Stearns Bank vs UIF
Stearns Bank and UIF both offer bank accounts. This page lines up 23 listed data points side by side, with 11 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 Oct 2026
At a glance
- Both are available in all 50 states.
- Stearns Bank uses Varies by product; UIF uses Mudarabah.
- Both disclose the same level of Shariah oversight: Formal Board.
- HalalWallet Index: Stearns Bank holds a B; UIF holds a A.
- On measurable rows, Stearns Bank has the better listed value on 1 and UIF on 2.
- They differ on 11 of the 23 data points we list for bank accounts.
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.
Stearns Bank vs UIF: the full side-by-side
23 data points from each provider's published materials, lined up row by row. They differ on 11.
23 of 23 rows
States covered
SameStearns Bank: All 50 statesUIF: All 50 states
APY / profit rate
Stearns Bank: 1.00%-3.20% expected APY (tiered, nonprofit preferential rates) (Salaam Nonprofit Savings) · 0.85%-2.99% expected APY (tiered); Profit-Link up to 3.20% (Savings Account) · 3.01%-3.96% expected APY by term (8/1/2026 rate sheet) (Salaam Business Certificat…)UIF: Not listedMonthly fee
SameStearns Bank: $0UIF: $0Fee waiver conditions
Stearns Bank: No maintenance fees (Savings Account) · No minimum balance, no maintenance fees (Deposit Account)UIF: No monthly feesMinimum balance
Stearns Bank: No minimumUIF: Not listedMinimum opening deposit
Stearns Bank: $100 (Salaam Nonprofit Savings) · $50 (Deposit Account) · $500 (Salaam Business Certificat…)UIF: $100 (Savings Account) · $5,000 (Deposit Account)
Structure
Stearns Bank: Varies by productUIF: MudarabahShariah oversight
SameStearns Bank: Formal BoardUIF: Formal BoardShariah board / scholar
Stearns Bank: formal_boardUIF: Sheikh Nizam Yaqubi, Abdulbari Mashal, Mufti Abdullah Ebrahim Nana, Prof. Hussein Hamed HassanPublished fatwa / certificate
Stearns Bank: NoUIF: Yes EdgeProfit structure
Stearns Bank: Profit-sharing - derived from Islamic Banking financing portfolio (Salaam Nonprofit Savings) · Profit-sharing - Market-based returns (Savings Account) · Profit-sharing (Deposit Account) · Interest-free (non-interest-bearing) (Salaam Business Essentials…) · Profit-sharing - derived from Islamic Banking Division financing portfolio (Salaam Business Market Sav…) · Profit-sharing - published expected profit-sharing rates (Salaam Business Certificat…)UIF: Profit-sharing - Monthly anticipated returns (Savings Account) · Profit-sharing - Quarterly anticipated returns (Deposit Account)
FDIC / NCUA insured
SameStearns Bank: YesUIF: Yes
ATM access
SameStearns Bank: YesUIF: YesDebit card
SameStearns Bank: YesUIF: YesMobile app
SameStearns Bank: YesUIF: YesOnline banking
SameStearns Bank: YesUIF: Yes
Products listed
Stearns Bank: Salaam Nonprofit Savings, Savings Account, Deposit Account, Salaam Business Essentials Checking, Salaam Business Market Savings, Salaam Business Checking +2 moreUIF: Savings Account, Deposit AccountBest for
Stearns Bank: Business financing expertiseUIF: Everyday bankingAccount types
Stearns Bank: Nonprofit Savings, Savings, Deposit Account, Business Checking, Business Savings +2 moreUIF: Savings, Time Deposit Account
HalalWallet Index grade
Stearns Bank: BUIF: A EdgeFounded
Stearns Bank: 1912 EdgeUIF: 2006Google rating
Stearns Bank: Not listedUIF: 4.5/5 (42 reviews)Awards
Stearns 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
Stearns Bank
- Interest-free, profit-sharing returns for nonprofits
- Designed for organizations like schools and mosques
- FDIC insured, with documented options to extend coverage beyond $250,000
- Documented $100 minimum opening deposit
- Reviewed and approved by an independent Sharia Supervisory Board
- Expected profit rates float with the Islamic financing portfolio - no contractual guarantee
- Meaningful yield requires scale: balances under $100,000 earn 1.00% expected APY
- Offered through a conventional bank's Islamic banking division rather than a standalone Islamic institution
- Expected profit rates can change and are not contractually guaranteed - returns track the Islamic financing portfolio
- The best tiers require scale: under $100,000 the standard expected APY is 0.85%
UIF
- Available nationwide in all 50 states
- FDIC insured up to $250,000 per depositor
- No monthly maintenance fee
- Mobile app available for account management
- Full online banking capabilities
- Anticipated profit rate is not published online - it is disclosed in the account agreement at opening
- Anticipated profit is not guaranteed: if the asset pool underperforms, you may be paid below the anticipated rate or nothing (principal stays FDIC-insured)
- Initial funding caps ($2,500 by debit card, $25,000 by ACH) mean larger deposits require a wire
- Strict early-withdrawal terms: no withdrawals in the first 7 days, no partial withdrawals before maturity, and closing mid-quarter forfeits all profit accrued that quarter (profit from prior quarters is kept)
- Anticipated profit rate is not guaranteed - actual returns may be higher or lower than the stated rate
Products behind the numbers
Where a row shows more than one value, it is because the provider lists several bank accounts products. Each is tagged.
Stearns Bank (8)
Stearns Bank vs UIF in other categories
Not sure which is right? Compare all bank accounts providers.
Browse all Bank Accounts optionsEditorial comparisons
How do Stearns Bank and UIF compare for bank accounts?
Stearns Bank and UIF both offer bank accounts. This page lines up 23 listed data points side by side, with 11 differences, so you can see exactly where they part ways before you request quotes.
- Both are available in all 50 states.
- Stearns Bank uses Varies by product; UIF uses Mudarabah.
- 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: 2026-10-20
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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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