Your salary.
Protected.

Receive your salary with The Alternative Bank and get complimentary job loss income protection for up to 3 months, at no cost to you. Powered by Noor Takaful.

How it works
Powered by Noor Takaful  •  NAICOM-Licensed  •  CBN Non-Interest Banking  •  Fully Shari'ah-Compliant
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Free job loss cover, up to ₦750,000/month
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Max monthly benefit (50% of salary, whichever is lower)
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Interest-free advance • 30-day tenor
Job Loss Takaful Cover

If you ever lose your job,
we've got 3 months covered.

Domicile your salary with AltBank and automatically receive complimentary job loss income protection through Noor Takaful. If you are involuntarily retrenched, up to 3 months of income support is credited directly to your AltBank account.

01

Get paid with AltBank

Receive your salary with AltBank for 3 consecutive months and your cover activates automatically. No forms, no broker.

02

Tell us within 30 days

If you lose your job involuntarily, notify us within 30 days. We handle everything with Noor Takaful on your behalf.

03

The alert still comes

Your monthly benefit, 50% of your last salary up to ₦750,000, is credited to your account for up to 3 months.

Important: Your job loss cover activates after 3 consecutive months of salary credits to your AltBank account. Job loss before this period is not covered. Terms and conditions apply.

Want to make a claim?

Fill the claim form and send it to [email protected] within 30 days of your job loss, along with your termination letter and recent payslips.

Download the Claim Form

Built on Non-Interest banking principles.

The job loss protection and health cover benefits are provided through Takaful, an Islamic mutual protection arrangement managed by Noor Takaful, licensed by NAICOM and structured to be fully Shari'ah-compliant. Ethical banking, for everyone.

Salary Advance · Qard Hassan

Get up to ₦500,000.
Interest-free, instantly.

Our salary advance is built on the Islamic principle of Qard Hassan, a benevolent, interest-free loan. No documentation. No collateral. Just your salary.

  • Up to ₦500,000 advance (subject to salary tier)
  • Repaid automatically from your next salary credit
  • Notified 3 business days before any deduction
  • No fees or penalties if your salary is delayed for reasons outside your control
  • Available from your very first salary credit

Repayment transparency: Repayment is automatically deducted from your next salary credit. You will receive a notification at least 3 business days before any deduction. No penalty applies if your salary is delayed for reasons outside your control. We will never debit your account to a zero or negative balance without your prior consent.

Exclusive benefits for salary earners

One account. Six reasons to switch today.

🛡

Job loss cover

Up to 3 months of free income protection, up to ₦750,000/month, via Noor Takaful.

＋

Health cover

Free annual health cover for eligible salary account holders.

⚡

Up to ₦500k advance

Interest-free Qard Hassan, repaid on your next salary (30-day tenor).

▭

Free debit card

A free AltBank debit card for every salary account holder.

✈

Lifestyle perks

Exclusive travel and lifestyle benefits for salary earners.

🎁

₦3,000 referrals

Per friend who domiciles their salary and gets paid.

Referral Programme

Earn ₦3,000 for every friend you refer.

Know someone who should be banking with us? Refer them. When they domicile their salary with AltBank and receive their first salary credit, you earn ₦3,000, paid directly into your account. Your referral code is on the AltBank app.

Good to know

Frequently asked questions

Who can open a Salary Advance Account?
You are eligible if you are 18 or older with valid ID, in formal-sector employment (Government, Private, NGO or Institutional), a confirmed full-time permanent employee of at least six months, earn a minimum net monthly salary of ₦77,000, and domicile your salary with AltBank. Self-employed people, business owners, contractors, freelancers and commission-only workers are not eligible.
How much will I receive if I lose my job?
You will receive 50% of your last net monthly salary, or ₦750,000 per month, whichever is lower, for up to 3 months. Example: on a ₦300,000 salary your benefit is ₦150,000/month; on ₦1,800,000 it is capped at ₦750,000/month.
When does my job loss cover start?
Your cover activates automatically after three consecutive salary credits into your AltBank account. Cover does not begin the day you open the account: job loss before your third consecutive salary credit is not covered. This waiting period is required under the Takaful policy structure.
What types of job loss are covered?
Involuntary loss only: employer-initiated redundancy, downsizing or restructuring, retrenchment, company liquidation or closure, government policy reducing staff, mergers or acquisitions leading to termination, and mass layoffs. Voluntary resignation, dismissal for misconduct and contract non-renewal at natural expiry are not covered.
How much can I borrow with the salary advance?
Up to 50% of your monthly salary, to a maximum of ₦500,000. It is a Qard Hassan (interest-free) advance, repaid automatically from your next salary credit within a 30-day tenor. Fees are a 1% management fee and a 1% insurance fee only. Example: on a ₦100,000 advance you repay ₦102,000.
What does the account cost?
Opening and maintaining the account is free, and the job loss Takaful cover is funded entirely by AltBank at no cost to you. The only charges are the 1% management fee and 1% insurance fee on any salary advance you take.
How do I make a job loss claim?
Notify the Bank within 30 days of your job loss and send your completed claim form, termination letter and recent payslips to [email protected]. The Bank handles Noor Takaful on your behalf. Your first payment is credited within 14 working days of a completed claim, and continues monthly for up to 3 months while you remain unemployed.
Is this Shari'ah-compliant?
Yes. The advance is structured as Qard Hassan, an interest-free benevolent loan with no mark-up. The job loss protection is provided through Takaful, an Islamic mutual protection arrangement managed by Noor Takaful and regulated by NAICOM.

Read the full FAQ and the Terms & Conditions.

Make your salary untouchable.

Open a Salary Account today. Three months of protection, ₦500,000 interest-free when you need it, and a bank that answers the question no one else will.

Fill the account opening form and send it to [email protected] or visit any AltBank branch.

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Tell us your story

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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.