By Maryam Adejoke Bamiro
* Company targets financial inclusion with SME, household, vehicle and investment solutions
Amaanah Non-Interest Finance Company has formally unveiled its operations in Nigeria, introducing a range of financing and investment solutions targeted at individuals, households and businesses, particularly micro, small and medium enterprises.
The company, which commenced operations in February 2026, held its formal unveiling on Thursday, October 1, in Lagos, with stakeholders highlighting financial inclusion, ethical finance, SME growth and digital access.
Muslim News gathered that Amaanah is the first CBN-licensed non-interest finance company of its kind in the country, a pioneering position that comes with the responsibility of helping to shape the emerging subsector.
‘Finance must serve a greater purpose’
Dr Adewumi Oni, Acting Managing Director and Chief Executive Officer of Amaanah Non-Interest Finance Company, said the company had a responsibility as a pioneer to help set the right tone for Nigeria’s non-interest finance subsector.
He said Amaanah was built around “people, purpose and principle”, with a vision to become Africa’s most trusted and impact driven non-interest financial services provider.
Oni said the company was founded around a fundamental question: “What if finance could do more than provide access to finance?”
According to him, Amaanah seeks to combine finance with purpose while providing solutions that comply with Sharia principles and CBN regulations.
He said the name Amaanah, meaning trust, reflected the company’s commitment to ensuring that funds were channelled only into businesses and activities considered permissible under its ethical framework.
Company unveils financing, investment solutions
The company introduced three major financing products, including Amana Flexi Wheels for vehicle financing, Amana HomeFlex for household appliances and equipment, and Amana BizFlex for MSME asset and inventory financing.
Its investment offerings include a Goal Based Investment Solution, with a minimum investment of ₦15,000; Medium Mudarabah Investment Solution, with a minimum of ₦1 million and six month tenor; Mudarabah Term Investment Solution, requiring at least ₦5 million with a minimum six month tenor; and Wakala Growth Investment Solution, designed for investments from ₦100 million.
Amaanah said its products would be accessible through its offices in Yaba, Lagos, and Abuja, as well as its website and mobile application, which was also unveiled at the event.
The company said it had entered into partnerships with organisations including LASCOTA, SEC Cooperative, Salem Advisory, ArisTech, PML, SunTrust, Lotus Bank, Strength Africa, SEED and Ecobia to expand its reach.
‘Financial independence should be accessible’
Board Chairman of Amaanah Non-Interest Finance Company, Dr Akeem Oyewale, said the launch represented more than the unveiling of a financial institution, describing it as the beginning of a model built around ethics, transparency, responsibility and shared prosperity.
He said the October 1 launch also carried significance because financial independence was an important complement to national independence.
“For us, ethical finance is the means; financial independence is the outcome; and empowered lives are the impact we ultimately seek to create,” Oyewale said.
He said Amaanah would seek to make ethical financial solutions more accessible to individuals, families, entrepreneurs and businesses, while demonstrating that profitability and responsibility could coexist.
NGX promises long term capital support
Chairman of NGX Group, Dr Umaru Kwairanga, who co-chaired the occasion with the Chairman of the Nigerian Economic Summit Group, Mr Niyi Yusuf, said Amaanah had the potential to play a significant role in Nigeria’s non-interest finance sector, particularly through its focus on SMEs and digital financial services.
He said no country could develop without paying attention to SMEs, adding that Amaanah’s team brought experience from banking, takaful, microfinance and capital market operations.
Kwairanga also said NGX was ready to partner with the company to help it raise long term capital and potentially position it for a future listing on the exchange.
Uni Abuja Imam links Amaanah launch to financial freedom
Imam of the University of Abuja, Prof Taofeeq AbdulAzeez, who delivered the keynote address, linked the launch to Nigeria’s Independence Day, saying political freedom should be complemented by financial independence.
Speaking on “Spiritual, Economic and Socio Psychological Benefits of Non-Interest Financial Concerns”, AbdulAzeez said the launch represented more than the establishment of another financial institution, describing it as the promotion of a financial philosophy where profit could coexist with ethical and religious principles.
He said the word Amaanah, which means trust, captured the responsibility attached to financial transactions, adding that finance should be built on trust between institutions and their customers and guided by accountability to God.
Uni Abuja Imam said non-interest finance could provide Nigerians with opportunities to build wealth without compromising their religious convictions.
He identified Murabaha, Mudarabah and Musharakah as structures that could promote risk sharing and connect finance with productive economic activities.
According to him, the approach could support traders, farmers, entrepreneurs and SMEs while also contributing to housing and agricultural development.
The University of Abuja professor also highlighted the socio psychological dimension of non-interest finance, saying a partnership based model could promote dignity, trust and confidence among customers.
He said the relationship between financial institutions and customers should go beyond a conventional debtor and creditor arrangement to one based on shared responsibility.
AbdulAzeez stressed that non-interest finance should not be regarded as a service exclusively for Muslims, describing it as “ethical finance for all Nigerians”.
He said Christians, Muslims and people of other backgrounds could benefit from financial services built around transparency, responsible investment and partnership.
He urged Amaanah’s board and management to uphold the trust represented by its name by maintaining Shariah governance, transparency and accountability in its operations.
AbdulAzeez expressed hope that Amaanah would contribute to halal prosperity, social justice and financial wellbeing while helping to expand ethical finance across Nigeria and other African markets.
‘A trust to uphold’
Chief Missioner of Nasrul-lahi-li Fathi Society of Nigeria (NASFAT), Imam Abdul-Azeez Maaruf Onike, who is also a member of the Amaanah Finance advisory board, said the launch demonstrated the practical application of Islamic principles to everyday financial activities.
Onike said the company’s focus included providing ethical and Halal based funding for SMEs, particularly through debt financing structures that comply with Sharia principles.
He stressed the importance of upholding “Amaanah”, or trust, saying client investments and transactions must strictly adhere to Sharia guidelines.
The launch was attended by members of the board, industry leaders, partners, investors and representatives of regulatory bodies, among other stakeholders.
They include: NASFAT President, Alhaji AbdulWahid AbdulRauf; The Companion Lagos District Amir, Alhaji Abdulkabir Olayiwola Baruwa; UMA President, Alhaji Mumini Alao; CEO, STECS, Habeeb Gbenle; and CFO, Lotus Bank, Mr Kehinde Adekoya; Chairman of the Board and President of IIFP, Prof Tajudeen Yusuf; Waali TMC, Mallam Tajudeen Olusesi, among others.
The company said its broader objective was to connect capital with viable economic activities while maintaining transparency, accountability and compliance with its ethical principles.
The unveiling marked the beginning of Amaanah’s wider push to provide financing and investment opportunities that combine financial access with social and economic impact.
The event also featured a panel session on “Mobilising Local Capital for SME Growth: Challenges and Opportunities in Non-Interest Finance”, with industry experts examining access to affordable capital, financial inclusion and sustainable financing for SMEs.
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