Business Financing · Devon Bank
Devon Bank Secured Line of Credit
Co-Founder & CEO, HalalWallet
Facts are re-verified against Devon Bank's published materials; this page updates when the provider's terms, rates, or coverage change.
A real-estate-backed, Shariah-compliant line of credit built on Devon Bank's ijara transaction form, offered on a revolving, non-revolving, balloon, or diminishing basis. Qualification requires real estate equity and sufficient cash flow, and the line is available in any state where Devon can offer an ijara transaction (all products available in Illinois). The same commercial team also arranges Shariah-compliant standby and documentary letters of credit. Part of a faith-based commercial program running since 2003 inside a locally owned, FDIC-member Chicago bank.
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What is the Devon Bank Secured Line of Credit?
A real-estate-backed, Shariah-compliant line of credit built on Devon Bank's ijara transaction form, offered on a revolving, non-revolving, balloon, or diminishing basis. Qualification requires real estate equity and sufficient cash flow, and the line is available in any state where Devon can offer an ijara transaction (all products available in Illinois).
- Contract structure: Murabaha / Ijara.
- Amounts: Contact provider to Contact provider.
- Available in Illinois.
- Shariah oversight disclosed: Formal Board.
- HalalWallet Index grade for Devon Bank in Business Financing: A.
- Verified against Devon Bank's published materials on 2026-10-07.
Source: HalalWallet (halalwallet.us)
Key facts
- Structure
- Murabaha / Ijara
- Program type
- Secured Line of Credit
- Minimum amount
- Contact provider
- Maximum amount
- Contact provider
- Availability
- Illinois
- Shariah oversight
- Formal Board
- Provider founded
- 2003
- Last verified
- 2026-10-07
Facts are taken from Devon Bank's published product materials and were last verified on 2026-10-07. Fields the provider does not publish are omitted rather than estimated.
Our take
A Shariah-compliant line of credit is one of the hardest products to find in US Islamic finance, and Devon Bank offers four variants of one - revolving, non-revolving, balloon, and diminishing - by riding the facility on its ijara real estate form. The catch is exactly that structure: you need real estate equity plus sufficient cash flow to qualify, and the line only exists in states where Devon can write an ijara. Limits and pricing are never published, so the individual quote defines the deal. For Illinois businesses that own property and want repeatable, riba-free access to working capital, this fills a gap almost nobody else in the market addresses.
Strengths
- A rare Shariah-compliant revolving credit facility in the US market
- Four structures to choose from: revolving, non-revolving, balloon, or diminishing
- Contracts approved by fatwa of the Shariah Supervisory Board of America (Mufti Muhammad Nawal-ur-Rahman)
- Shariah-compliant standby and documentary letters of credit available from the same team
Watch-outs
- 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
- Requires real estate equity and sufficient cash flow - not an unsecured working-capital option
Is the Devon Bank Secured Line of Credit halal?
Devon Bank's line of credit avoids the core problem with conventional revolvers - interest accruing on drawn cash - by building the facility on the ijara form: it is offered 'in any state where we can offer an Ijara transaction,' backed by real estate, and structured on a revolving, non-revolving, balloon, or diminishing basis. Because the facility rides on a lease-based contract over a real asset rather than money lent at interest, the bank's return is tied to the property structure, not a rate on outstanding cash. Qualification requires real estate equity and sufficient cash flow. The program sits inside the faith-based framework Devon has operated since 2003: products developed in-house, approved by fatwa of the Shariah Supervisory Board of America under Mufti Muhammad Nawal-ur-Rahman after requested changes were made, with later variants following the same path, late fees above cost donated to charity, and a published no-premium-for-religious-accommodation cost policy. Caveats worth pressing on: the exact contract mechanics of each line variant are not published, availability is state-limited by where the ijara form can be offered, and Devon's governance model is per-product fatwa certification rather than a standing retained board with periodic audits - request the structure documents and any updated approvals for the specific facility offered to you.
