Category: General

Think Pink, Drive Bold

How The Alternative Bank’s Mata Zalla Initiative Is Putting Women in the Driver’s Seat In Kano, a fleet of hot-pink electric tricycles is doing something the development world rarely manages, quietly changing women’s lives without asking them to wait. There is a particular sound to Kano at seven in the morning. The call to prayer […]

How Nigeria is Rewriting the Global Cocoa Narrative

For the better part of two decades, the global cocoa market was a picture of quiet predictability. Then, in a blistering eighteen-month window, the script flipped entirely. As a recent deep-dive by Nairametrics highlights, the staggering surge in cocoa prices, skyrocketing from $2,000 per metric ton in 2022 to over $12,000 by late 2024, was […]

The “I Do” Without the “I Owe”: Planning a Classy Nigerian Wedding on a Budget

Ever heard the saying “it’s your marriage but it’s their wedding”? In Nigeria, a wedding is rarely just about two people. It’s a multi-stakeholder merger involving two extended families, three generations of aunties you haven’t seen since your naming ceremony, and a neighborhood association that believes your “happily ever after” is incomplete without them eating […]

Planning a Family Vacation On a Budget: How to Create a Trip Kids and Adults Will Love

Is this a familiar scene? You are sitting at your dining table, surrounded by family and half-eaten pieces of chicken, likely thinking of bills that seem to be reproducing when you aren’t looking. Across from you, your seven-year-old is watching a YouTube video of a family at Disneyland, and your teenager is dropping not-so-subtle hints […]

Why Every Nigerian Needs an Emergency Fund (And How to Start One Today)

Before diving into how to build an emergency fund, let’s clear up a common misconception: not everything urgent is an emergency. That 50% off sale at your favourite boutique? Not an emergency. Upgrading your iPhone 15 Pro to the 17 Pro Max? Also, not an emergency. Don’t worry, we’ll show you how to afford those […]

7 Key Concepts of Non-Interest Banking Nigerians Should Know in 2025

An abstract digital illustration featuring three stylized bank buildings, one classical structure with columns in dark blue and two modern high-rises in beige and blue, set against a vibrant background of overlapping organic shapes in orange, yellow, blue, and beige tones. The image has a clean, modern aesthetic and symbolizes financial institutions or banking concepts.

To the onlooker, banking can sometimes feel like a world of jargon, numbers, and contracts you need a lawyer to decode. But here’s the thing: non-interest banking isn’t as complicated as it sounds. In fact, at its heart, it’s about fairness, transparency, and shared prosperity. Instead of money being made from money (through interest), non-interest […]

Nigeria at 65: 6 + 5 Reasons to Believe in Our Future

The image is the Nigerian national flag, with its green-white-green vertical bands, is transparently imposed over a stunning evening scene. A vibrant sunset breaks through the clouds, casting a golden glow over the water, which reflects the silhouettes of a distant city skyline.

Nigeria is 65! That’s 65 years of resilience, creativity, and the unshakable spirit of a people who never give up. Independence Day is not just a moment to wave the flag and sing the anthem. It’s a chance to look back at how far we’ve come and, more importantly, to look ahead with hope. Yes, […]

7 Must-Use Features on the Alt Bank App for Smarter Banking in Nigeria

You know how we all download and set up our bank apps once we open a bank account, and so begins the funds transfers, airtime buying, and even bill payments, and it looks like that’s all the bank app has to offer, well that’s not the case with us at the Alternative bank. Banking today […]

Non-Interest Banking in Nigeria: What You Need to Know About Ethical Banking

Ethical banking, non-interest banking; these are terms you’ve probably heard at one point in your banking journey, but what do these terms really mean in general, and what does it mean for you to bank with a non-interest or ethical bank? In a rapidly evolving financial landscape, non-interest banking is emerging as a transformative force […]

No More Panic: A Parent’s Guide to Paying School Fees Stress-Free

The photo is one with two happy Black children, a boy and a girl, sitting at a school desk. They are wearing white short-sleeved shirts and black ties. They are looking forward and smiling brightly. In the background, there is a chalkboard and empty desks. The boy is on the left and the girl is on the right, and they both appear to be in elementary school.

The arrival of every school year is predictable thanks to the academic calendar, yet the average parent is caught unprepared each year and then finds themselves scrambling for a way out. Not to worry, this is not us throwing shades or jabs, the truth is we understand that between the inflation rate and the increasing […]

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Copyright © 2025, The Alternative Bank.

