First Islamic Microfinance Bank Launched in Lagos

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”.

source : allafrica

7 thoughts on “First Islamic Microfinance Bank Launched in Lagos

  1. Alhamdulilahi, islam is now showing the real way to solve people’s financial problem keep it up May Almighty Allah reward you abundantly

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  2. asalam. i am from ogun state now working in qatar. pls i want to know the procedures for obtaing a loan for my personal business. i know i will need to open an account with al barika but how will i do this now that an out of Nigeria? i will be very happy to hear your response on my request. mas salam

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  3. sir.first time am hearing these.my question is hw can i be able to get loan in your bank without having an acc with your bank.

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