Ethical finance based on the core principles of fairness and social justice.


Non-interest finance works on a profit sharing basis, where profits derived from permissible transactions are shared amongst the depositors and the bank’s shareholders

In any society, the main function of a bank is to act as an intermediary, mobilising funds from those who have a surplus (depositors) and allocating these to those in need of funding (borrowers).

Where banks operate on an interest basis, this can lead to the inadvertent exclusion of customers who do not wish to engage in interest based banking due to religious or ethical reasons.

Financial exclusion has a negative impact on society as it deepens the vulnerability of citizens to financial and economic shocks and reduces the flow of productive capital into the formal sector. The EFInA Access to Financial Services in Nigeria 2012 survey showed that 34.9 million adults (39.7% of the adult population) are financially excluded. Non-interest banking can be one very effective way to mobilise more funds to boost the Nigerian economy and ensure that all citizens are engaged in productive economic activity.

NON-INTEREST BANKING IN NIGERIA A. 0.3 million adults (0.3% of the adult population) use non-interest banking products B. Of the total users of non-interest banking products, 57.9% are male and 42.1% are female C. The top three barriers to using non-interest banking products are lack of awareness, lack of desire and lack of understanding. Source:
EFInA Access to Financial Services in Nigeria 2012 survey