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, phone 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.