Bank Accounts · UIF
UIF Deposit Account
Co-Founder & CEO, HalalWallet
Facts are re-verified against UIF's published materials; this page updates when the provider's terms, rates, or coverage change.
UIF's Profit-Sharing Time Deposit - the halal counterpart to a CD - offered nationwide through University Bank (Member FDIC). Terms run 12, 36, or 60 months from a $5,000 minimum, with a jumbo tier above $100,000 and a $2,000,000 maximum; anticipated profit is paid quarterly, by check or applied to the balance. The relationship is an investment agency per AAOIFI Standard 46: deposits fund UIF's sharia-compliant residential, commercial, and vehicle financing portfolios, segregated from interest-bearing assets, with the anticipated rate disclosed upfront in the account agreement. Principal is FDIC-insured; a signed fatwa from UIF's independent Sharia Supervisory Board covers the product.
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What is the UIF Deposit Account?
UIF's Profit-Sharing Time Deposit - the halal counterpart to a CD - offered nationwide through University Bank (Member FDIC). Terms run 12, 36, or 60 months from a $5,000 minimum, with a jumbo tier above $100,000 and a $2,000,000 maximum; anticipated profit is paid quarterly, by check or applied to the balance.
- Contract structure: Mudarabah.
- Amounts: not published to $2,000,000.
- Available in all 50 states.
- Shariah oversight disclosed: Formal Board (fatwa published).
- HalalWallet Index grade for UIF in Bank Accounts: A.
- Verified against UIF's published materials on 2026-09-29.
Source: HalalWallet (halalwallet.us)
Key facts
- Structure
- Mudarabah
- Account type
- Time Deposit Account
- Profit structure
- Profit-sharing - Quarterly anticipated returns
- Minimum opening deposit
- $5,000
- Monthly fee
- $0
- Fee waiver
- No monthly fees
- FDIC insured
- Yes
- Debit card
- Yes
- ATM access
- Yes
- Mobile app
- Yes
- Online banking
- Yes
- Availability
- all 50 states
- Shariah oversight
- Formal Board
- Shariah board
- Sheikh Nizam Yaqubi, Abdulbari Mashal, Mufti Abdullah Ebrahim Nana, Hussein Hamed Hassan
- Provider founded
- 2006
- Last verified
- 2026-09-29
Facts are taken from UIF's published product materials and were last verified on 2026-09-29. Fields the provider does not publish are omitted rather than estimated.
Our take
The UIF Time Deposit is for money with a defined horizon and a saver who wants the strongest sharia paper trail in US deposit banking. The structure is a wakala investment agency under AAOIFI Standard 46 with a Mudharabah partnership layer, covered by a signed January 2023 fatwa from a board that includes Sheikh Nizam Yaqubi - and FDIC insurance on principal was explicitly ruled permissible by that board since the FDIC is a third party. The costs of that rigor are practical: $5,000 minimum, quarterly-forfeit rules on early closure, no partial withdrawals, and an anticipated rate you learn at account opening rather than from a public rate sheet. Auto-renewal at the then-prevailing rate deserves a calendar reminder. For committed funds, it pairs naturally with UIF's $100 savings account for liquidity.
Strengths
- 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
Watch-outs
- 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
- $5,000 minimum to open (vs. $100 for the savings account)
- Depositor bears profit risk - if the asset pool underperforms, you may be paid below the anticipated rate or no profit at all (principal remains FDIC insured)
Is the UIF Deposit Account halal?
UIF's Profit-Sharing Time Deposit runs on the same certified machinery as its savings account - an investment-agency relationship per AAOIFI Standard No. 46, with funds held at University Bank (Member FDIC) and segregated from interest-bearing assets - but commits your money for a 12-, 36-, or 60-month term in exchange for a higher anticipated profit, paid quarterly. The return is a share of profits from UIF's faith-based residential, commercial, and vehicle financing portfolios, not a contractual interest rate: UIF can pay below the anticipated rate, or nothing, if the assets underperform, and may pay above it if they overperform. Even the early-exit mechanics are structured Islamically - closing mid-quarter forfeits that quarter's accrued profit as a discount rather than charging a conventional early-withdrawal penalty, and prior quarters' profit is kept. The product carries its own signed fatwa (the Time Deposit Account Fatwa, published January 2023) from UIF's independent Sharia Supervisory Board - Sheikh Nizam Yaqubi (chairman), Dr. Abdulbari Mashal (AAOIFI Governance and Ethics Board member since 2015), and Mufti Abdullah Nana - which also ruled FDIC insurance on principal permissible since the FDIC is a third party to the depositor and the bank. UIF is a fully accredited AAOIFI member and publishes a June 2024 independent Shariah audit alongside its seven product fatwas.
Shariah oversight disclosed by UIF
Sharia Supervisory Board chaired by Sheikh Nizam Yaquby. Board reviews/approves UIF programs; fatwas + audits published.
