I-Care Microfinance Bank Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
I-Care Microfinance Bank offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
I-Care Microfinance Bank - At a Glance
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Products Reviewed
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Provinces Served
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Our Verdict
I-Care is the hardest kind of institution to write about honestly: regulatory records prove it is real, licensed and insured, and nothing else about it is publicly knowable. The licence is the rare one, held by only three MFBs in a country of hundreds, and it does legal work that marketing cannot: I-Care is bound by CBN guidelines to Shariah-compliant instruments, barred from riba, and required to maintain an Advisory Committee of Experts. Its survival is itself evidence of substance, since the CBN's July 2026 enforcement wave revoked twelve Kano MFB licences in one day and I-Care was not among them, nor was it on earlier revocation rounds. Its Rimi Market address places it exactly where Islamic micro-trade finance belongs, among traders whose religious objection to interest is well documented as a financial inclusion barrier in northern Nigeria. But prospective customers deserve the plain truth: there is no website, no published product, no rate, no named scholar, and no way to compare I-Care against anything without standing in the branch. We include it because a map of Nigeria's Islamic microfinance segment that omitted one of its three licensed institutions would be wrong, and we assign it a single summary row because describing products it does not publish would be fiction. If you bank at Rimi Market, ask for terms in writing; if you do not, this institution is not currently reachable.
Pros & Cons
What We Like
- Holds the rare CBN non-interest MFB licence, one of three in Nigeria
- Legally bound to Shariah-compliant modes with a mandated Advisory Committee of Experts
- NDIC-insured and clear of the July 2026 revocation wave that hit Kano hardest
- Embedded in Rimi Market, matching product to the trader economy
- Nine years of operation since the 2017 licence
What Could Be Better
- No website or online presence of any kind
- No published products, rates, minimums or fees
- No published ACE roster, scholars or Shariah reports
- Single Kano location; single-state reach
- Cannot be evaluated or compared without an in-person visit
Who Is I-Care Microfinance Bank Best For?
Kano market traders who refuse interest-based microfinance
A licensed non-interest MFB inside Rimi Market is the most direct fit for interest-averse trader financing in the city
Kano micro-savers wanting regulated, insured non-interest deposits
NDIC insurance plus the non-interest licence class covers the basic trust questions at deposit scale
Customers of the 12 revoked Kano MFBs seeking a surviving alternative
I-Care passed the CBN's July 2026 enforcement test that closed a dozen Kano peers
Detailed Analysis
I-Care Microfinance Bank Ltd was licensed by the Central Bank of Nigeria in 2017 as a non-interest (Islamic) microfinance bank in Kano State, reported at the time by Leadership newspaper and the Nigerian Investment Promotion Commission as one of the first two NIMFB licences granted alongside the formalization of the CBN's non-interest microfinance framework (Tijarah, licensed 2014, was the pioneer; a third institution was then awaiting final approval). The 2017 guidelines bind licensees to Shariah-compliant financing modalities, prohibit interest entirely, and require an Advisory Committee of Experts to approve every product.
The bank's registered address, 296 Rimi Market Road, Kano Metropolis, is a strategic fact in itself. Rimi Market is one of Kano's major commercial hubs, and northern Nigerian financial inclusion research consistently identifies religious aversion to interest as a leading reason traders remain unbanked. A licensed Islamic MFB physically inside the market is the textbook institutional answer, and I-Care's nine-year survival there suggests the model has found its customers, even if no public data describes them.
Regulatory standing is the one dimension where I-Care can be positively verified. It appears on the NDIC's insured microfinance bank register as crawled on 2026-08-04. It is not on the CBN's 1 July 2026 revocation list of 46 MFBs, an enforcement wave that fell disproportionately on Kano State, closing twelve institutions there in a single action for capital shortfalls, inactivity or failure to commence operations. Surviving that filter while holding a niche licence is meaningful evidence of a functioning institution.
Everything else is undisclosed. I-Care has no website, no discoverable social media, no published product names, no rates, no account terms, no ACE roster and no Shariah reports. Standard practice in its licence class is murabaha trade financing, mudaraba or wadi'ah deposits and qard hasan facilities, and it would be surprising if I-Care's shelf differed much, but we decline to present segment norms as institutional facts. We record one summary row for the institution's offering and state plainly: the licence, the insurance and the address are verified; the products are not publicly described anywhere.
