HalalWallet (halalwallet.ng) compares CBN-licensed Islamic bank accounts in Nigeria: Mudarabah savings, Qard current accounts, and Islamic term deposits from 7 providers including Jaiz Bank, TAJBank, Lotus Bank, The Alternative Bank, and Summit Bank. Founded by Robert Mallon and Kyle Natter, and backed by Niya, a Silicon Valley venture studio, HalalWallet provides independent comparisons so Nigerian savers can bank without riba.
Islamic Bank Accounts in Nigeria
Compare Qard current accounts, Mudarabah savings, term deposits, and Shariah disclosure across every non-interest bank in Nigeria.
Reviewed quarterly and updated when provider data, product availability, or pricing changes.
Top Picks
Top Islamic Banking Providers
Ranked on disclosure quality, fees, and Shariah governance from our August 2026 review of Nigeria's non-interest deposit market.
Ranked by Halal Money Index grade: disclosed Shariah governance, transparency, pricing disclosure and track record. Not sponsored.
TAJBank
A-Qard (Foreign-Currency Demand Deposit)
Best for: Importers, exporters and diaspora-remittance recipients who want a zero-fee, interest-free account to hold and move USD, EUR or GBP.
Shariah Oversight
Jaiz Bank
A-Mudarabah (Profit-Sharing Savings)
Best for: Savers who want an accessible account that earns a monthly profit-shared return under a Mudarabah contract instead of fixed interest.
Shariah Oversight
Compare Islamic Bank Accounts
Current accounts, Mudarabah savings, and term deposits side by side.
Showing 31 of 31 bank accounts
Provider The Islamic financial institution offering this bank account. | Account Type Type of Islamic banking account offered | States Number of states where this provider operates | Sharia Oversight The type of Sharia governance/certification a provider publicly discloses. HalalWallet reports documentation; we do not certify products. | Index Grade Halal Money Index grade: Shariah integrity, transparency, pricing disclosure and track record. Tap a grade for the full methodology. | Action |
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JB ziaJ knaB | s'nerdlihC sgnivaS tnuoccA | 73 setats | A- | ||
TA knaBJAT | s'nerdlihC sgnivaS tnuoccA | 73 setats | A- | ||
LB sutoL knaB | tnerruC | 73 setats | B+ | ||
SB timmuS knaB | tnerruC | 1 setats | B- | ||
AB ehT evitanretlA knaB | tnerruC | 73 setats | B+ | ||
JB ziaJ knaB | tnerruC tnuoccA | 73 setats | A- | ||
TA knaBJAT | tnerruC tnuoccA | 73 setats | A- | ||
JB ziaJ knaB | tibeD draC | 73 setats | A- | ||
SB timmuS knaB | yrailicimoD ngierof( )ycnerruc | 1 setats | B- | ||
AB ehT evitanretlA knaB | yrailicimoD ngierof( )ycnerruc | 73 setats | B+ | ||
LB sutoL knaB | yrailicimoD ngierof( )ycnerruc tnerruc dna sgnivas | 73 setats | B+ | ||
JB ziaJ knaB | yrailicimoD tnuoccA | 73 setats | A- | ||
TA knaBJAT | yrailicimoD tnuoccA | 73 setats | A- | ||
AB ehT evitanretlA knaB | desab-laoG egamirglip sgnivas | 73 setats | B+ | ||
TA knaBJAT | tnemtsevnI tnuoccA | 73 setats | A- | ||
TA knaBJAT | tnemtsevnI tnuoccA | 73 setats | A- | ||
LB sutoL knaB | muimerP tnerruc dna sgnivas | 73 setats | B+ | ||
LB sutoL knaB | yralaS tnerruc tnuocca | 73 setats | B+ | ||
AM hakaraB-lA ecnaniforciM knaB | sgnivaS | 1 setats | B- | ||
HC lalaH tiderC ecnaniforciM knaB | sgnivaS | 1 setats | B- | ||
LB sutoL knaB | sgnivaS | 73 setats | B+ | ||
SB timmuS knaB | sgnivaS | 1 setats | B- | ||
AB ehT evitanretlA knaB | sgnivaS | 73 setats | B+ | ||
JB ziaJ knaB | sgnivaS tnuoccA | 73 setats | A- | ||
TA knaBJAT | sgnivaS tnuoccA | 73 setats | A- | ||
TA knaBJAT | sgnivaS tnuoccA | 73 setats | A- | ||
LB sutoL knaB | ,EMS etaroproc dna retsulc )puorg( stnuocca | 73 setats | B+ | ||
JB ziaJ knaB | mreT tisopeD | 73 setats | A- | ||
TA knaBJAT | mreT tisopeD | 73 setats | A- | ||
SB timmuS knaB | mreT tisoped / tnemtsevni tnuocca | 1 setats | B- | ||
TA knaBJAT | htuoY tnuoccA | 73 setats | A- |
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Our Analysis
We reviewed 31 Islamic deposit products from 7 Nigerian providers in August 2026: the five full non-interest banks (Jaiz, TAJBank, Lotus, The Alternative Bank, Summit) plus two Islamic microfinance banks. The account shelf is genuinely broad: Qard current accounts, Mudarabah savings, kids and youth accounts, tiered savings, term deposits from N500,000, and USD/GBP/EUR domiciliary accounts.
