Nigeria

Active marketChecked 2026-11-14 · confidence high

The Central Bank of Nigeria's current list of non-interest banks names Jaiz, Lotus, TAJ, Alternative Bank and Summit Bank, and TAJ Bank and Summit Bank offer named non-interest products on their own websites. CBN rules have allowed non-interest banks and windows since 2011, and the federal government has issued sovereign sukuk since 2017.

Five checks

Banking rulesFound

The CBN Guidelines for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria (June 2011) provide for full Islamic banks, subsidiaries, and Islamic branches or windows of conventional banks, with regional or national authorisation. The CBN has issued later instruments that build on it.

  • “iv. Islamic branch or window of a conventional bank;”
    Central Bank of Nigeria · 2011-06 (file name says June 20 2011)
Licensed banks and windowsFound
Sukuk issuedFound
  • Federal Government of Nigeria (via FGN Roads Sukuk Company 1 Plc, Debt Management Office) · 2017 · N100 billion, 7-year (from a DMO document title)
  • Federal Government of Nigeria (Debt Management Office) · 2018, 2020, 2021, 2022, 2023, 2024 · not verified; the DMO lists sukuk offer documents for these years
  • Federal Government of Nigeria (Debt Management Office) · 2025 · N300 billion, 7-year Ijarah sukuk (ThisDay)
  • Debt Management Office Nigeria · listing entries from 2017-06-24 to 2025-05-12
  • “The Debt Management Office (DMO) yesterday opened subscriptions for a N300 billion Series V11 Ijarah Sukuk”
    ThisDay · 2025-05-13 (from URL) · secondary
Takaful (non-interest insurance)Found

NAICOM regulates takaful. Its list of takaful operators names five companies, each authorised for general and family takaful. A NAICOM circular dated 19 August 2025 bars coinsurance between takaful operators and conventional insurers from 1 January 2026. NAICOM says an IFSB mission reviewed Nigeria's takaful framework in August 2026.

Capital market rulesFound

The SEC Nigeria Rules on Shariah Advisory Services for Non-Interest Capital Market Products and Services were made at Abuja on 21 August 2026. Issuers and capital market operators offering such products must appoint a registered Shariah adviser. Qualification routes include a Shariah degree, recognised traditional Islamic education, or the AAOIFI CSAA certificate, plus language and experience requirements.

Recent developments

  1. 2025-05-13The DMO opened a N300 billion 7-year Ijarah sovereign sukuk for road projects (ThisDay). source
  2. 2025-08-19NAICOM circular bars coinsurance between takaful operators and conventional insurers from 1 January 2026. source
  3. 2025-11-07Summit Bank, licensed by the CBN in February 2025, was reported to have started full operations as a regional non-interest bank (Business Post). The CBN now lists it among non-interest banks. source
  4. 2026-02-09Premium Times reported CBN approval for the Bank of Industry to run a non-interest banking window. source
  5. 2026-08-21SEC Nigeria made its Rules on Shariah Advisory Services for non-interest capital market products. source
  6. 2026-08-21An IFSB takaful mission presented preliminary findings to NAICOM; a full report is to follow. source

Still open

Points we could not confirm at source yet.

  • Products for Jaiz, Lotus and Alternative Bank were not read, because their sites load content by script or block automated requests.
  • The CBN feed does not give licence dates or national or regional authorisation; Summit's regional licence is from the bank's own wording and press.
  • No CBN primary source seen for the Bank of Industry window approval or for other bank windows.
  • Sukuk sizes for 2018 to 2024 not verified from DMO documents. Press labels the May 2025 issue Series VII (ThisDay) while another outlet says Series VI.
  • Later CBN instruments (2019 IFSB-aligned guidelines, 2023 capital exposure draft, 2025 liquidity instruments) were seen only in search results.
  • A search snippet dates an earlier SEC Shariah rules version to 14 Aug 2023; whether the 2026 rules replaced it was not confirmed.
  • NAICOM's 2013 and 2023 takaful guidelines are reported in press but were not read.
  • Corporate and state sukuk (for example Osun, Lagos, TAJBank) not checked.
Where we searched
  • cbn.gov.ng: 2011 non-interest guidelines PDF; April 2024 deposit money bank list PDF; Non-Interest Banks page and its data feed /api/GetNIBs (read 14 Nov 2026)
  • sec.gov.ng: Rules and Regulations index; Shariah Advisory Rules PDF
  • naicom.gov.ng: Takaful Operators page, coinsurance circular PDF, IFSB mission news page
  • dmo.gov.ng: did not respond on 14 Nov 2026 (timeouts on three tries), so the DMO quote could not be re-verified
  • tajbank.com (home, Youth Account page; the Development Finance page returned 404), hajjsavings.tajbank.com
  • summitbankng.com (home, About Us, three product pages). The domain was found by checking likely names; its About Us text matches the incorporation and licence dates reported in press.
  • jaizbankplc.com and lotusbank.com load their content by script, so no product text could be read; altbank.ng returned 403
  • News: Business Post, Premium Times, ThisDay; Legit, Nairametrics, Leadership, Tribune used as leads only