Nigeria: IMFB Introduces Islamic Banking

Chris Agabi :: The Integrated Micro Finance Bank has introduced Islamic banking in its financial and investment products.

Speaking in Lagos, Wednesday, Managing Director and Chief Executive Officer of the Bank Mr. Simon Akinteye said one of its products which is shariah compliant is the Ijara. This, he said will be based on daily contribution from the leased products and the bank, as well as the investor's share in the profit.

He said it is leasing without interest but that the interest will be shared into three parts and the bank will take just one part while the customer takes two parts.

The other two Islamic products are: Musharaka Marana and Musharaka Nasat which would be the contribution of 12 weeks.

He said on this, the investor would be giving double the amount to invest and subsequently the profits would be shared with the bank and him.

He said the products would cater for Nigerians who wouldn't want to do conventional banking.

The bank also said it is deepening the capacity and finances of the over 70 million poor Nigerians most of which are women and youths.

She said women particularly are impoverished in Nigeria even though hard working, hence the need to improve their finances. Launching the products, the

Speaking on another new product that was launched, Mr. Akinteye said: "The Business equipment Leasing Account (BELA) product would be useful to anyone who is ready create economic value to the least income generating assets like wheel barrows, generators, refrigerators, hair dryers, barbing saloon complete kit, vulcanizing machines grinding machines etc."