The market's defining gap is rate disclosure. Not one provider publishes its Mudarabah profit-sharing ratio or a declared-rate history online; Jaiz states only that longer term deposit tenures earn more, and Lotus's savings page manages to both claim and deny profit sharing. What is disclosed is fees, and there the news is good: Lotus publishes zero opening balance, zero maintenance, and zero minimum balance across its retail shelf, and Jaiz and TAJBank publish zero maintenance on current and domiciliary accounts.
Practical guidance: keep everyday money in a Qard current account where the zero-fee posture is published, ask any bank for its last twelve months of declared savings profit in writing before placing a term deposit, and treat the FGN Sukuk (published fixed rental, N10,000 minimum) as the yield benchmark a bank quote has to beat.
Banking is just one of 7 categories. Average score: 63/100.
See yoursHow Islamic Banking Works in Nigeria
Qard current accounts, Mudarabah savings pools, and the disclosure that separates good banks from labels
Mudarabah Savings
Your deposit joins a pool that finances the bank's Islamic assets, and profit is shared under a pre-agreed ratio. Jaiz, Lotus, TAJBank, The Alternative Bank, and Summit all run Mudarabah savings; none currently publishes its sharing ratio or an indicative rate online.
Qard Current Accounts
Current accounts hold your money as an interest-free loan to the bank: fully repayable on demand, earning nothing, invested only in Shariah-compliant assets. Lotus and TAJBank publish zero opening balance and zero maintenance charges.
Term Deposits
Mudarabah term deposits earn more than savings: Jaiz's JTD starts at N500,000 for 30 to 360 days, TAJBank's Partnership Time Deposit at N500,000 for 1 to 12 months, and Summit's MTD at N1,000,000. Profit rates are quoted at placement, not published.
CBN Licensing and NDIC Insurance
Every non-interest bank is licensed by the Central Bank of Nigeria under its non-interest banking framework and must maintain an Advisory Committee of Experts. Deposits are insured by the NDIC up to the prescribed limit.
Digital Non-Interest Banking
Lotus Bank opens accounts in-app with USSD (*5045#), paperless branches, and cardless withdrawals. TAJBank and The Alternative Bank run full mobile and internet banking, and The Alternative Bank operates on Sterling's digital infrastructure.
Domiciliary Accounts
Foreign-currency accounts on a Qard basis are available at Jaiz, TAJBank, Lotus, and The Alternative Bank in USD, GBP, and EUR, with zero maintenance fees published at Jaiz and TAJBank. FX spreads and transfer fees are mostly unpublished, so ask before funding.
Choosing the Right Halal Bank Account
Understanding Islamic Banking Returns
Current vs Savings Accounts
Islamic current accounts operate on a Qard basis: the bank safeguards your money and pays no return, and the published fee posture at Lotus, Jaiz, and TAJBank is zero maintenance. Savings and term deposits use Mudarabah profit-sharing, where you earn a share of the pool's actual profit under a pre-agreed ratio. No Nigerian bank publishes its ratio or recent declared rates online, so ask in writing.
