How are Halal Money Index grades calculated?

Each provider is scored on Shariah integrity (35 points: the strength and credibility of Shariah oversight, with claims requiring published evidence such as named boards, fatwas and audit reports), transparency (20: whether the board, scholars, methodology and real fee numbers are publicly disclosed, plus how complete the provider's data profile is), cost/value (15: pricing transparency, since publishing actual rates and fees beats hiding them in a Schedule of Charges), and track record (10: at least a year in operation earns full marks, so longevity beyond that adds nothing). A 20-point verified-data credit reflects how recently our editorial team verified the provider's data against its published sources, and it decays when verification goes stale. Up to 4 editor's-pick points recognize documented benefits the rubric can't quantify, awarded only with a published rationale. Missing data is never excused: it scores a conservative floor and is flagged. Every grade is reviewed and approved before publication.

Is a low grade a religious ruling that a provider is not halal?

No. The Index is not a fatwa and HalalWallet does not issue religious rulings. A low Shariah-integrity score most often means a provider has not published evidence of independent Shariah oversight, which is a transparency problem, not necessarily a compliance one. Licensed non-interest banks in Nigeria operate under the CBN's framework, which requires an Advisory Committee of Experts. We encourage every consumer to review a provider's own Shariah documentation and consult a qualified scholar for religious questions.

Can providers pay for a better grade?

No. Grades are computed from the same rubric for every provider and the methodology is published in full on this page. Even the editor's-pick points are capped at 4, positive-only, and require a published rationale. Providers can improve their grade one way: by publicly disclosing stronger Shariah oversight, real rates and fees, and a complete data profile.

Why do grades cluster within a category?

Because public disclosure profiles within a category genuinely are similar. The full-fledged non-interest banks maintain Advisory Committees of Experts (the CBN requires it for their licence), name their scholars, and publish oversight detail, so their Shariah-integrity pillar clusters near the top. Fund VI pension funds all operate under the same FRACE-certified PenCom framework. What separates leaders is the rest: publishing actual profit rates and fees instead of asking customers to enquire, publishing a founding date, and documenting more of the product line. Where the registry can't verify a data point, the provider scores the conservative floor for it.

How often are grades updated?

Grades recompute whenever the underlying registry data changes: new Shariah certifications, new declared rates, fee changes, or new disclosures. Every change is re-reviewed before it publishes. The Index is a living scorecard, not an annual snapshot.

The independent scorecard for halal money in Nigeria

The Halal Money Index

Every Nigerian halal provider, graded from A to B− on a transparent rubric: Shariah integrity, transparency, pricing disclosure, track record, and verified data. Computed from HalalWallet's live provider registry, reviewed before publication, and updated whenever the data changes.

Quick Answer

The Halal Money Index grades every Nigerian halal finance provider from A to B- on Shariah integrity (35 points), transparency and data completeness (20), cost/value measured as pricing disclosure (15), track record (10), and verified data (20). Up to 4 further points are an editor's pick, awarded only with a published rationale. Coverage is shown for context but never scored. Of the 53 provider grades published so far, 13 earn an A or A-. The rest range from B+ down to B-, the floor grade, which means we don't yet have enough verified information rather than that a provider is bad. Grades are computed from HalalWallet's live provider registry and reviewed before publication.

Islamic Bank Accounts

Compare all islamic bank accounts options →

Mudarabah savings, Qard current accounts and term deposits from CBN-licensed non-interest banks and microfinance banks.