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Provided through University Bank, Member FDIC
- Auto-renews at maturity for the same term length at the prevailing anticipated profit rate (unless the account owner requests otherwise)
- Jumbo tier: higher anticipated returns on balances over $100,000 (max $2,000,000)
- Choice of 12-, 36-, or 60-month maturity terms
- Funds held at University Bank under an investment agency agreement (AAOIFI Standard 46), segregated from interest-bearing assets and deposits
- Returns derived from UIF's faith-based financing portfolios (residential, commercial real estate, and vehicle finance)
- Funding: debit card up to $2,500, ACH up to $25,000, wire transfers required above $25,000
- Digital banking + MyUIF app with e-statements and real-time alerts
- Quarterly profit paid your way: check sent by mail or automatically applied to the deposit balance
- Upside potential: at UIF's discretion, you may be paid above the anticipated rate if the asset pool overperforms
- FDIC insurance ruled permissible by UIF's Sharia Supervisory Board (the FDIC is a third party to depositor and bank) - principal protected up to $250,000 per depositor, per bank, per ownership category
- Signed fatwa (Certificate of Shariah Accreditation) issued January 11, 2023 by UIF's Sharia Supervisory Board - published at myuif.com/fatawa
- Contract stack per the fatwa: Agency Agreement (customer appoints UIF as agent), Management & Services Agreement with the depository bank, account agreement and disclosures, and a Mudharabah Partnership Agreement
Cost and terms
$5,000 minimum opening (12-, 36-, or 60-month terms); jumbo tier above $100,000 with higher anticipated returns; $2,000,000 maximum; $0 monthly fees. Quarterly anticipated profit; rates disclosed in the Account Agreement at opening, not published on myuif.com (crawled 2026-08-05). No withdrawals in the first 7 days; no partial withdrawals before maturity; closing mid-quarter forfeits that quarter's accrued profit. Funding: debit card $2,500, ACH $25,000, wire above.
Terms published: 12 months; 36 months; 60 months.
How it compares
Other bank accounts providers we list in the U.S., ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| UIF Deposit Account (this page) | Mudarabah | Formal Board | all 50 states | A |
| Stearns Bank Deposit Account | Varies by product | Formal Board | all 50 states | A- |
| Bank of Whittier RF Certificate of Deposit | RF (Riba Free) term deposit | Third-Party Certified | all 50 states | — |
| Jafari Credit Union Savings Account | Qard Hasan | No Public Review | Texas | — |
Other UIF products
- Auto Financing
Vehicle Financing · Hybrid Partnership–Installment Sale
- Renovation Financing
Home Financing · Musharakah
- Home Financing
Home Financing · Musharakah
- Construction Financing
Business Financing · Istisna (construction)
- Savings Account
Bank Accounts · Mudarabah
- Commercial Real Estate Financing
Business Financing · Musharakah
Where it's available
UIF lists the Deposit Account as available in all 50 states.
Availability may vary by product and can change; verify with UIF before applying.
Frequently asked questions
Is the UIF Deposit Account halal?
UIF's Profit-Sharing Time Deposit runs on the same certified machinery as its savings account - an investment-agency relationship per AAOIFI Standard No. 46, with funds held at University Bank (Member FDIC) and segregated from interest-bearing assets - but commits your money for a 12-, 36-, or 60-month term in exchange for a higher anticipated profit, paid quarterly. Contract structure: Mudarabah. Shariah oversight disclosed by UIF: Formal Board. UIF publishes a fatwa or Shariah certificate for this product. HalalWallet reports what the provider documents; we do not certify products.
How does the UIF Deposit Account work?
UIF's Profit-Sharing Time Deposit - the halal counterpart to a CD - offered nationwide through University Bank (Member FDIC). Terms run 12, 36, or 60 months from a $5,000 minimum, with a jumbo tier above $100,000 and a $2,000,000 maximum; anticipated profit is paid quarterly, by check or applied to the balance.
What does the UIF Deposit Account cost?
$5,000 minimum opening (12-, 36-, or 60-month terms); jumbo tier above $100,000 with higher anticipated returns; $2,000,000 maximum; $0 monthly fees. Quarterly anticipated profit; rates disclosed in the Account Agreement at opening, not published on myuif.com (crawled 2026-08-05). No withdrawals in the first 7 days; no partial withdrawals before maturity; closing mid-quarter forfeits that quarter's accrued profit. Funding: debit card $2,500, ACH $25,000, wire above.
What are the minimums for the UIF Deposit Account?
As published by UIF: maximum $2,000,000; minimum opening deposit $5,000. Confirm current requirements with UIF before applying.
Where is the UIF Deposit Account available?
UIF lists this product as available in all 50 states. Availability can change and may differ by state; verify directly with UIF.
What are the alternatives to the UIF Deposit Account?
In the same category we also list Stearns Bank Deposit Account (HalalWallet Index A-), Bank of Whittier RF Certificate of Deposit, Jafari Credit Union Savings Account. Compare every option side by side on our Halal Bank Accounts hub.
When was this UIF product information last verified?
HalalWallet last verified the UIF Deposit Account details against UIF's published materials on 2026-09-29. 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:
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- 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: 2026-09-29
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