Halal Credit Microfinance Bank Halal Credit Wadi'ah Current and Mudarabah Savings
Islamic Bank Accounts in Katsina
Halal Credit runs the most legible deposit shelf in Nigerian Islamic microfinance: Wadi'ah safekeeping current accounts for daily transactions, Mudarabah profit-sharing savings for growth, and a dedicated Hajj savings plan advertising profit-based returns, all served from Kofar Kaura in Katsina with a mobile app and online banking. The bank names its contracts on its own pages, which its two larger licence-class peers do not manage. Numbers are another matter: despite a Rates and Charges link in the site footer, no profit rates, sharing ratios, minimums or fees are actually published as of the crawl date.
For contract clarity, Halal Credit is quietly the best-documented of Nigeria's three non-interest MFBs: it tells you plainly that current accounts are Wadi'ah, savings are Mudarabah and the Hajj plan pays profit share, which is more than institutions many times its size publish. The zakat and sadaqah services round out a genuinely community-oriented shelf. Two things temper enthusiasm. First, we could not locate the bank on the NDIC insured-MFB register during our August 2026 crawl, and while its NIBSS code is live and it escaped the July 2026 revocations, deposit insurance is exactly the kind of thing to verify in writing. Second, the numbers are missing: a Rates and Charges link that resolves to nothing is a metaphor for the whole segment. Open the account for the structure; insist on the ratio before you fund it.
Pros
- Contracts named on the bank's own pages: Wadi'ah current, Mudarabah savings
- Dedicated Hajj savings plan with profit-based returns
- Live NIBSS bank code (090291) means transfers from any Nigerian bank work
- Mobile app and online banking, unusual for this segment
- One of the three CBN-recognized non-interest MFBs per industry and academic sources
Cons
- Not found on the NDIC insured-MFB register as crawled 2026-08-04; confirm deposit insurance status with the bank
- No published rates despite a Rates and Charges menu entry
- No named scholars, ACE roster or Shariah reports
- Single-state Katsina operation
- Website carries template artifacts, suggesting limited digital investment
Open Account
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Product Details
Account Type
Savings
Monthly Fee
Not published
Min Deposit
Not published
Halal Credit Microfinance Bank in Katsina
Halal Credit Microfinance Bank's Savings serves customers in Katsina. Islamic savings accounts in Nigeria pay a share of actual Mudarabah pool profit rather than interest, while current accounts run on Qard or Wadi'ah safekeeping. A monthly fee of Not published applies. Deposits at CBN-licensed non-interest banks are covered by NDIC deposit insurance up to the prescribed limit. Halal Credit Microfinance Bank serves 1 state, including Katsina.
Our Take on Halal Credit Microfinance Bank
Halal Credit is the transparency surprise of Nigerian Islamic microfinance: the smallest and youngest of the three non-interest MFBs is the only one that tells the public what it actually sells. Its pages name Wadi'ah for current accounts, Mudarabah for savings, and Murabaha, Ijara and Musharakah for financing, with accurate one-paragraph descriptions of each, and its published murabaha workflow, verified vendor invoice, eligible goods, accepted profit-sharing principles, shows contract discipline that most Nigerian financial institutions never display. Offering Musharakah at microfinance scale is genuinely ambitious. The zakat, waqf and sadaqah services complete a coherent community-finance identity. Two caveats keep this from being a clean recommendation. First, we could not find Halal Credit on the NDIC's insured-MFB register in our August 2026 crawl, despite its live NIBSS bank code (090291), its absence from every revocation list, and its consistent citation in academic and industry sources as a CBN-licensed NIMFB; depositors should ask the bank directly for evidence of NDIC coverage. Second, the disclosure stops exactly where numbers begin: no profit rates, no sharing ratios, no markups, no fees, and a Rates and Charges menu that leads nowhere. For Katsina Muslims, this is the local institution to use, eyes open: right structures, real payment rails, unpublished prices, unverified insurance. Get both in writing.
How Halal Credit Microfinance Bank Works
Open an account in Katsina or online
Individuals complete KYC with valid ID; businesses add CAC registration and a company profile. The bank advertises branch and digital onboarding, with a mobile app for account management.
