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).
LARIBA vs Devon Bank
America's Oldest Islamic Finance Provider vs Chicago's FDIC-Insured Halal Bank
Reviewed quarterly and updated for major content changes.
Our Verdict
LARIBA is the oldest Islamic finance institution in the U.S. (since 1987) with AAOIFI certification and auto financing. Devon Bank is an FDIC-insured institution offering combined banking and home financing. LARIBA covers 21 states; Devon covers 34. Devon wins for buyers wanting FDIC-insured banking; LARIBA wins for those needing auto financing or valuing the longest track record.
Side-by-Side Comparison
| Feature | LARIBA | Devon Bank |
|---|---|---|
| Structure | Amana (Trust-Based) Model | Murabaha (Cost-Plus Financing) |
| States | 21 states | 34 states |
| Shariah Oversight | AAOIFI certified by Raqaba LLC | Shariah Supervisory Board of America |
| Founded | 1987 | 1945 (Islamic division est. 2003) |
| FDIC Insured | No | Yes |
| Auto Financing | Yes | No |
| Google Rating | 4.3/5 (67 reviews) | 4.4/5 (31 reviews) |
Which Should You Choose?
You want FDIC-insured deposits alongside your mortgage
→ Devon Bank— Federal deposit insurance up to $250,000
You need halal auto financing too
→ LARIBA— One of the few providers offering both home and auto financing
You value the longest Islamic finance track record
→ LARIBA— Operating continuously since 1987
You want broader state coverage
→ Devon Bank— 34 states vs LARIBA's 21
LARIBA Full Review
Pros, cons, rates & details
Devon Bank Full Review
Pros, cons, rates & details
Not sure which is right? Compare all Home Financing providers.
Browse All Home Financing OptionsThis is just one of 7 categories. Average score: 63/100.
See yoursFrequently Asked Questions
Which has better Shariah credentials?
LARIBA has AAOIFI certification with published annual audits by Raqaba LLC. Devon Bank has a formal Shariah Supervisory Board approved by the Shariah Supervisory Board of America. Both are well-credentialed.
Can LARIBA match Devon Bank's FDIC insurance?
No. LARIBA is a finance company, not a bank. Only FDIC-insured banks like Devon Bank can offer federal deposit protection.
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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.