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Discover the Islamic banks in Nigeria that are fully listed and regulated. Learn about their services and how they adhere to Islamic principles in this article.
In Nigeria, there are currently four Islamic or non-interest banks that operate based on ethical and Islamic principles.
These banks follow Sharia law, which prohibits interest payments and funding of unethical ventures such as alcohol, tobacco, ammunition manufacturing, and adult entertainment institutions. Instead, they operate on a profit and loss sharing basis.
List of Islamic Banks In Nigeria
The four Islamic banks in Nigeria are Jaiz Bank, Taj Bank, Lotus Bank, and Alternative Bank Ltd.
If you adhere to a faith that discourages interest payments, these banks may be a suitable choice for you and your business.
4Jaiz Bank
This is the first Islamic and non-interest bank in Nigeria. It operates in accordance with Sharia law, ensuring that its products and services related to deposits and investments are compliant.
The bank’s headquarters is located at Kano House, No 73 Ralph Shodeinde Street, Central Business District, Abuja. For more information, you can visit their website at www.jaizbankplc.com.
3Taj Bank
The bank is a licensed non-interest bank in Nigeria that operates under Sharia law. It was established in 2019 and is the second Islamic bank licensed by the Central Bank of Nigeria (CBN). Taj Bank recently opened its second branch in Kano state. The bank offers a range of products and services, including partnership, deposits, and project financing.
Its head office is located at Plot 72 Ahmed Bello Way, Central Business District, Abuja, Nigeria.
For more information, you can visit their website at www.tajbank.com or contact them at +2348030669901 or info@tajbank.com.
Their slogan is “You’re our only interest.”
2Lotus Bank
This non-interest bank was established in July 2021 in Nigeria. The bank’s core values are centered around partnership and its mission is to provide innovative solutions that promote ethical prosperity for all stakeholders. Lotus Bank is known for its digital solutions, which offer customers unlimited access to its services and products.
The bank offers a range of products and services, including non-interest business financing, deposit products (such as current, savings, and investment accounts), and personal financing.
Lotus Bank is located at 30A Adetokumbo Ademola Street, Victoria Island, Lagos. For more information, visit their website at www.lotusbank.com.
1Alternative Bank Ltd
Sterling Bank PLC, a major Nigerian bank, has received approval from the Central Bank of Nigeria to operate a stand-alone non-interest banking business. This means that the bank will now be able to offer Islamic banking services in compliance with Islamic principles.
Prior to this approval, Sterling Bank had been providing Islamic banking services under its subsidiary, Alternative Bank Ltd. With the new license, the bank can now operate as a full-fledged Islamic bank.
The bank is located at 20 Marina Street, Lagos Island, Lagos and more information can be found on their website at www.saf.ng.
Wrap Up
Now, go out there and explore the world of Islamic banking in Nigeria with this list of fully listed and regulated banks. Find out how they operate and what services they offer.
This article was updated 10 months ago
