Daily Trust (Abuja)

Nigeria: Islamic Microfinance Bank Launched

14 April 2010

The first Islamic micro finance bank in the country, Al-Barakah Micofinance Bank was yesterday commissioned in Lagos.

The bank is an initiative of The Muslim Congress which spans 16 years.

At a well attended event, the Chairman of Al-Barakah MicroFinance Bank, Dr.Abdul Hakeem Mobolaji said the bank is set up in response to the increasing demand for alternative micro credit products by the less privileged members of the society against the conventional banking practices.

He also said the bank would provide succour and financial service to the society in support of the Federal government's drive to eliminate poverty in the country.

"What we are commissioning today represents our contribution towards providing an alternative banking for Muslims and non-muslims alike.

It is our fervent hope that more like-minded individuals and corporate body will embrace this window and deepen the financial market through provision of sophisticated Islamic instruments and finance".

  • Comment (1)

Copyright © 2010 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica aggregates and indexes content from over 130 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.

Comments Post a comment

  • shabbir_ptf
    May 4 2010, 22:45
    Report Abuse

    I congratulate Nigeria for launch of First Islamic Microfinance Bank. It is a matter of great pleasure . I did my PhD in microfinance as tool for poverty alleviation while I was posted in Bangladesh. Currently I am implementing a microfiannce program in pakistan. I am imterested to learn about the operatioal mechanism of Islamicmicrofinance .

    I will appreciate if there is any possibility enabling my visit to your bank

    Looking forward,

    Dr Shabbir Hussain Director Hashoo Foundation