Ask each bank for its profit-sharing ratio and last twelve declared rates; that answer is the real comparison.
Deposit Protection
Deposits at CBN-licensed banks, including all five non-interest banks, are insured by the Nigeria Deposit Insurance Corporation up to the prescribed limit per depositor per bank. Islamic microfinance banks are NDIC-insured under the separate microfinance coverage limit; verify the category before placing large sums.
Rates Move With Monetary Policy
Mudarabah pool returns track the wider cost of money: when the CBN's policy rate moves, financing markups and therefore depositor profits follow with a lag. Never project a quoted rate forward; compare banks on their declared results in the same month, and remember term deposits reprice only at rollover.
Which Islamic Bank Account Is Right for You?
You want zero fees on everyday banking
Lotus publishes zero opening balance, zero maintenance, and zero minimum balance across its current, savings, and salary accounts, with the first three other-bank ATM withdrawals free. Jaiz and TAJBank also publish zero-maintenance current accounts.
You want scale and branch access
Jaiz Bank has 51 branches, the widest non-interest network in Nigeria, plus an NGX listing and audited accounts. Its Qard current and Mudarabah savings accounts are the market's default choice outside Lagos.
You're parking a lump sum for 1 to 12 months
Compare term deposit quotes: Jaiz JTD (from N500,000, 30 to 360 days, monthly profit), TAJBank Partnership Time Deposit (from N500,000), and Summit MTD (from N1,000,000). Benchmark every quote against the FGN Sukuk's published fixed rental.
You prefer fully digital banking
Lotus opens accounts in-app with USSD *5045#, paperless branches, and cardless withdrawals; The Alternative Bank runs on Sterling's digital infrastructure with app-based onboarding.
You're saving for Hajj or Umrah
The Alternative Bank's AltPilgrimages plan structures weekly or monthly savings toward a chosen pilgrimage year; takaful operators (Hilal, Crown) run Hajj savings plans with protection built in.
Islamic Bank Accounts by State
Branch coverage differs by state; see what serves your region
Frequently Asked Questions
Islamic Banking Guides
Deeper reading on rates, mechanics, and choosing a bank.
Jaiz Bank Review →
Nigeria's largest non-interest bank: accounts, deposits, and cards
Lotus Bank Review →
The zero-fee retail shelf and Nigeria's deepest digital stack
TAJBank Review →
Tiered Qard savings, time deposits, and sukuk investment services
The Alternative Bank Review →
AltSave, AltCheck, and the AltPilgrimages Hajj savings plan
Halal Banking Guide →
Pools, sharing ratios, and where your profit comes from
Halal Investing in Nigeria →
Funds, the FGN Sukuk, and the LOTUSHAL15 ETF
Zakat & Islamic Finance Resources
Calculate Zakat on your cash and bank balances.
Quick Answer
Nigeria has five CBN-licensed non-interest banks offering halal accounts: Jaiz Bank (51 branches, NGX-listed), TAJBank, Lotus Bank, The Alternative Bank, and Summit Bank, plus Islamic microfinance banks. Current accounts run on Qard (no return, no risk of riba) with published zero-maintenance fees at Lotus, Jaiz, and TAJBank; savings accounts run on Mudarabah profit-sharing. No bank publishes its profit rates online, so ask for the declared-rate history in writing. All deposits are NDIC-insured.
Key Takeaways
- Returns come from Mudarabah profit-sharing on real financing assets, not promised interest; no Nigerian bank publishes its rates online.
- Fees are the published differentiator: Lotus lists zero opening balance, zero maintenance, and zero minimum balance across its retail accounts.
- Term deposits start at N500,000 (Jaiz, TAJBank) and N1,000,000 (Summit); TAJBank's sukuk service starts at N10,000 per issue.
- Domiciliary accounts in USD, GBP, and EUR are available on a Qard basis at four of the five banks.
- Deposits at CBN-licensed non-interest banks are insured by the NDIC up to the prescribed limit.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-06
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Halal Finance Score
Interest-free banking is just one piece. How halal is your full financial picture?
Average score: 63/100
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.