Nigeria has five fully licensed Islamic banks in 2026, which the CBN calls non-interest banks: Jaiz Bank (operating since 2012, Abuja), TAJBank (Abuja), Lotus Bank (Lagos), The Alternative Bank (Lagos, formerly Sterling Bank's non-interest window) and Summit Bank (Abuja, licensed on 6 February 2025). Below them sit four Islamic microfinance banks: Al-Barakah in Lagos, Tijarah in Bauchi, I-Care in Kano and Halal Credit in Katsina. All are deposit-taking institutions licensed by the CBN and insured by the NDIC, which covers up to N5,000,000 per depositor at a non-interest bank and N2,000,000 at a microfinance bank. The full roster, with what each one is for, follows.
Ready to compare halal options?
The full list at a glance
The table covers every institution that holds a non-interest banking licence from the CBN and takes deposits from the public, as far as the institutions' own sites and the NDIC's published framework confirm. We could not load the CBN's list of licensed non-interest banks on 28 September 2026 (the page timed out on repeated attempts), so the licence facts below come from each bank's own site and the NDIC. The bank accounts hub carries the product-level comparison.
| Institution | Type | Head office | Licence or launch | Our profile |
|---|---|---|---|---|
| Jaiz Bank Plc | Full non-interest bank, national, NGX-listed | Garki, Abuja | Operating since 2012; pioneer | Jaiz Bank profile |
| TAJBank Limited | Full non-interest bank, national | Central Business District, Abuja | Licensed 2019; national licence 2022 | TAJBank profile |
| Lotus Bank Limited | Full non-interest bank | Victoria Island, Lagos | CBN-licensed; Lotus Capital lineage | Lotus Bank profile |
| The Alternative Bank Limited | Full non-interest bank | Ilupeju, Lagos | Sterling's window since 2013, standalone bank from 2023 | The Alternative Bank profile |
| Summit Bank Limited | Full non-interest bank | Jahi, Abuja | Incorporated 15 July 2024; licensed 6 February 2025 | Summit Bank profile |
| Al-Barakah MFB | Islamic microfinance bank | Jibowu, Yaba, Lagos | Operating about sixteen years | Al-Barakah profile |
| Tijarah MFB | Islamic microfinance bank | Bauchi | Licensed non-interest MFB | Tijarah profile |
| I-Care MFB and Halal Credit MFB | Islamic microfinance banks | Kano and Katsina | Licensed non-interest MFBs | I-Care and Halal Credit profiles |
Jaiz Bank: the first and the largest
Jaiz Bank describes itself on its homepage as 'the pioneer non-interest Bank in Nigeria', providing ethical services since 2012, a national bank and a quoted public company owned by more than 26,000 shareholders across the six geopolitical zones. It is the only Islamic bank listed on the Nigerian Exchange, which means its audited accounts are public every year. The retail shelf on the homepage is the classic one: a Qard current account, a Mudarabah savings account, a Mudarabah kids account, a premium savings account, an investment account, Jaiz Auto Ijara, MSME financing, trade finance and agency banking. USSD is *773#.
Jaiz is the bank to choose if branch presence in the north matters, if you want a listed counterparty you can read, or if you are a salaried buyer looking at diminishing musharakah home finance. Our Jaiz accounts review goes product by product; our profile line calls it the anchor institution of Nigerian Islamic finance.
TAJBank: the sukuk pioneer that grew up fast
TAJBank sits at Plot 72 Ahmadu Bello Way in Abuja's Central Business District and trades under RC 1558365. Its homepage states the model in one sentence: 'we do not charge interest, we offer profit, share deposits'. Our profile records that it was licensed in 2019, broke even in its first year, earned a national licence by 2022 and in 2023 became the first Nigerian bank to issue a listed sukuk. The retail range includes the Teens Vibe account, a full suite of personal and business accounts, auto finance accounts and home finance, all run through the TAJWay app.
TAJBank is the pick for digital-first users in Abuja and the north who want a challenger with capital-markets ambition. Its weakness, documented in our accounts review, is that it publishes almost no pricing. Note that Crown Takaful shares its Ahmadu Bello Way address, a hint at the group relationships around it.
