IFN Best Islamic Bank in the US (2019) +4 more
Edge marks the side with the better listed number on measurable rows (lower fee, wider coverage, higher grade). It is not a verdict - a provider can win more rows and still be the wrong fit for you.
Strengths and trade-offs
Devon Bank
- Experience with a variety of Shariah-compliant construction methods - the bank custom-engineers each deal
- Funding released in stages as the project progresses
- Contracts approved by fatwa of the Shariah Supervisory Board of America (Mufti Muhammad Nawal-ur-Rahman)
- Track record financing religious and community facilities, including mosques
- A rare Shariah-compliant revolving credit facility in the US market
- Limited to only 1 state in our records; the bank says some products extend beyond Illinois
- Financing amounts and pricing aren't published - every deal is quoted individually
- No standing retained Shariah board: certification is one-time fatwa per product, with no published audit reports
- Limited to only 1 state in our records; availability follows Devon's ijara-eligible states
- Devon publishes neither credit limits nor pricing for this line - terms come from an individual quote
UIF
- One of very few halal new-home construction financing programs in the U.S. (available in FL, GA, MI, MN, and NC)
- Uses Istisna (construction contract) with a published fatwa - Musharakah option also available
- Profit accrues only on amounts actually disbursed to the builder, not the full commitment
- Contract price fixed upfront and cannot be changed - no rate-drift risk during the build
- Has financed commercial property in many states across the U.S. (coverage is confirmed by state and property rather than published)
- Available in only 5 states (FL, GA, MI, MN, NC)
- Construction draws, inspections, and feasibility reviews add paperwork and timeline versus a standard purchase
- Long-term financing is arranged at application - you commit to UIF for the take-out financing as well
- Does not finance construction, development, gas stations, or hotels/motels - real estate collateral only
- Requires a $6,500 appraisal and property survey deposit upfront
Products behind the numbers
Where a row shows more than one value, it is because the provider lists several business financing products. Each is tagged.
Devon Bank vs UIF in other categories
Not sure which is right? Compare all business financing providers.
Browse all Business Financing optionsEditorial comparisons
How do Devon Bank and UIF compare for business financing?
Devon Bank and UIF both offer business financing - Devon Bank in Illinois, UIF in 5 states. This page lines up 14 listed data points side by side, with 10 differences, so you can see exactly where they part ways before you request quotes.
- Devon Bank lists Illinois; UIF lists 5 states.
- Devon Bank uses Murabaha / Ijara; UIF uses Istisna (construction) / Musharakah.
- Both disclose the same level of Shariah oversight: Formal Board.
Source: HalalWallet (halalwallet.us)
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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: 2026-11-06
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
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