🕌 Five (5) Full-Fledged Non-Interest (Islamic) Banks in Nigeria: No More Personal, Corporate or Governmental Excuses for Interest-Based Banking!

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By Engr. Kabiru el-Hussain Rumah
Jakadan Rumah

According to the Central Bank of Nigeria (CBN) — the apex regulatory authority for commercial banks in Nigeria — and based on data available on its official website (www.cbn.gov.ng) as of Monday, 21st July, 2025, the following five (5) full-fledged non-interest (Islamic) banks are duly licensed and operating legally in Nigeria:

✅ LIST OF FULL-FLEDGED ISLAMIC BANKS IN NIGERIA

1. Jaiz Bank PLC

2. Taj Bank Limited

3. Lotus Bank Limited

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4. Alternative Bank Limited

5. Summit Bank Limited

Below is additional corporate information about each bank, presented under the following categories:

• Brief Corporate Information

• Vision

• Mission

• Core Values

• Official Website

🏦 1. JAIZ BANK PLC

• Brief Corporate Information: Public Limited Liability Company, licensed by the CBN in 2012 as a full-fledged non-interest (Islamic) bank.

• Vision: To be a leader in ethical banking in Africa.

• Mission: To make life better through ethical finance.

• Core Values: Excellence, Teamwork, Honesty, Integrity, Customer-Centricity, Accountability, Loyalty (ETHICAL).

• Official Website: www.jaizbankplc.com

🏦 2. TAJ BANK LIMITED

• Brief Corporate Information: Private Limited Liability Company, licensed by the CBN in 2019.

• Vision: To build a sustainable ethical brand through exceptional service, innovation, and professionalism, while enhancing stakeholders’ value.

• Mission: To be the leading African finance institution with a reputation for excellent customer experience and innovative solutions.

• Core Values: Trust and Justice, Customer-Centricity, Excellence, Determination, and Innovation.

• Official Website: www.tajbank.com

🏦 3. LOTUS BANK LIMITED

• Brief Corporate Information: Private Limited Liability Company, licensed by the CBN in 2021.

• Vision: To consistently promote innovative solutions that drive ethical prosperity for all stakeholders.

• Mission: To create value and growth for all through digital innovation and best-in-class customer experience.

• Core Values: Innovation, Leadership, Excellence, Integrity, Team Spirit, Empathy, Social Impact, Professionalism.

• Official Website: www.lotusbank.com

🏦 4. ALTERNATIVE BANK LIMITED

• Brief Corporate Information: Initially started as a Non-Interest Banking Window under Sterling Bank PLC in 2014; later licensed as a full-fledged Islamic bank in 2019.

• Vision: Creating wealth.

• Mission: We innovate to challenge boundaries.

• Core Values: Empathy, Execution, Excellence.

• Official Website: www.altbank.ng

🏦 5. SUMMIT BANK LIMITED

• Brief Corporate Information: Private Limited Liability Company, licensed by the CBN in 2025.

• Vision: To be the leading ethical bank supporting stakeholders for common growth and prosperity.

• Mission: To be the trusted partner providing ethical banking solutions that empower individuals and communities while making a positive impact in society.

• Core Values:
  Stewardship,
  Unity,
  Moral Integration,
  Mastery,
  Innovation,
  Transparency,
  Boldness,
  Authenticity,
  Nobility,
  Keenness
  (Acronym: SUMMIT BANK)

• Official Website: www.summitbankng.com

📢 Conclusion:

With five (5) fully licensed and operational Islamic banks in Nigeria today, are there any more excuses — whether personal, corporate, or governmental — for engaging in conventional, interest-based banking and finance among Muslims in Nigeria?

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The path to ethical and Shariah-compliant banking is now clear and accessible to all.

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©️ Engr. Kabiru el-Hussain Rumah
Jakadan Rumah
Founder/CEO, Jakadan Rumah Foundation (JRF)
📞 08038473713

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