AltBank Joins IIFM to Bring Speed, Clarity to Nigeria’s Non-Interest Finance Practices

 

 By allcitynews.ng 

The Alternative Bank (AltBank) has joined the International Islamic Financial Market (IIFM), a global standard-setter for Islamic finance documentation and market guidance.

This move puts AltBank on the same playbook used across key Islamic finance markets, strengthening how Shari’ah-compliant transactions are documented, executed, and trusted.

AltBank will begin by aligning its interbank liquidity documentation with IIFM’s Master Collateralised Murabahah Agreement (MCMA) framework and will release its first ready-to-sign documentation pack and counterparty onboarding process in Q2 2026. The pack will include standard templates, term sheets, execution checklists, and counterparty onboarding requirements, built to reduce negotiation loops and speed up transaction close.

This integration of global benchmarks into the local market is designed to provide Nigerian consumers and businesses with transparent, internationally recognised ethical banking products.

By adopting these standardised protocols, AltBank effectively reduces transactional complexities and enhances the legal certainty of its offerings, further solidifying its reputation as a catalyst for sustainable financial solutions across the African continent.

Hassan Yusuf, Managing Director of The Alternative Bank, expressed the institution's dedication to this new chapter of growth and standardisation. “If non-interest banking is going to mature in Nigeria, we have to stop improvising. We’re aligning with global standards so transactions are clear and built for scale.”

“By adopting these international benchmarks, we are enhancing the transparency and efficiency of our operations and also ensuring that our customers and partners can move with confidence, whether it’s a modest facility or a major transaction,” Yusuf added.

Dr. Ahmed Rufai, Acting CEO of the IIFM, noted that, “This Membership is not just a corporate victory, it is a commitment to bringing world-class, interest-free financial stability to every Nigerian.” 

Established in 2002, the IIFM remains a leading infrastructure institution focused on the development of global documentation and product confirmation standards. It publishes standardised Shari’ah-compliant financial contracts and related market guidance used across jurisdictions, supporting consistency in how Islamic finance products are structured and executed.

About The Alternative Bank

The Alternative Bank commenced its journey in January 2014 as a non-interest banking window in Sterling, with a vision to create a dynamic banking experience that respects individuality and speaks the language of its customers/partners. In July 2023, the Central Bank of Nigeria issued a Banking License to The Alternative Bank, enabling it to operate as a fully-fledged, standalone bank. Guided by its Advisory Committee of Experts (ACE), The Alternative Bank ensures all its operations align with the ethics of Non-Interest Banking.

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