Get comprehensive takaful insurance coverage worth over ₦250,000 at zero cost
Enjoy bundled takaful insurance that covers your vehicle, gadgets, and personal protection- all at no cost.
This campaign is a partnership between The Alternative Bank and Noor Takaful Insurance Ltd. to offer free monthly insurance to customers who complete specific activities.
This campaign rewards new to bank customers with free monthly takaful insurance to customers who bank with us.
Noor Personal Accident Takaful:
Noor Gadget Takaful:
Noor Mini comprehensive:
New to AltBank customers who have opted in and completed at least one activity.
There is no cost to the customer. However, you will need to meet the eligibility criteria to qualify.
By meeting the eligibility requirements. Each requirement earns you 10 points. These 10 points makes you eligible for one month insurance once you’ve claimed it in the event of an incident covered by the bundled insurance.
You can earn points by completing specific activities listed in the details below:
Account opening + Onboarding on AltBank app- 10points
USSD Enrolment- 10points
Card Issuance- 10points
Maintain a minimum monthly turnover of 50,000 amount- 10 points
Do a minimum of 10 transactions- 10points
Do a minimum of 5 bill payments/airtime top up greater than 5k- 10points
Refer 3 friends- 10points
Friend onboards on AltBank app and funds account with a minimum of 5k- 10points
Friend makes a minimum of 2 transactions- 10points
Friend does a minimum of 5 bill payments/airtime top up greater than 5k- 10points
Take AltBank credit- 10points
Payback credit on due date- 10points.
For every 10 points you earn, you will receive an email/ push notification/in-app message from AltBank informing you and with instructions on how to claim your insurance.
AltBank will work with Noor Takaful to activate your free insurance policy. You will receive confirmation via the app and email once your insurance is active.
To continue receiving free insurance, you will need to re-qualify by earning 10 points again the following month.
1 year.
Please refer to the Terms and Conditions for detailed information.
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Copyright © 2024, 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: 239 Ikorodu Road, 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 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 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.
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)
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.
