- The Central Bank of Nigeria approved the operation of Islamic banking model in the country
- The banks are distinct from traditional commercial banks as they offer interest-free loans to MSMEs and individuals
- Jaiz Bank was the pioneer of this banking approach in Nigeria, providing customers with the opportunity to earn profits from their savings
In recent years, Nigeria’s financial sector has seen a rise in non-interest banks, popularly known as Islamic banks.
These banks operate based on Sharia principles, which prohibit the payment or charging of interest on loans.