Choose Wadi'ah or Mudarabah
Use the Wadi'ah current account for daily transactions and the Mudarabah savings account for growth; ask the branch for the current profit-sharing ratio in writing, since none is published.
Finance assets through the murabaha workflow
Maintain an active account, identify the goods you need, and submit a valid invoice or quotation from an approved vendor. The bank purchases the item and resells it to you at an agreed markup on fixed instalments; Ijara and Musharakah are available for leasing and partnership needs.
Confirm the two unpublished facts
Before depositing serious money, ask for documentary evidence of NDIC deposit insurance, and before signing any financing, get the total repayment amount on paper. Neither is published online.
Financing Structure
Halal Credit's shelf maps cleanly onto classical contracts, in the bank's own published words. Current accounts run on Wadi'ah: the bank safekeeps your balance, charging and paying nothing. Savings run on Mudarabah: your deposits are invested responsibly and profit is shared on an agreed ratio, so returns come from real investment performance, not riba. The Hajj plan applies the same profit-based logic to a religious savings goal. Financing uses Murabaha (the bank buys your asset and resells it to you at a fixed, disclosed markup paid in instalments), Ijara (the bank owns and leases the asset, with a purchase option at term end), and Musharakah (the bank co-invests and shares profit and loss, the fullest form of Islamic risk-sharing). Zakat, Waqf and Sadaqah services sit outside banking contracts entirely, as administered religious giving.
In-Depth Analysis
Halal Credit Microfinance Bank operates from No 157 Yahaya Madaki Way, Kofar Kaura, Katsina, with a stated mission of Sharia-compliant financial services for individuals, families and small businesses in Katsina and beyond, and an ambition to become the leading Islamic microfinance provider in northern Nigeria. Academic literature and industry roundups consistently name it as the third of Nigeria's three CBN-licensed non-interest MFBs, alongside Tijarah (Bauchi, 2014) and I-Care (Kano, 2017); its own secondary site claims six-plus years of operation, placing its founding around 2019, though the bank publishes no licence date.
The product shelf is the most legible in the segment. Deposits: Wadi'ah (safekeeping) current accounts for daily transactions and Mudarabah (profit-sharing) savings, described in exactly those terms, plus a Hajj savings plan advertising profit-based returns rather than interest. Financing: Murabaha cost-plus asset purchase with fixed instalments, Ijara leasing with an end-of-term purchase option, and Musharakah co-investment with shared profit and risk. The secondary site publishes the murabaha operating procedure: the customer must hold an active account, understand and accept profit-sharing rather than riba, submit a valid invoice or quotation from an approved vendor, and the goods must be clearly described and eligible under Islamic finance guidelines. That workflow, mundane as it looks, is the practical control that distinguishes murabaha from disguised cash lending.
Beyond banking, the shelf extends into community finance: Zakat and grant disbursement with registered beneficiaries and transparent distribution, Waqf and Sadaqah management, and Islamic financial education and advisory sessions. Payment infrastructure is real: Halal Credit carries NIBSS bank code 090291 and appears on Nigerian interbank transfer lists maintained by commercial banks and payment processors, meaning any Nigerian bank app can route money to its accounts. A mobile app and online banking are advertised on both of its websites (halalcreditmfb.com and halalcreditmfbank.com).
The verification picture has one hole and several supports. Supporting: the consistent CBN-licence citations in independent academic work, the live NIBSS code, absence from the CBN's July 2026 revocation of 46 MFB licences and from earlier revocation rounds, and named management (MD Umar Ahmed Gobir and operations, credit and IT heads) on the public team page. The hole: our 2026-08-04 crawl of the NDIC insured-MFB register found no entry for Halal Credit under any plausible spelling, and we could not locate an official licence date. The register may lag newer licensees or the bank may be listed under a different corporate name, but honesty requires stating it plainly: NDIC deposit insurance is claimed by context, not confirmed by register, and depositors should ask the bank for documentary evidence.