A-
TAJBankHigh confidence
Four named INCEIF and Bayero scholars sit on its ACE and its deposit shelf publishes zero-maintenance terms, though profit-sharing ratios stay unpublished.
Named Shariah board · available across Nigeria · Qard (Youth Transaction Account)
Score breakdown
Shariah integrity
34/35
Transparency
19/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
Jaiz BankHigh confidence
Nigeria's first non-interest bank names its four-scholar ACE in the audited accounts and runs the deepest deposit shelf, but no profit-sharing ratio is published.
Named Shariah board · available across Nigeria · Qard (Interest-Free Demand Deposit)
Score breakdown
Shariah integrity
34/35
Transparency
19/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
The Alternative BankHigh confidence
AltSave and AltCurrent advertise no hidden charges under a signed ACE compliance report, but profit-sharing ratios and the full fee schedule are not published.
Named Shariah board · est. 2023 · available across Nigeria · Mudaraba (profit-sharing savings)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Lotus BankHigh confidence
Zero opening balance and zero maintenance across the shelf under an ACE chaired by Shaykh Haytham Tamim; Mudaraba sharing ratios are not published.
Named Shariah board · est. 2021 · available across Nigeria · Qard (interest-free deposit)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Summit BankAwaiting verified dataHigh confidence
Nigeria's newest non-interest bank, in operation only since November 2025, with an externally identified ACE chairman and no published rates or tariffs yet.
Named-scholar oversight · est. 2025 · 1 state · Foreign currency custody accounts (contract not specified on site)
What we're missing to score higher:
- Board members / scholars not named
- Founded less than a year ago
Recently verified Aug 2026
B-
Al-Barakah Microfinance BankAwaiting verified dataHigh confidence
Lagos's pioneer Islamic-practice MFB since around 2010, but it holds a conventional licence and publishes no Shariah governance, rates or fees.
No public Shariah review · est. 2010 · 1 state · Non-interest savings (contracts not published)
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Halal Credit Microfinance BankAwaiting verified dataMedium confidence
The best documented of Nigeria's non-interest MFBs, with named contracts and a live NIBSS code, but it was absent from the NDIC insured-bank register when checked in August 2026 and publishes no rates.
No public Shariah review · 1 state · Mudaraba savings and Wadi'ah current accounts
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026

Islamic Home Financing

Compare all islamic home financing options →

Ijara wa Iqtina lease-to-own, Diminishing Musharaka and Murabaha home finance from non-interest banks.

A-
Jaiz BankHigh confidence
Diminishing partnership home finance under a published four-scholar ACE, with the 20 percent equity floor and 7-year tenor cap published even though the rental rate is not.
Named Shariah board · available across Nigeria · Diminishing Musharaka with Ijara (Rent-to-Own)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
The Alternative BankHigh confidence
Publishes its N80m property cap and 10-year tenor under a signed ACE compliance report; rental rates are quoted individually.
Named Shariah board · est. 2023 · available across Nigeria · Ijara-family home finance (lease-based; bank markets Ijarah for asset purchases)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Lotus BankHigh confidence
Publishes financing share and tenor terms under a named ACE, but profit rates are described only as competitive and the two pages disagree on the equity split.
Named Shariah board · est. 2021 · available across Nigeria · Murabaha / Ijara wa Iqtina (home finance)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026

Islamic Car Financing

Compare all islamic car financing options →

Murabaha and Ijarah vehicle financing without conventional interest mechanics.

A-
The Alternative BankHigh confidence
The rare Nigerian lease with published economics: its SME sibling product prints a 30 percent per annum markup and 30 percent commitment deposit, under a signed ACE report.
Named Shariah board · est. 2023 · available across Nigeria · Ijarah (lease finance for cars, equipment and household assets)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Lotus BankHigh confidence
Publishes an 80 percent financing share, tenor caps and a salary-based payment ceiling under a named ACE; the markup rate itself is unpublished.
Named Shariah board · est. 2021 · available across Nigeria · Murabaha / Bai Muajjal / Ijara wa Iqtina (auto finance)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
TAJBankMedium confidence
Murabaha auto finance with a fully disclosed cost-plus price mechanic under a named four-member ACE, but margin, down payment and tenor are not published.
Named Shariah board · available across Nigeria · Murabahah (Cost-Plus Asset Sale)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Jaiz BankMedium confidence
Murabaha vehicle finance with the cost-plus mechanic disclosed under a published four-scholar ACE, but margin, down payment and limits surface only at application.
Named Shariah board · available across Nigeria · Murabaha (Cost-Plus Vehicle Sale)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Summit BankAwaiting verified dataMedium confidence
Ijara lease-to-own from a bank that only opened in November 2025; tenors are published but rental rates and pricing are entirely unpublished.
Named-scholar oversight · est. 2025 · 1 state · Ijara lease-to-own (homes, cars and equipment)
What we're missing to score higher:
- Board members / scholars not named
- No published rates or fees on file
- Founded less than a year ago
Recently verified Aug 2026

Halal Investing

Compare all halal investing options →

Shariah-compliant mutual funds, the NGX-listed halal ETF, sukuk funds and digital investment platforms.