Shariah oversight disclosed by Devon Bank
The details of the initial Murabaha and Ijara products were reviewed by the Honorable Mufti Muhammad Nawal-ur-Rahman and the Shariah Supervisory Board of America
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Real-estate-backed line of credit built on the Ijara transaction form
- Available on a revolving, non-revolving, balloon, or diminishing basis
- Requires real estate equity and sufficient cash flow
- Offered in any state where Devon Bank can offer an Ijara transaction
- Shariah-compliant letters of credit (standby and documentary) also available from the same team
Cost and terms
No rates, amounts, or fees are published for secured lines of credit - each deal is individually quoted by Devon's commercial Islamic financing specialists (VP direct lines 773-423-2523 and 773-423-2507). Published bank policy: the profit rate matches an equivalent conventional facility with no premium for religious accommodation; structure-driven extras such as recording two deeds (and possibly a second transfer tax, depending on jurisdiction) can apply; late fees above actual costs are donated to charity, with a hardship waiver. No published pricing found on crawl (verified 2026-08-05).
How it compares
Other business financing providers we list in the U.S., ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Devon Bank Secured Line of Credit (this page) | Murabaha / Ijara | Formal Board | Illinois | A |
| Stearns Bank Secured Line of Credit | Varies by product | Formal Board | 50 states | A- |
| IjaraCDC Business Premier 7A Financing | Ijara | Formal Board | all 50 states | A |
| UIF Construction Financing | Istisna (construction) | Formal Board | 5 states | A |
| Bank of Whittier RF Business & Commercial Financing | RF (Riba Free) financing, LARIBA discipline | Third-Party Certified | all 50 states | B |
Other Devon Bank products
- Commercial Real Estate Financing
Business Financing · Murabaha / Ijara
- Construction Financing
Business Financing · Murabaha / Ijara
- Home Financing
Home Financing · Murabaha
- Equipment Financing
Business Financing · Murabaha / Ijara
Where it's available
Devon Bank lists the Secured Line of Credit as available in Illinois.
Availability may vary by product and can change; verify with Devon Bank before applying.
Frequently asked questions
Is the Devon Bank Secured Line of Credit halal?
Devon Bank's line of credit avoids the core problem with conventional revolvers - interest accruing on drawn cash - by building the facility on the ijara form: it is offered 'in any state where we can offer an Ijara transaction,' backed by real estate, and structured on a revolving, non-revolving, balloon, or diminishing basis. Contract structure: Murabaha / Ijara. Shariah oversight disclosed by Devon Bank: Formal Board. HalalWallet reports what the provider documents; we do not certify products.
How does the Devon Bank Secured Line of Credit work?
A real-estate-backed, Shariah-compliant line of credit built on Devon Bank's ijara transaction form, offered on a revolving, non-revolving, balloon, or diminishing basis. Qualification requires real estate equity and sufficient cash flow, and the line is available in any state where Devon can offer an ijara transaction (all products available in Illinois). The same commercial team also arranges Shariah-compliant standby and documentary letters of credit.
What does the Devon Bank Secured Line of Credit cost?
No rates, amounts, or fees are published for secured lines of credit - each deal is individually quoted by Devon's commercial Islamic financing specialists (VP direct lines 773-423-2523 and 773-423-2507). Published bank policy: the profit rate matches an equivalent conventional facility with no premium for religious accommodation; structure-driven extras such as recording two deeds (and possibly a second transfer tax, depending on jurisdiction) can apply; late fees above actual costs are donated to charity, with a hardship waiver. No published pricing found on crawl (verified 2026-08-05).
What are the minimums for the Devon Bank Secured Line of Credit?
As published by Devon Bank: minimum amount Contact provider; maximum Contact provider. Confirm current requirements with Devon Bank before applying.
Where is the Devon Bank Secured Line of Credit available?
Devon Bank lists this product as available in Illinois. Availability can change and may differ by state; verify directly with Devon Bank.
What are the alternatives to the Devon Bank Secured Line of Credit?
In the same category we also list Stearns Bank Secured Line of Credit (HalalWallet Index A-), IjaraCDC Business Premier 7A Financing (HalalWallet Index A), UIF Construction Financing (HalalWallet Index A). Compare every option side by side on our Halal Business Financing hub.
When was this Devon Bank product information last verified?
HalalWallet last verified the Devon Bank Secured Line of Credit details against Devon Bank's published materials on 2026-10-07. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-07
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