Lotus Bank: the Lagos bank with a fund manager's pedigree
Lotus Bank carries 'Licensed by CBN' in its site header and its footer says 'Licensed & regulated by the Central Bank of Nigeria'. It is at 39c Ahmed Onibudo Street, Victoria Island, with the contact line 0700 LOTUS BANK, and it grew out of Lotus Capital, the fund manager that has run halal funds since 2006. Its site organises the offer into personal banking, business banking, investment products, financing products and wealth management, with mobile, internet and USSD channels, an agent list and eNaira support.
Lotus is the choice for southern customers who want a full non-interest bank with a zero-fee retail posture and a parent that understands Shariah investing. Our Lotus Bank accounts review and our Lotus versus Alternative Bank comparison cover where it is thin, mainly branch count outside Lagos and Kano.
The Alternative Bank: Sterling's window, now standalone
The Alternative Bank is the only one of the five that started life as a window. Its site names its Shariah advisers, and the biography of Abdulkader Thomas lists 'Sterling Bank Nigeria (Since 2013)' among his Shariah board roles, which dates the window; the bank became a separately licensed institution in 2023. The other two advisers named on the page are Abubakar Muhammad Musa, a Shariah consultant with ISRA and INCEIF background, and Abdurraheem Ahmad Sayi, a Lagos legal practitioner and Qadi of the Lagos Independent Shari'ah Panel. The head office is at 239 Ikorodu Road, Ilupeju, Lagos, and the site pitches 'Nigeria's Innovative Non-Interest Digital Bank' with personal and business accounts, asset finance and a N1,000 referral bonus.
AltBank is the pick for customers who rank published governance and app quality above branch count. Our profile calls it the most transparent operator in Nigerian non-interest banking; its AltBiz SME product is the most clearly priced halal business finance in the country.
Summit Bank: the newest licence
Summit Bank is precise about its own history: 'incorporated on 15th July 2024, as a limited liability company and licensed on 6th February 2025, by the Central Bank of Nigeria (CBN) to provide non-interest banking services'. Its head office is at 5 Amal Pepple Street, Jahi, Abuja. The site lists a Qard current account, a murabaha product branded Summit Cost-Plus (SCP), trade finance via wakalah and murabaha letters of credit, commodity murabaha money market placements, sukuk and ethical mutual funds, plus cards and POS.
Summit is a licence with a strong founding team and no track record. Our review treats it as credible but unproven, and the sensible stance for a depositor in 2026 is to keep balances within the NDIC N5 million limit until the first audited accounts appear.
The Islamic microfinance banks
Below the full banks, the CBN licenses non-interest microfinance banks, which the NDIC insures through a separate Non-Interest Special Insured Institutions Fund. Four are in our database: Al-Barakah Microfinance Bank at 1 Thanni Olodo Street, Jibowu, Lagos, which has served Lagos traders for about sixteen years; Tijarah Microfinance Bank in Bauchi; I-Care Microfinance Bank on Rimi Market Road in Kano; and Halal Credit Microfinance Bank in Katsina, the smallest and the only one that publishes its pricing. Our Islamic microfinance banks guide assesses each. The NDIC limit for a microfinance bank depositor is N2,000,000, not N5,000,000, which matters if you are a trader keeping float there.
What happened to the windows
In the first decade after the CBN's 2011 framework, several conventional banks ran non-interest windows alongside their main business. The most significant was Sterling Bank's, which became The Alternative Bank. We did not verify the current status of any other window on 28 September 2026, and we will not list ones we cannot confirm; a bank that advertises a 'non-interest product' today is not necessarily operating a licensed window. If a conventional bank tells you it has an Islamic window, ask for the CBN approval letter and the name of its Advisory Committee of Experts before you open the account. Our windows versus full banks article explains why the distinction matters for the Shariah quality of your deposit.
How to verify a licence yourself
- Check the CBN's list of licensed non-interest banks on cbn.gov.ng under Supervision; it is the only authoritative source and should show the bank's name exactly as registered.
