Sharia Compliance

The Sharia Supervisory Board of UIF Corporation

Our programs adhere to Faith-based financing principles and are fully approved by our independent Sharia Supervisory Board. Our commitment to excellence is further strengthened by the fact that scholars on UIF’s Shariah Board are active members of AAOIFI.

Meet our Independent Sharia Board

Sheikh Nizam holds a Ph.D in Islamic Law from University of Whales and a BA in Economics and Comparative Religion from the McGill University in Canada. Sheikh Nizam Yaqubi served as Member of Supervisory Board of Shamil Bank of Bahrain B.s.c. and more than 40 Shariah Boards including Abu Dhabi Islamic Bank, Barclays, BNP Paribas, Credit Agricole CIB, Dow Jones Islamic Index, HSBC Amanah, Lloyds TSB, and Citi Islamic.

Sheikh Nizam is called upon frequently to consult with governmental and regulatory authorities on issues related to Islamic finance, and he is a regular speaker at seminars and conferences worldwide. Sheikh Nizam continues to contribute important original research on many aspects of modern Islamic finance and is an author of several articles and publications.

Dr. Mashal has over 25 years of experience in Shariah Audit and Islamic Financial Advisory. He holds a Ph.D. in Islamic Economics from the Shariah College at Al-Imam Islamic University, Riyadh, KSA. He is a Member of the Fiqh Council of North American (FCNA), USA. He has been serving as a board member of AAOIFI Governance and Ethics Board (AGEB) since 2015. Also, he had served on AAOIFI Shariah Committees during the period 2007-2010.

Dr. Mashal is a chairman & international member of many Shariah Supervisory Boards for Islamic Banks & Financial Institutions and an expert at the International Islamic Fiqh Academy, Jeddah, KSA. He is, also, an honorary fellow at the International Islamic Center for Reconciliation & Arbitration (IICRA), UAE, and a corporate governance expert at the Center for International Private Enterprise (CIPE), U.S. Chamber of Commerce, USA. Dr. Mashal has authored 14 textbooks and more than 60 research papers and 200 articles on Islamic finance and Shariah audit.

After Mufti Nana graduated with a degree in Business Administration from the University of California at Berkeley, he traveled to an Islamic University in South Africa, where he studied for seven years. He also completed his post-graduate studies while specializing in Islamic Jurisprudence and obtaining an authorization from his teachers to issue legal opinions, or fatwa, thus earning the title of a ‘Mufti.’ He currently serves as an Imam at the Islamic Center of Mill Valley. He delivers the Friday sermon in over 10 different locations in the Bay Area, including some of the local universities and colleges. Sheikh Abdullah teaches Arabic and Islamic sciences full-time at a school in San Francisco.

The Shaikh was also a guest speaker on Comparative Religion at the Dominican University, on Comparative Law at the San Francisco State School of Law, and for an English class at the University of California at Berkeley. He has delivered talks in many cities throughout the U.S on various contemporary issues. He is also engaged in several interfaith programs. Sheikh Abdullah is a specialist in Islamic finance and has presented a research paper on Takaful insurance at the Harvard Islamic Finance Seminar.

Deposit Account Fatwa

Experience the benefits of our partnership with AAOIFI by choosing UIF for your Islamic financing needs.

Established in 1991, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is the premier international not-for-profit organization dedicated to developing and issuing standards for the global Islamic finance industry. With 100 comprehensive standards encompassing Shari’ah, accounting, auditing, ethics, and governance, AAOIFI sets the industry benchmark for excellence in international Islamic finance practices.

As a fully accredited member of AAOIFIUIF ensures that our financial solutions adhere to the highest industry standards. Our commitment to excellence is further strengthened by the fact that scholars on UIF’s Shariah Board are active members of AAOIFI. By collaborating closely with AAOIFI, we provide you with reliable and compliant Islamic financing options, giving you peace of mind and confidence in our services.

Our Independent Sharia Supervisory Board periodically audits our documents and processes to ensure we maintain Sharia compliance.

Scholar Testimonials

UIF is honored to have received the support and endorsement of the following esteemed Imams & Scholars.

“Alhamdulillah as a Muslim we can purchase a home in a Halal way through University Islamic Financial and I am one of the clients of UIF. As Allah SWT has said: “but help ye one another unto righteousness and pious duty” 5:2”

- Imam Mohamad Joban, Muslim Association of Puget Sound (Redmond, WA)

“The best testimonial I can give is to be a client, and I was the first client for University Islamic Financial in Virginia.”

- Imam Muhammed Magid, Adams Center VA (current ISNA President)

“It has been a pleasure using the services of University Bank’s Islamic finance division (UIF) to purchase a home. Their knowledgeable staff, patience and professionalism make a sometimes arduous process smooth and stress-free. In addition to their helpful staff, the straightforward and easily understandable nature of their financial products and services gives the customer confidence that at University Islamic Financial Shariah compliance is a reality and not just a slogan. I would highly recommend University Islamic Financial to anyone looking to purchase a home or make an Islamically acceptable investment.”

- Imam Zaid Shakir, Scholar in Residence, Zaytuna Institute, California

“People become rooted in a society and community when they become homeowners in that community. For years, there have been discussions whether conventional loans were permissible or not. Now that there are institutions such as University Islamic Finance in order for homeowners to obtain Faith Based loans, I encourage Muslims to avail of their services.”

- Imam Tahir Anwar, Imam and Director of Religious Services, South Bay Islamic Association

“Many Muslims in the modern world continue to face a difficult choice: faithful adherence to Islamic prohibitions of riba versus pursuing the means to economic and financial security for themselves and their families. University Islamic Financial is an excellent option that gives the Muslim community the opportunity to do both. Not only is UIF providing an invaluable service to Muslims, I have been impressed from the beginning with the level of genuineness and transparency that all of the staff have shown in dealing with members of the Muslim community. They have extended considerable time and effort in getting to know our community and earning our trust. I highly recommend their services.”

- Sr. Naqiyba Auston, Sakeenah Foundation, NJ