Islamic Banks are also called non-interest Bank. They operates based on sharia law which states that interest (riba) must not be charged on loan. As such, money is considered as medium of exchange not assets. In this article, you’ll find list of Islamic Banks in Nigeria.
There are two categories of Islamic or non-interest Bank in Nigeria.
As stated earlier, the mode of operations is based on compliance with sharia law. Central Bank of Nigeria is responsible for regulations and supervision of Islamic or non-interest banks in Nigeria.
Basically, there are two types of Islamic finance.
The most often asked question is that: “does Islamic Banks collect deposits and do they give interest like conventional banks”?.
Islamic Banks does not give interest instead they pay you back percentage of profit accrued from their businesses.
There are two(2) Islamic Banks in Nigeria.
The bank is commonly known as Jaiz Bank.
The Bank is first Islamic bank in Nigeria. As public limited company, the Bank is proud to have over 26,000 shareholders. They collects deposits and also invest on projects according to Sharia Law.
They’ve numerous products for businesses, salary earners, kids, small and medium enterprises and big films.
The Bank is licensed national non-interest Bank.
Head Office Address: 73, Ralph Shodeinde Street, Kano House, Central Business Area, Abuja.
Phone: +234 708 063 5500
Website: www.jaizbankplc.com
The Bank was licensed to operate as non-interest Bank in 2019.
Taj Bank is second Islamic Bank licensed by CBN.
The bank recently opened her second branch at Kano state.
They offer products under sharia law ranging from partnership, deposits, projects financing etc.
The Bank is licensed regional non-interest Bank.
Head office Address: Plot 72 Ahmed Bello Way, Central Business District, Abuja, Nigeria.
Website: www.tajbank.com
Phone number: +2348030669901
Email: info@tajbank.com
Slogan: ‘You’re our only interest’
There are other institutions that operates like non interest bank in Nigeria. Some of this institutions are subsidiaries of commercial Banks while some are microfinance institutions.
This is a subsidiary under sterling bank that provides alternative non-interest financing. So, if your faith don’t support conventional sterling bank.
The Bank started operations in 2014. They’ve several products such as Mudarabah, partnership, domiciary accounts, current accounts etc.
Head office Address: 20 Marina Road, Lagos Island, Lagos, Nigeria.
Website: www.saf.ng
Thank you for reading.
Adeyinka is the founder and content creator at Career Acada. He’s a technology expert and web developer. He holds a degree in Genetics and loves impacting life for a better society.
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