In Nigeria, Islamic finance aims to offer a halal financing solution to Nigerian Muslims and non-Muslims who wish in the context of Islamic sharia to acquire through the use of halal financial products such as Islamic mortgage in Nigeria.
In Nigeria Islamic finance has existed for more than three decades. Islamic banking has been established already in the 80s with lenders born in Nigeria began in 1982 by Habib Bank PLC which opened a non-interest banking.
In Nigeria, Islamic finance is taking its first steps with the recent opening of a first Islamic bank. Headquartered in the capital Abuja, Jaiz Bank has two branches in the Muslim states of Kano and Kaduna. These branches will offer individuals and businesses in the country financial transactions in accordance with Muslim principles (prohibition of interest and usury, better sharing of profits and risks between contractors, in particular). The bank intends to continue its development and to open other establishments in other regions of the country.
The Nigerian Federal Government is working on the issuance of Sukuk sovereigns.
NIGERIA'S ISLAMIC MORTGAGE LENDERS