Who We Are

We're the alternative

We chose to go beyond the norm; offering you jaw-dropping services based on ethical principles

Our Story

Welcome to the Alternative Bank – where we do things differently.

Traditional is boring; we design solutions tailored to your individual needs.

Our adventure started with a grand idea in January 2014, when we were provisionally allowed to offer a non-interest banking window under Sterling Bank. From that moment, we knew we were destined to create something special – a dynamic bank that speaks your language and respects your individuality.

Our journey took a significant leap forward in July 2023 when the Central Bank of Nigeria (CBN) issued a Banking License to The Alternative Bank, enabling us to operate as a fully-fledged, standalone bank.

At the heart of our journey is ACE -our Advisory Committee of Experts, who ensure every step we take is in harmony with the ethics of Non-Interest Banking (NIB).

It’s time to say goodbye to boring banking and embrace a world of possibilities with The Alternative Bank.

Financial Solutions for our Partners

We have used the Qard (Interest-Free Loan) contract for our:

  • Current Account
  • Savings Account
  • and Kia-Kia Account. 

Mudaraba (a partnership where there is the owner of the fund and a manager of the fund) is used for:

  • Hajj Savings Account
  • Trust Account
  • and the Profit-Share Investment Account.

We have adopted a structure based on Wakala (representation/agency) and Mudarabah for our Termed Deposit Account.

We also have a variation of Istisna (Build-to-Order) contracts for our Project Finance transactions, while we prefer to use Ijarah (lease) for Asset Financing.

Murabaha (purchase and resale at a markup) is what we apply to our Trade Finance products.

We have a unique Small Business product which – it is unique because we are using several contracts that fit our customers’ needs, such as MurabahaIjarahWakalaIstisnaQard-Hassan, and Salam (Deferred Delivery).

Our Home Finance product is based on three modes – diminishing  musharakah (diminishing partnership), ijarah and murabaha.

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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.