Licensed by the Central Bank of Nigeria 

The Alternative Bank is an independent financial organization in the Non-interest Banking (NIB) sector. If you receive services from, or if you have any other questions, please reach out to us via any of our contact channels. Registered address: 20 Marina, Lagos. Financial operations on the Alternative Bank is authorised and regulated by the Central Bank of Nigeria. License to commence operations was granted in 2014. Trading and investment products provided by  the Alternative Bank is wholly owned.

We are dedicated to ensuring adherence to Non-Interest Banking principles through the appointment of an Advisory Committee of Experts (ACE). The ACE is tasked with the review and approval of all our products and processes after ensuring full compliance with NIB principles.

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Abubakar Muhammad Musa

Summary

Abubakar Muhammad Musa is currently a Sharia Advisor and Consultant for SHAPE Knowledge Services a consulting firm based in Kuwait. He has been involved in product development, Sharia research and approval of Islamic banking products for different clients. His work covers retail banking, corporate banking and project finance deals.

Formerly, Abubakar worked as a Researcher in different units at International Shariah Research Academy for Islamic Finance (ISRA) in Kuala Lumpur, Malaysia. Besides his primary assignments in ISRA, he taught Shariah Rules in Financial Transactions to Chartered Islamic Finance Professional (CIFP) Masters online Students of International Centre for Education in Islamic Finance (INCEIF), Malaysia. He also taught MBA and BBA Students different Islamic Banking and Finance Subjects at University College of Bahrain.

Abubakar holds two Diplomas with distinction, one in Islamic Law and the other in Arabic Language from Al-Imam University Riyadh. He also holds LLB (Hons) degree in Shariah from the same University. He successfully completed his (CIFP) Professional Masters Degree Programme at (INCEIF), Malaysia. He had his internship program on Islamic Banking & Finance at Fajr Capital in Kuala Lumpur. During the programme, Abubakar conducted research relating to product structuring and market development.

Abdurraheem Ahmad Sayi

Summary

Abdurraheem Ahmad Sayi is a legal practitioner and Consultant of over 16 years of active legal practice. He is currently the principal partner, A.A. Sayi & Co. (Qist Chambers) and Qadi, Independent Shari’ah Panel of Lagos State – a platform, through which he has delivered several judgments of in-depth analysis, widely applauded by leading legal and intellectual icons, including learned Judges, professors of law and Islamic Studies.

He is the Executive Director/C.E.O., ClearPath Islamic Centre (Incorporated), Lekki-Lagos and Chief Imam, SilverPoint Central Mosque, Badore, Ajah-Lagos. Fondly called Imam Sayi, Abdurraheem is the designate Chairman, Shari’ah Advisory Committee, Mutual Benefit Takaaful.

Imam Sayi has also authored a few works, some of which include: The Financial Obligations: a compendium of essays on monetary or material obligations under Islamic Law and Waqf (Charity Endowment): The Governing Principles.

He holds a Certificate on Improving Personal Effectiveness from the Lagos Business School (Pan African University) and he is a recipient of numerous awards and certificates of merits.

Abdulkader Thomas

Education:

Master of Arts Law and Diplomacy, The Fletcher School of Law & Diplomacy.

Bachelor of Arts Arabic & Islamic Studies, The University of Chicago.

Shariah Board Experience:

Bank Muscat Meethaq (2013 – 2017)

Sterling Bank Nigeria (Since 2013)

University Bank, USA (Since 2006)

Summary

Abdulkader Thomas has over 35 years of diversified financial services experience in major markets. With a Master of Arts Law and Diplomacy from The Fletcher School of Law & Diplomacy and a BA in Arabic & Islamic Studies from The University of Chicago. His areas of activity have included trade finance, real estate finance, securities and alternative finance.

As the general manager of a foreign bank branch in New York, he secured the first US regulatory approvals of Islamic mortgage and instalment credit/sale as banking instruments. Later, he secured US regulatory approval for profit sharing deposits. Abdulkader has been involved in the successful implementation of these products in the US market. With more than 17years Shariah Board Experience in Bank Muscat Meethaq, Sterling Bank Nigeria and University Bank USA, Abdulkader has worked on IFTA projects in Europe, Africa, Southeast Asia, and an authority on Islamic deal structures and securities.

He also serves as a director of Alkhabeer Capital in Jeddah and Chairman of Alkhabeer (DIFC). He is a member of the international advisory board of the Securities Commission of Malaysia, a published author, and an active speaker on Islamic finance.