University Islamic Financial Corporation through University Bank and SHAPE™ Financial are pleased to offer the first Shariah-compliant, FDIC insured deposit program: SHAPE™ Profit Sharing Deposit Accounts. The program is available only at University Bank in Ann Arbor, Michigan to assist consumers who seek a Shariah permissible yield on their deposits. All deposit accounts are available to consumers nationwide.

Click here to view our current profit sharing return.

Please click on FAQ section on right for more information regarding Deposit Accounts.

Money Market

   This is a unique savings account with limited checking and withdrawal capabilities. This account gives you easy, regular access to your funds. Minimum balance to open an account is $1000. You can have up to six pre-authorized withdrawals per month of which six may be checks. Balances in these accounts are FDIC insured up to $250,000. You can also access your account with our free internet-banking service, pay your bills with free internet bill pay, and make withdrawals through 37,000 surcharge free ATM machines through AllPoint network. To locate a surcharge free ATM near you, please click here.

One, Two and Five year Certificates of Deposit

   University Islamic Financial Corporation through University Bank, offers you Shariah Compliant Certificate of Deposit with different maturity dates. The Certificate of Deposit account is again based on our profit sharing program. Earnings, if any, change monthly and are paid quarterly on the anniversary of the CD opening date. Minimum balance to open an account is $500. Balances are FDIC insured up to $250,000.

Community Unity Program

   University Islamic Financial Corporation is committed to providing non-profit organizations such as Masjids, Islamic schools and Islamic centers with the services and attention you deserve from a financial institution.

Checking Accounts: After the Community Unity checking account has been open for 90 days, University Bank will deposit a donation of ONE PERCENT of the prior month’s average balance to the non-profit entity.

Money Market Accounts: After the Community Unity Money Market account has been open for 30 days, University Bank will deposit a donation of ONE-HALF PERCENT of the prior month’s average balance to the non-profit entity.

Certificate of Deposit: Within 30 days of opening a Community Unity Certificate of Deposit, University Bank will deposit a donation of ONE-HALF PERCENT of the opening balance to the to the non-profit entity with a CD maturity date of at least 12 months. These donations are subject to any early withdrawal penalty.

That is just the beginning because when a supporter of the non-profit organization opens a new checking or new money market account or CD, and mentions the Community Unity program and the non-profit organization we’ll make the same contribution as outlined above to the non-profit organization on the individual’s behalf.

The more the non-profit organization and its members, friends and supporters deposit with University Bank the more money that will be donated. We welcome your participation to allow Community Unity to be as big a contributor as it can be.

The Community Unity program is based on our profit sharing program. There is no minimum balance, no monthly service fees and no per item fees on checks or deposits.

HOW THE SHAPE™ PROFIT SHARING DEPOSIT WORKS?

    University Islamic Financial Corporation through University Bank, offers you unique profit sharing accounts. These accounts give you easy, regular access to your funds. These deposits fund and track profits on University Islamic Financial Corp.'s Shariah-compliant portfolio of assets such as our SHAPE™ Mortgage Alternative (MALT™) transactions.  These deposit products are available nationally.  Your accounts can be accessed via internet banking, ATMs, and checks. 

Acceptable Assets

    The yield on the SHAPE™ Profit Sharing Deposit is based upon the gross operating profit of a business line and therefore is not set in advance. The assets of the business line must be Shariah-compliant for the SHAPE™ program. As a provider of the SHAPE™ commercial and residential mortgage alternative program, University Bank invests in such assets.

Arriving at an Acceptable Yield

    The yield is based upon a true calculation of the actual yield of qualifying assets multiplied by a factor. The factor allows University Bank to arrange for a fair division of profits from the qualifying assets. This formula is free of gharar. The return on your deposit, which could go up or down; even fall to zero, is free from any form of riba.

    Because SHAPE™ Deposit products are only invested in Shariah- compliant assets of University Islamic Financial Corporation, any profit, or yield will be 100% permissible for you to keep. The yield will be based on the business performance of the underlying assets.

Truth in Savings

    Because University Bank offers the SHAPE™ Profit Sharing Deposit your deposits are insured by the FDIC, and your principal deposits are not at risk. Please ask University Bank for a SHAPE™ Truth in Savings statement.

For a fatwa on our SHAPE™ profit sharing deposit program, please click here and view the SHAPE™ Deposit Fatwa.