A-
WahedHigh confidence
A three-scholar committee via Shariyah Review Bureau with published audit reports for 2019 through 2024 and a flat 1.50 percent wrap fee inclusive of VAT.
Named Shariah board · available across Nigeria
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
Lotus CapitalHigh confidence
Nigeria's pioneer halal fund house: a Monzer Kahf chaired Shariah board, AAOIFI-based screening and the market's cheapest halal fund at a 0.60 percent ETF fee.
Named Shariah board · est. 2008 · available across Nigeria
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
DMO Nigeria (FGN Sukuk)High confidence
Every FGN sukuk series is FRACE certified with its rental rate published, 11.20 to 19.75 percent across live series, and entry from N10,000.
FRACE-certified framework · est. 2017 · available across Nigeria
Score breakdown
Shariah integrity
28/35
Transparency
9/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Stanbic IBTC Asset ManagementMedium confidence
The Imaan Fund led H1 2026 performance at 54.65 percent with published 1.5 percent fees and low minimums, but ACE member names are not published, which caps the grade.
Shariah board claimed, roster not published · est. 2013 · available across Nigeria
Score breakdown
Shariah integrity
21/35
Transparency
9/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
ARM Investment ManagersAwaiting verified dataHigh confidence
Full fee disclosure including a 2.48 percent expense ratio and an incentive fee, but no Shariah board, scholar or audit is disclosed.
No public Shariah review · est. 2024 · available across Nigeria
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
United Capital Asset ManagementAwaiting verified dataHigh confidence
Publishes fees and minimums in full, 1.5 percent management and a 1.8 percent total expense ratio, but discloses no fund-level Shariah board or adviser.
No public Shariah review · est. 2020 · available across Nigeria
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
First Asset Management (formerly FBNQuest Asset Management)Awaiting verified dataHigh confidence
Fees and terms are published, 1.5 percent management and a 1.70 percent total expense ratio, but no Shariah supervisory board or named adviser is documented.
No public Shariah review · est. 2020 · available across Nigeria
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
HalvestAwaiting verified dataMedium confidence
Interest-free deal structures with a claimed 34 percent average return, but no SEC registration, no external Shariah board and no published fees.
No public Shariah review · available across Nigeria
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- Founding year not on file
Recently verified Aug 2026

Islamic Retirement (Fund VI)

Compare all islamic retirement (fund vi) options →

PenCom-regulated RSA Fund VI non-interest pension funds from licensed pension fund administrators.

A-
Crown TakafulHigh confidence
A published ISRA-chaired ACE and plan minimums from N10,000 a month, though operations only began in 2024 and no investment returns are published yet.
Named Shariah board · est. 2022 · available across Nigeria
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Jaiz TakafulHigh confidence
Education savings plans under a published three-professor ACE with an audited surplus history, though contribution minimums and fee splits are not published.
Named Shariah board · est. 2013 · available across Nigeria
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Stanbic IBTC Pension ManagersHigh confidence
The only PFA publishing its Fund VI fee, 1.6809 percent plus a N100 admin charge, under the FRACE-certified non-interest framework.
FRACE-certified framework · available across Nigeria
Score breakdown
Shariah integrity
28/35
Transparency
9/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Salam TakafulHigh confidence
Publishes the cost numbers that matter, a 50:50 wakala ratio and 20/60/20 surplus split from audited statements, under a published four-member ACE.
Named Shariah board · est. 2016 · available across Nigeria
Score breakdown
Shariah integrity
32/35
Transparency
11/20
Cost / value
7/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Access ARM PensionsHigh confidence
Fund VI under the FRACE-certified framework with published 2024 returns, including the second-best retiree result, but no fund-specific fee is published.
FRACE-certified framework · available across Nigeria
Score breakdown
Shariah integrity
28/35
Transparency
9/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Premium PensionHigh confidence
The best 2024 Retiree Fund VI return at 18.54 percent, under framework-level FRACE oversight with minimal fund documentation published.
FRACE-certified framework · available across Nigeria
Score breakdown
Shariah integrity
28/35
Transparency
9/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
CrusaderSterling PensionsHigh confidence
The best 2024 Active Fund VI return of any PFA at 20.63 percent, under the FRACE-certified framework with no in-house Shariah committee published.
FRACE-certified framework · available across Nigeria
Score breakdown
Shariah integrity
28/35
Transparency
9/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Trustfund PensionsHigh confidence
Publishes a conservative 55 percent variable-income cap and the second-best 2024 Active return at 19.83 percent, under framework-level FRACE oversight.
FRACE-certified framework · available across Nigeria
Score breakdown
Shariah integrity
28/35
Transparency
9/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Hilal TakafulAwaiting verified dataHigh confidence
Fully published plan pricing, from N200 a day Esusu savings upward, but no Shariah scholars are named anywhere on its website.
No public Shariah review · est. 2010 · available across Nigeria
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Noor TakafulAwaiting verified dataLow confidence
Savings plans from Nigeria's first takaful operator, but contributions, fees and returns are unpublished and the current ACE roster is not republished.
Shariah board claimed, roster not published · est. 2016 · 6 states
What we're missing to score higher:
- Shariah board claim lacks published evidence
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026

Takaful

Compare all takaful options →

Family and general takaful operators licensed by NAICOM.

