Our Methodology

1. Data Sources

Product information is gathered from multiple public and direct sources:

• Provider websites: official product pages, declared profit rate sheets, key fact statements, fee schedules, and application requirements.
• Public disclosures: Central Bank of Nigeria, NDIC, SEC Nigeria, NAICOM, and PenCom publications, fund manager reports, and audited annual reports.
• Provider communications: press releases and customer service confirmations.
• Shariah documentation: published fatwas, Shariah Board composition disclosures, annual Shariah Board reports, and certification documents.
• Industry publications: reports from AAOIFI, IFSB (Islamic Financial Services Board), and other recognized Islamic finance bodies.

We do not accept self-reported data at face value. All provider-submitted information is cross-referenced against publicly available documentation before publication.

2. What We Track for Each Product

For every product in our database, we store and display structured attributes including:

• Category: home financing, car financing, business financing, bank accounts, investing, retirement, or Takaful.
• Product structure: the Islamic finance contract type (Diminishing Musharakah, Murabaha, Ijarah, Mudarabah, Wakalah, etc.).
• Regional availability: which states and the FCT the product is offered in, and where providers publish branch or city lists, the specific cities.
• Provider details: name, founding year, website, headquarters, branch counts where published, and contact channels.
• Shariah oversight type: classified as Formal Board, Third-Party Certified, Named Scholar, or No Public Review (explained below).
• Key features: published markup or rental rates with their dates, declared profit rates where disclosed, minimum deposits or equity contributions, tenors, and other distinguishing terms.

3. Verification Process

Before any product is published or updated, we follow a multi-step verification process:

1. Primary source check: we confirm every claim against the provider's own published materials, and where rates are published we record the month of the declaration.
2. Consistency validation: we run automated checks to identify anomalies in regional coverage, product categorization, and attribute completeness.
3. Manual review: flagged anomalies are reviewed by a team member before changes are published.
4. Timestamp tracking: we record the date each product record was last verified so users and AI systems can assess data freshness.

If a provider changes terms, coverage, or product structure, we update records as soon as we identify the change. For high-impact changes (regional availability, pricing, or Shariah oversight status), updates are prioritized within 48 hours.

4. Shariah Oversight Classification

For every provider, we summarize the publicly available Shariah governance documentation into a standardized label. This helps users quickly assess the level of documented religious oversight:

• Formal Board: the provider discloses a Shariah supervisory board that reviews and certifies products on an ongoing basis. For Nigerian non-interest banks, an Advisory Committee of Experts is required under the CBN's non-interest banking framework; where the chairperson is named publicly, we record the name.
• Third-Party Certified: the provider references third-party scholarly review or certification from recognized Islamic finance bodies or scholars.
• Named Scholar: the provider discloses named scholar involvement and methodology documentation but does not maintain a formal board.
• No Public Review: no publicly available Shariah board, certification, or named scholar documentation was found at the time of review.
• Not Applicable: the organization is not a consumer financial product provider (e.g., screening tools, educational platforms).

Important: These labels are informational. HalalWallet does not issue religious rulings, certify products as halal, or serve as a Shariah authority. We encourage all users to verify details directly with providers and consult qualified scholars for faith-specific determinations.

5. How Comparisons Are Presented

Our comparison tables allow users to filter and sort products by category, region, provider, financing structure, and Shariah oversight type. The default display order is not a ranking of quality; it is based on data completeness and availability.

Provider letter grades shown across the site come from the Halal Money Index, our published scorecard grading every Nigerian provider on Shariah integrity, transparency, pricing disclosure, track record, and verified data. The full rubric, pillar weights, and every grade are public on that page. Grades are editorial transparency ratings, not religious rulings, and providers cannot pay for one.

“Featured” labels on certain provider cards indicate a commercial partnership. Featured status does not influence the data displayed, the comparison table order, or the inclusion/exclusion of any product. Our Disclosures page provides full details on how we earn revenue and how it relates (and does not relate) to editorial decisions.

6. Update Cadence

We maintain a quarterly review cycle for all product data. During each review, we:

• Re-verify regional availability, declared rates, and product terms.
• Check for new providers entering the Nigeria halal finance market.
• Update Shariah oversight labels if governance documentation has changed.
• Review and refresh educational content (guides, blog articles, glossary).

Between quarterly reviews, we make ad-hoc updates when we identify material changes, such as a provider expanding to new cities, changing their product structure, or updating their Shariah Board composition. Monthly declared profit rates change frequently, so we date every rate we publish.

7. Limitations and Disclaimers

Our methodology has inherent limitations that users should be aware of:

• We can only classify Shariah oversight based on publicly available documentation. A provider may have strong internal governance that is not publicly disclosed.
• Product terms (rates, fees, minimums) change frequently. While we update data regularly, users should always confirm current terms directly with the provider before making financial decisions.
• Islamic finance jurisprudence involves scholarly differences of opinion. A product considered compliant by one school of thought may not be by another. We do not adjudicate these differences.
• Not every halal financial product available in Nigeria may be included in our database. We continuously work to expand coverage.

8. Questions or Feedback

If you have questions about our methodology, notice an error, or want to suggest a provider for inclusion, please contact us. We take corrections seriously and prioritize accuracy above all else.