Stearns Bank Review

Sharia-compliant commercial real estate financing from Stearns Salaam Banking, the Islamic division of FDIC-insured Stearns Bank N.A. It covers acquisition and refinancing of rental properties, office space, warehouses, retail property, and buildings for mosques and schools. The product carries a signed Certificate of Sharia Compliance for Real Estate Acquisition & Refinancing (August 2024) from the division's independent three-scholar Sharia Supervisory Board, with compliance judged against AAOIFI Sharia Standards. Note the boundary Stearns itself draws: no personal home financing - commercial and rental investment property only.

A Sharia-compliant secured line of credit from Stearns Salaam Banking, the Islamic division of FDIC-insured Stearns Bank N.A. The facility can be used for working capital, to provide a financial cushion, or to fund growth and expansion strategies - a revolving-style credit structure that is genuinely unusual in the US Islamic finance market. All Salaam financing products are reviewed and approved by the division's independent three-scholar Sharia Supervisory Board against AAOIFI Sharia Standards, though no product-specific certificate or contract structure has been published for this facility.

A profit-sharing business certificate of deposit from Stearns Salaam Banking, the Islamic banking division of Stearns Bank N.A. (Member FDIC). The 10/1/2026 rate sheet publishes expected APYs by term: 3.90% for 3 months, 3.94% for 6 months, 3.85% for 12 months, and 3.66% for 18 months, all from a $500 minimum opening deposit. The 3- and 6-month terms can be funded throughout the term and carry no early-withdrawal discount; 12- and 18-month terms may apply a discount for early withdrawal - sharia-structured pricing language rather than an interest penalty. Profit is paid at maturity with annual compounding.

A personal profit-sharing savings account from Stearns Salaam Banking, the Islamic banking division of Stearns Bank N.A. (Member FDIC, St. Cloud, Minnesota, operating nationwide). Instead of interest, the account pays an expected profit rate derived from the division's segregated Islamic financing portfolio, with published tiers rising by balance: 0.85% expected APY under $100,000, 1.97% from $100,000, and 2.99% at $500,000 and up on the 10/1/2026 rate sheet, with a Profit-Link variant paying up to 3.20% and a Next Level Select tier paying 3.04% on balances of $2.5 million and up. Deposits are documented as kept separate from the bank's interest-bearing funds, and a three-scholar Sharia Supervisory Board has issued signed compliance certificates covering Salaam deposit accounts.

A profit-sharing savings account for nonprofit organizations - mosques, Islamic schools, community organizations - from Stearns Salaam Banking, the Islamic banking division of Stearns Bank N.A. (Member FDIC). Nonprofits earn riba-free expected returns from the division's segregated Islamic financing portfolio at preferential tiers published on the 10/1/2026 rate sheet: 1.00% expected APY under $100,000, 2.02% from $100,000, and 3.20% at $500,000 and up - each tier above the equivalent personal and business rates. Stearns also donates up to $1,000 to nonprofits holding the account for 12 months, plus $250 per subsequent 12-month period.

Sharia-compliant equipment financing from Stearns Salaam Banking, the Islamic division of FDIC-insured Stearns Bank N.A. It funds commercial equipment purchases across industries such as hospitality, medical, and manufacturing, with flexible terms and payment options, and is framed for nonprofits as a partnership to purchase and own equipment and commercial assets. Products are reviewed by the division's independent three-scholar Sharia Supervisory Board (Mufti Ibrahim Essa, Shaykh Taha Abdul-Basser, Mufti Mirza-Zain Baig) against AAOIFI Sharia Standards. In March 2026 (Ramadan 1447) the board issued a signed Certificate of Sharia Compliance for a 'Murabaha Financing Product' - the first contract type named in Salaam's published documentation - though equipment financing is not separately named in any certificate and no amounts or term ranges are published.

The higher-volume tier of Stearns Salaam Banking's riba-free business checking, designed for companies with heavier transaction activity that need added flexibility and support. Like the base account it is interest-free by design and opens with $100, but the Essentials tier is built for businesses that outgrow standard transaction limits, layering on treasury management, mobile deposit, and merchant services. It sits inside Stearns Bank N.A. (Member FDIC), and the division's three-scholar Sharia Supervisory Board has issued signed compliance certificates covering Salaam checking accounts.

The core riba-free business checking account from Stearns Salaam Banking, the Islamic banking division of Stearns Bank N.A. (Member FDIC). It handles day-to-day operations - receiving payments, paying vendors, managing cash flow - with no interest paid or charged, no maintenance fees, and a $100 minimum opening deposit. Practical extras include treasury management, mobile deposit, merchant services, and one free outgoing domestic wire per day when initiated through online or mobile banking. Signed Sharia Supervisory Board certificates cover the Salaam checking and savings products.

Sharia-compliant construction financing from Stearns Salaam Banking, the Islamic division of FDIC-insured Stearns Bank N.A. (St. Cloud, Minnesota). It funds ground-up construction and improvements on retail, industrial, multi-family, and office space, plus dedicated construction financing for nonprofits such as mosques and Islamic schools with flexible structuring options. The Stearns Bank Construction Team manages draws, monthly budget reviews, and change orders, and the product carries a signed Certificate of Sharia Compliance issued by the division's three-scholar Sharia Supervisory Board in September 2024.

Salaam Personal Checking, the everyday-banking account of Stearns Salaam Banking, the Islamic banking division of Stearns Bank N.A. (Member FDIC, nationwide from Minnesota). It is interest-free on both sides: balances earn nothing, the bank charges no maintenance fees, and as little as $50 opens the account. Standard rails are all present - online and mobile banking, bill pay, mobile deposit, e-statements, alerts - plus waived fees on up to three international wire transfers per month when initiated digitally. Signed Sharia Supervisory Board certificates cover the Salaam checking and savings accounts.

An interest-free operating account for mosques, Islamic schools, and other nonprofits from Stearns Salaam Banking, the Islamic banking division of Stearns Bank N.A. (Member FDIC). It is built for organizational cash flow - accepting donations, paying utilities, running payroll - with $100 to open and an unusually generous fee package: free unlimited same-day and next-day ACH origination, free unlimited incoming wires, up to five international wire fees refunded monthly when initiated online, no maintenance or minimum-balance fees, free checks, remote deposit capture, free basic Autobooks for donor invoicing, and Positive Pay fraud protection.

A business profit-sharing savings account from Stearns Salaam Banking, the Islamic banking division of Stearns Bank N.A. (Member FDIC). Business balances earn a riba-free expected profit rate sourced from the division's segregated Islamic financing portfolio, with published tiers on the 10/1/2026 rate sheet: 0.85% expected APY under $100,000, 1.97% from $100,000, and 2.99% at $500,000 and up; a Business Profit-Link variant pays 2.02% under $500,000 and 3.20% above, and a Next Level Select Business tier pays 1.00% below $2.5 million and 3.04% at $2.5 million and up (a $100 monthly fee applies if the average monthly balance falls under $25,000). The Salaam Business page lists a $100 minimum opening deposit across its business accounts, and signed Sharia Supervisory Board certificates cover Salaam deposit products.