OLORUNDARE ENIMOLA Lagos
The Alternative Bank (AltBank), Nigeria’s leading non-interest bank, has announced
the successful signing of the terms for a US$15 million Murabaha financing line with
the Islamic Trade Finance Corporation (ITFC). The deal was signed with Sterling Bank Limited and The Alternative Bank as the Executing Agency.
This was finalized at the Annual Meetings of the Islamic Development Bank Group holding in Algiers, Algeria.
“This is more than a financing deal. It is a statement of confidence in Nigeria’s growing
non-interest financial ecosystem,” said Dr. Jekwu Ozoemene, Group Executive at The Alternative Bank, adding, “With this partnership, we are unlocking vital funding that
empowers our partners and reinforces our role as catalysts for ethical and inclusive financial solutions across the country.”
Also commenting on the strategic significance of the deal, Mr. Gbenga Awe, Group
Head, Structured Trade and Commodities Finance, noted: “This facility from the ITFC
expands our capacity to support the real sector, particularly in trade and commodities
financing where ethical and sustainable financing has proven to be transformative. It
brings us one step closer to creating a more resilient economic landscape in Nigeria.”
Over the years, The Alternative Bank has established itself as a trusted partner in
Nigeria’s trade and commodities finance space, delivering tailored non-interest financial instruments to agribusinesses, cooperatives, and SMEs.
This new financing
line will further enhance the Bank’s capacity to offer timely, scalable solutions that support critical sectors particularly agriculture, solid minerals, and export-oriented
enterprises.
By deepening access to international trade finance, AltBank is not only supporting
Nigeria’s macroeconomic goals but also redefining how ethical finance can serve as a cornerstone for inclusive prosperity.
With this partnership, AltBank is also positioned to expand its reach and offer more
innovative, ethically grounded solutions that fuel job creation, enhance food security,
and accelerate Nigeria’s integration into global value chains.
The Alternative Bank commenced its journey in January 2014 as a non-interest banking window in Sterling, with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers and partners.
In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking.
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