Jaiz Bank Plc
Access Bank Plc
Diamond Bank Plc
Fidelity Bank Plc
First City Monument Bank Plc
First Bank of Nigeria Limited
Guaranty Trust Bank Plc
Skye Bank Plc
Union Bank of Nigeria Plc
United Bank for Africa Plc
Zenith Bank Plc
Trading
List of Islamic Banks in Nigeria
Published by Gbaf News
Posted on April 5, 2013
1 min read· Last updated: September 17, 2018
Key Takeaways
- Jaiz Bank was the first fully‑fledged Islamic (non‑interest) bank in Nigeria, launching operations in 2012 and headquartered in Abuja.
- As of 2025, fully licensed Islamic banks in Nigeria include Jaiz Bank, TAJ Bank, and Lotus Bank.
- Islamic banking in Nigeria operates under Shariah principles, prohibiting interest and focusing on profit‑and‑loss sharing, asset‑backed financing and ethical investment.
- Several conventional banks listed—like Access, Fidelity, First Bank, GTBank, Zenith—are not Islamic and operate on traditional interest‑based models.
References
Frequently Asked Questions
Which Nigerian banks are genuinely Islamic (non‑interest)?
The fully licensed Islamic banks in Nigeria are Jaiz Bank Plc, TAJ Bank Limited, and Lotus Bank Limited, all operating under Shariah principles.
When did Islamic banking begin in Nigeria?
Islamic banking began in Nigeria when Jaiz Bank commenced operations in 2012 after receiving a licence from the Central Bank of Nigeria.
What distinguishes Islamic banks from conventional banks in Nigeria?
Islamic banks prohibit interest (riba), instead using models like profit‑and‑loss sharing (Mudarabah/Musharakah) and require asset‑backed, ethical financing.
Tags
Related Articles
The Hidden Mechanics of Trading: What Really Drives Market Decisions
The Invisible Force Behind Every Great Trader: Why Curiosity May Matter More Than Strategy
The Invisible Edge: Why Trading Outcomes Are Shaped Beyond the Chart
The Invisible Current: What Really Moves Trades Before They Happen
The Quiet Forces of Trading: What Moves Markets When No One Is Looking
More from Trading
Explore more articles in the Trading category
The Strange Truth About Trading That Most People Discover Too Late
The Unseen Flow: Why Trading Is Driven by Forces You Don’t Track
Why Do Traders Keep Watching the Market Even When They’re Not Trading?
Why Do Some Traders Stay Calm While Others Panic? The Hidden Psychology Behind Market Decisions
Trading Sphere: Structuring a Modern Approach to Online Trading
The Trading Threshold: The Point Where Skill Stops Helping and Discipline Takes Over
Why Traders Often Miss the Obvious—Until It’s Too Late
The Trading Threshold: The Point Where Skill Stops Helping and Discipline Takes Over
The Trading Paradox: Why Doing Less Often Leads to Better Results
The Trading Blind Spot: Why What You Don’t Notice Often Matters Most
The Risk That Doesn’t Look Like Risk
The Market Mirror: What Trading Reveals About Decision-Making Under Pressure