Our assessment: Halal Credit pairs the segment's best structural transparency with its least resolved regulatory paper trail, the exact inverse of I-Care. The things a Shariah-sensitive customer can check from home, contract names, workflows, payment rails, all check out; the things only registers can prove need a branch visit and direct questions. We list both its deposit and financing products because the bank publishes enough to describe them honestly, and we carry the NDIC question as a standing caveat on every row until it resolves.
Shariah Compliance Details
- Consistently identified as one of Nigeria's three CBN-licensed non-interest MFBs in academic literature (Al Qasimia University Journal of Islamic Economics; JAROE meta-synthesis) and industry roundups (checked 2026-08-04)
- Live NIBSS bank code 090291 on Nigerian interbank transfer lists maintained by commercial banks and payment processors (checked 2026-08-04)
- Not on the CBN's 1 July 2026 revocation list of 46 microfinance banks (CBN and NDIC notices, checked 2026-08-04)
- Not found on the NDIC insured-MFB register under any plausible spelling in our crawl of 2026-08-04; deposit insurance status should be confirmed directly with the bank
How Halal Credit Microfinance Bank Compares
Among the three licensed non-interest MFBs, Halal Credit is the disclosure leader and the regulatory question mark: Tijarah and I-Care both appear on the NDIC register but publish nothing about their products, while Halal Credit publishes a real contract-by-contract shelf but is missing from the register we crawled. Against the full non-interest banks, the trade-offs are the usual ones inverted: Jaiz, TAJ and Lotus all publish formal Shariah board rosters and audited accounts that Halal Credit cannot match, but none of them sits in Kofar Kaura writing micro-scale murabaha for Katsina traders, and TAJ's nearest branches still serve a different customer tier. The honest summary: for structure-literate customers in Katsina, Halal Credit is the most usable Islamic MFB in Nigeria; for deposit safety documentation, the full banks win without contest.
National Islamic bank with published Shariah governance and audited accounts; the safe-documentation choice where Halal Credit is the local-access choice.
Strong northern non-interest bank with digital channels and formal oversight, serving larger tickets than a Katsina MFB.
The licence-class pioneer in Bauchi with an international award and NDIC listing, but zero online product disclosure.
The Kano peer with a confirmed NDIC entry and no published products; the mirror image of Halal Credit's strengths and gaps.
Bottom Line
Halal Credit publishes the most honest Islamic product shelf in Nigerian microfinance, Wadi'ah, Mudarabah, Murabaha, Ijara and Musharakah, each described correctly, and backs it with live payment rails and a mobile app. Use it for structure and locality if you are in Katsina, but make the bank show you its NDIC insurance evidence and quote every rate in writing, because neither is available online.
Read full Halal Credit Microfinance Bank reviewShariah Compliance & Oversight
Halal Credit is consistently identified in academic and industry sources as one of Nigeria's three CBN-licensed non-interest MFBs, a class required by the CBN's 2017 NIMFB guidelines to maintain an Advisory Committee of Experts. Neither of its two websites names any scholar, committee member, fatwa or Shariah report (crawled 2026-08-04). The management team it does publish (MD Umar Ahmed Gobir, operations and credit heads) contains no identified Shariah scholar.
2026-08-04
Why It's Halal
Halal Credit names the right contracts and applies them to the right products. Wadi'ah is a safekeeping arrangement for current balances that neither pays nor charges interest; Mudarabah savings share actual investment profit on a pre-agreed ratio rather than paying riba; the Hajj plan explicitly advertises profit-based returns, not interest. Academic and industry sources list Halal Credit as one of the CBN's three licensed non-interest MFBs, a classification that mandates Shariah-compliant operations and an Advisory Committee of Experts, and the bank carries live NIBSS bank code 090291 on Nigerian interbank transfer rails. Two honest caveats: we could not find the bank on the NDIC insured-MFB register crawled on 2026-08-04, which savers should resolve with the bank directly before depositing, and no scholars, fatwas or Shariah reports are published on either of its websites. The contract framework is textbook; the governance paper trail is not yet public.
Regional Availability
Available in 1 region
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What is Halal Credit Microfinance Bank Halal Credit Wadi'ah Current and Mudarabah Savings?
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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.