A-
Jaiz TakafulHigh confidence
Names its three-professor ACE in the audited accounts and has returned N586m of surplus over four years on N1.85bn of FY2024 contributions.
Named Shariah board · est. 2013 · available across Nigeria
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
Salam TakafulHigh confidence
The most transparent cost structure in Nigerian takaful, a 50:50 wakala ratio with a 20/60/20 surplus split, and 220 surplus beneficiaries paid for 2024.
Named Shariah board · est. 2016 · available across Nigeria
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Crown TakafulMedium confidence
A published ISRA-chaired ACE and an MSME focus, but all lines are quote-based and operations only began in 2024, so there is no surplus history yet.
Named Shariah board · est. 2022 · available across Nigeria
Score breakdown
Shariah integrity
32/35
Transparency
11/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
Noor TakafulMedium confidence
Nigeria's first full takaful operator, with published motor tiers and N11bn in claims paid, but its current ACE roster is not republished, which caps the grade.
Shariah board claimed, roster not published · est. 2016 · 6 states
Score breakdown
Shariah integrity
21/35
Transparency
9/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Hilal TakafulAwaiting verified dataHigh confidence
The 2010 pioneer window claims seven years of surplus distributions, but publishes no scholars, no rate cards and no distribution amounts.
No public Shariah review · est. 2010 · available across Nigeria
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026

Personal Financing

Halal personal financing, from consumer Murabaha asset finance to rent advance products.

A
Jaiz BankHigh confidence
EnerJaiz is the rare Nigerian retail product with fully published pricing, a 28 to 30 percent per annum mark-up with tiered down payments, under a published ACE.
Named Shariah board · available across Nigeria · Murabaha (Cost-Plus Goods Sale)
Score breakdown
Shariah integrity
34/35
Transparency
17/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Lotus BankHigh confidence
Zero facility and processing fees with a salary-based financing ceiling under a named ACE; the markup itself is described only as competitive.
Named Shariah board · est. 2021 · available across Nigeria · Murabaha / Bai Muajjal (appliance and gadget finance)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
The Alternative BankMedium confidence
Rent-advance and consumer finance under a signed ACE compliance report, but markup rates, fees and maximum amounts are not published.
Named Shariah board · est. 2023 · available across Nigeria · Rent-advance finance (bank pays annual rent upfront; contract type not published)
Score breakdown
Shariah integrity
32/35
Transparency
11/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Summit BankAwaiting verified dataMedium confidence
Murabaha purchase finance with margins fixed at application; the bank opened in November 2025 and publishes no indicative pricing.
Named-scholar oversight · est. 2025 · 1 state · Murabaha (fixed-margin purchase financing)
What we're missing to score higher:
- Board members / scholars not named
- No published rates or fees on file
- Founded less than a year ago
Recently verified Aug 2026

Islamic Business Financing

Compare all islamic business financing options →

Murabaha, Musharakah and Ijarah financing for farms, micro-enterprises and small businesses.

A-
The Alternative BankHigh confidence
Publishes real SME pricing from 9 to 30 percent per annum with limits and commitment deposits stated, plus a signed ACE compliance report in its 2024 accounts.
Named Shariah board · est. 2023 · available across Nigeria · Markup purchase finance for stock and equipment ('we pay, you take')
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
15/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
Jaiz BankHigh confidence
The widest business shelf in non-interest banking, from Salam agriculture to Istisna projects, under a published ACE; margins and limits are not published.
Named Shariah board · available across Nigeria · Murabaha / Agency-Purchase Working Capital
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
A-
TAJBankHigh confidence
Collateral-light trader Murabaha with published facility bands under a named four-member ACE; profit margins are quoted at the branch.
Named Shariah board · available across Nigeria · Murabaha (Short-Cycle Trader Finance)
Score breakdown
Shariah integrity
34/35
Transparency
18/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Lotus BankHigh confidence
SME and corporate lines at zero account fees under a named ACE; markups are computed and negotiated per deal rather than published.
Named Shariah board · est. 2021 · available across Nigeria · Murabaha / Bai Muajjal / Ijara wa Iqtina (SME finance)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B-
Al-Barakah Microfinance BankAwaiting verified dataHigh confidence
Equity-participation microfinance documented in academic studies since around 2010, but the bank publishes no rates, terms or Shariah governance.
No public Shariah review · est. 2010 · 1 state · Non-interest business financing (equity participation reported)
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
Recently verified Aug 2026
B-
Tijarah Microfinance BankAwaiting verified dataMedium confidence
Nigeria's pioneer non-interest MFB, licensed in 2014 and an international award winner, yet it has no website and publishes nothing at all.
No public Shariah review · est. 2014 · 1 state · Murabaha and lease-to-own (Ijara) microfinance
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026
B-
I-Care Microfinance BankAwaiting verified dataMedium confidence
A licensed non-interest MFB since 2017 that survived the July 2026 licence cull, but it publishes no products, rates or scholars anywhere online.
No public Shariah review · est. 2017 · 1 state · Non-interest microfinance (contracts not published)
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026
B-
Halal Credit Microfinance BankAwaiting verified dataMedium confidence
Names its Murabaha, Ijara and Musharaka contracts and survived the July 2026 MFB licence cull, but publishes no pricing and was absent from the NDIC insured-bank register when checked in August 2026.
No public Shariah review · 1 state · Murabaha, Ijara and Musharaka financing
What we're missing to score higher:
- No public Shariah review on file
- Board members / scholars not named
- No published rates or fees on file
Recently verified Aug 2026