- Check the NDIC's list of insured institutions on ndic.gov.ng; a bank that takes deposits but is not insured by the NDIC is not a licensed bank.
- Match the registered name and RC number on the bank's own site with the CBN entry; TAJBank, for example, prints RC 1558365 on its homepage.
- Look for the bank's Shariah governance disclosure, called an Advisory Committee of Experts under CBN rules; The Alternative Bank names its members on its site, Jaiz publishes a board page, and a bank that cannot name its committee deserves a hard question.
- Confirm the branch or agent you are dealing with on the bank's own locator; Jaiz, Lotus and AltBank all publish one.
NDIC cover: N5 million, through a separate fund
The NDIC's FAQ states that the insured limit is 'a maximum of N5,000,000 for each depositor in respect of deposits held in each insured Deposit Money Bank (including Non-Interest Banks)' and N2,000,000 for a microfinance bank depositor, aggregated across all accounts held in the same right and capacity. The NDIC manages a dedicated Non-Interest Deposit Insurance Fund for the full banks and a Non-Interest Special Insured Institutions Fund for the microfinance tier, separate from the conventional funds, so that premiums and payouts stay within a Shariah-compliant pool. Payout uses your BVN to locate accounts. Our NDIC and non-interest banks explainer covers how mudarabah investment accounts are treated, which is the one area where cover is less straightforward than for a qard current account.
Who should choose what
A northern salaried customer who wants branches, a listed counterparty and home finance should start with Jaiz. A digital-first Abuja customer should look at TAJBank and Summit, keeping Summit balances under N5 million for now. A Lagos or southern customer should compare Lotus and The Alternative Bank, choosing Lotus for the fund-manager lineage and AltBank for governance disclosure and the app. A market trader with small daily float is better served by the Islamic microfinance bank nearest the market, with the N2 million NDIC ceiling in mind.
Whichever you pick, verify the licence on cbn.gov.ng and ndic.gov.ng before depositing, and read our four-bank head-to-head for the product-level differences this list does not try to cover. Facts checked against jaizbankplc.com, tajbank.com, lotusbank.com, altbank.ng, summitbankng.com, ndic.gov.ng on 28 September 2026.
Frequently asked questions
How many Islamic banks are there in Nigeria?
Five fully licensed non-interest banks in 2026: Jaiz Bank, TAJBank, Lotus Bank, The Alternative Bank and Summit Bank. In addition, the CBN licenses non-interest microfinance banks, of which Al-Barakah, Tijarah, I-Care and Halal Credit are the ones in our database. All are NDIC-insured deposit-takers.
Which was the first Islamic bank in Nigeria?
Jaiz Bank, which describes itself as the pioneer non-interest bank in Nigeria and has operated since 2012. It is headquartered in Garki, Abuja, holds a national licence, and is the only Islamic bank quoted on the Nigerian Exchange, with more than 26,000 shareholders.
Is my money safe in a Nigerian Islamic bank?
Deposits at the five non-interest banks are NDIC-insured up to N5,000,000 per depositor, the same limit as conventional banks, through a dedicated Non-Interest Deposit Insurance Fund. Islamic microfinance bank deposits are covered up to N2,000,000. Mudarabah investment accounts carry investment risk by design, so read how the NDIC treats them before relying on the cover.
Is Summit Bank licensed by the CBN?
Yes. Summit Bank states on its site that it was incorporated on 15 July 2024 and licensed by the CBN on 6 February 2025 to provide non-interest banking services. It is the newest of the five and has no audited track record yet, so keep balances within the NDIC limit for now.
Does Sterling Bank still have an Islamic window?
Sterling's non-interest window, which its Shariah adviser Abdulkader Thomas has served since 2013, became The Alternative Bank, a separately licensed non-interest bank headquartered in Ilupeju, Lagos. If you held a Sterling non-interest account, it now sits with AltBank.
Compare providers in your state
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
How do I check whether a bank's Islamic licence is genuine?
Look the bank up on the CBN's list of licensed non-interest banks and on the NDIC's list of insured institutions, match the registered name and RC number with the bank's own site, and ask the bank to name its Advisory Committee of Experts. If any of those three checks fails, do not deposit.
