Abstract We study the (quantum) Schur algebras of type B/C corresponding to the Hecke algebras with unequal parameters. We prove that the Schur algebras afford a stabilization construction in the sense of Beilinson–Lusztig–MacPherson that constructs a multiparameter upgrade of the quantum symmetric pair coideal subalgebras of type AIII/AIV with no black nodes. We further obtain the canonical basis of the Schur/coideal subalgebras, at the specialization associated with any weight function. These bases are the counterparts of Lusztig’s bar-invariant basis for Hecke algebras with unequal parameters. In the appendix we provide an algebraic version of a type D Beilinson–Lusztig–MacPherson construction, which is first introduced by Fan–Li from a geometric viewpoint.