Education Financing

Shariah-compliant financing for school and university fees.

B+
Lotus BankHigh confidence
Finances up to 100 percent of tuition at zero facility and processing fees under a named ACE, though the markup rate itself is unpublished.
Named Shariah board · est. 2021 · available across Nigeria · Ijara Service (tuition fee finance)
Score breakdown
Shariah integrity
32/35
Transparency
14/20
Cost / value
8/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B+
Jaiz BankMedium confidence
School fees paid directly to the provider through an Ijara service contract under a published ACE; the service charge is not published.
Named Shariah board · available across Nigeria · Ijara (Service Lease / Forward Lease)
Score breakdown
Shariah integrity
34/35
Transparency
14/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026
B
The Alternative BankMedium confidence
Short-term tuition and exam-fee funding under a signed ACE compliance report, with markup, tenor and fees unpublished.
Named Shariah board · est. 2023 · available across Nigeria · Short-term education expense finance (contract type not published)
Score breakdown
Shariah integrity
32/35
Transparency
11/20
Cost / value
4/15
Track record
10/10
Verified data
20/20
Recently verified Aug 2026

How the grades work

Pillar	Points	What we measure
Shariah integrity	35	Strength of oversight: formal Shariah board (strongest) → third-party certification → named scholar → no public review (weakest). Claims require published evidence; an unsubstantiated “formal board” scores at the named-scholar tier.
Transparency	20	Are the board members named? Is the oversight detail published? Are real fee and rate numbers in plain sight? Plus data completeness: the more of their profile a provider shares, the more they earn. Disclosure always beats silence.
Cost / value	15	Pricing transparency, not price level: publishing actual declared rates, spreads, fees or expense ratios scores; pointing customers to an unpublished Schedule of Charges does not. Where nothing numeric is on file the pillar scores a conservative floor and is flagged.
Track record	10	A legitimacy check, not a longevity contest: at least a year in operation earns full marks. Decades in business don't add points, but brand-new pop-ups and undisclosed founding dates can't hold a top score.
Verified data	20	How recently our editorial team verified the provider's data against its published pages and documents. The credit decays when verification goes stale, so a strong grade cannot coast on old data. Coverage is displayed but never scored.
Editor's pick	4	Positive-only editorial points for real, documented benefits no rubric can quantify. Awarded only with a published rationale. A perfect 100 requires it, but an A doesn't.

Letter scale

A 90+ · A- 85+ · B+ 78+ · B 70+ · B- 0+. B− is the floor: it means we don't yet have enough verified information to score the provider higher, not that the provider is bad. Floor-tier rows show what's missing instead of a numeric score. Products with structural red flags, such as undisclosed riba, are removed from the Index rather than graded.

Verified data decays

Verified data is worth 20 points, a fifth of the grade. Past 30 days without re-verification the credit decays (minus 8, then minus 14 at 60 days, minus 20 at 90) until the data is confirmed again, so stale data cannot keep a strong grade.

The Index is an editorial transparency rating, not a religious ruling or financial advice. Grades are computed from HalalWallet's provider registry, reviewed before publication, and recomputed when the underlying data changes. Confidence labels reflect how complete a provider's verified data is. Providers cannot pay for a grade. See our methodology for how the registry itself is built.

Frequently Asked Questions

How to cite this page

Preferred format:

HalalWallet. “The Halal Money Index.” HalalWallet, https://www.halalwallet.ng/halal-money-index. Accessed 2026-08-06.

For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.

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.