How It Works
I-Care's structural guarantee is regulatory rather than self-described. Its CBN non-interest MFB licence legally restricts it to Shariah-compliant instruments: no interest may be charged or paid, financing must run through trade, lease or partnership modes (murabaha, ijara, musharaka, mudaraba and similar), and products require approval by a mandated Advisory Committee of Experts. The bank publishes nothing about which specific contracts it uses. Customers should ask at the branch which contract governs any deposit or facility and how the bank's return is generated, and expect answers consistent with the murabaha-dominant pattern documented across Islamic microfinance globally.
Go to Rimi Market Road
I-Care has no website or remote onboarding. All account opening and financing happens at 296 Rimi Market Road, Kano Metropolis.
Open an insured non-interest account
Deposits at a licensed NIMFB carry NDIC insurance. Ask whether your account is safekeeping (wadi'ah/amanah) or profit-sharing (mudaraba) and how any profit is computed.
Apply for micro-financing
Bring your trading or enterprise evidence. Under the licence class, financing must be structured through Shariah-compliant modes rather than interest loans; ask which contract applies and see the markup or ratio in writing.
Verify before you commit
Because nothing is published, verify the essentials in the branch: current licence status, NDIC insurance, the governing contract and the total cost of any facility. The CBN's *959# verification service can confirm licence status.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Licensed by the CBN as a non-interest (Islamic) microfinance bank in Kano State in 2017 (NIPC and Leadership press reports, checked 2026-08-04)
Listed on the NDIC insured MFB register as I-Care Microfinance Bank Ltd, 296 Rimi Market Road, Kano Metropolis (register crawled 2026-08-04)
Not on the CBN's 1 July 2026 revocation list of 46 MFBs, which included 12 Kano institutions (CBN and NDIC notices, checked 2026-08-04)
No ACE roster, Shariah reports or product documentation published anywhere online (checked 2026-08-04)
Shariah compliance should always be verified directly with I-Care Microfinance Bank. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Within Kano, I-Care's non-interest competition is not microfinance at all: Jaiz Bank and TAJBank both maintain a strong Kano presence with full branches, published products and formal Shariah boards, and for anyone whose needs exceed micro-scale they are simply better documented institutions. I-Care's niche is below their radar: market-stall working capital, micro-deposits and trader financing at ticket sizes a commercial bank branch will not underwrite. Against its two licence-class peers, I-Care sits between them geographically and behind both informationally: Tijarah (Bauchi) carries an international product award and published impact research, Halal Credit (Katsina) publishes a real product shelf online, and I-Care publishes nothing. It wins on location alone, being the only licensed Islamic MFB in Nigeria's largest northern commercial city.
vs. Jaiz Bank
Full Islamic bank with deep Kano presence, published products and a formal Shariah board; the verifiable choice for anything above micro-scale.
vs. TAJBank
National non-interest bank with strong northern distribution and digital channels I-Care lacks entirely.
The pioneer licence-class peer in Bauchi with an award and impact evidence, equally silent online.
vs. Halal Credit Microfinance Bank
The Katsina peer that publishes named contracts and a mobile app; the transparency leader among the three NIMFBs.
Bottom Line
I-Care is a verified licence, an NDIC listing and a Rimi Market address wrapped around a completely undisclosed business. The regulatory facts justify trust at micro-deposit scale for Kano traders who need non-interest banking; everything else, from products to pricing to scholars, must be established in person, because the bank publishes nothing at all.
Products from I-Care Microfinance Bank
Why It's Halal
The strongest evidence is the licence itself: I-Care was approved by the CBN specifically as a non-interest microfinance bank under guidelines that legally restrict it to Shariah-compliant financing modes, prohibit riba outright, and require an Advisory Committee of Experts to approve products. Industry and academic sources consistently list it alongside Tijarah and Halal Credit as one of Nigeria's three Islamic MFBs, and standard practice in the segment is murabaha trade financing with mudaraba-based savings. What cannot be verified publicly is everything else: no scholar names, no contracts, no compliance reports and no product documentation exist online. The regulatory framework does real work here, since a non-interest licence is not a marketing label but a binding legal classification supervised by the CBN. Customers should still ask the Rimi Market Road office which contract governs any specific deposit or facility.
I-Care Microfinance Bank
I-Care Non-Interest Microfinance (Deposits and Financing)
I-Care is one of only three microfinance banks the CBN has licensed under its non-interest (Islamic) framework, approved in 2017 and operating from 296 Rimi Market Road in Kano's commercial heart. It remains NDIC-insured in 2026 and stayed clear of the CBN's July 2026 cull of 46 microfinance licences, twelve of which were Kano institutions. Beyond that, public information runs dry: the bank maintains no website and publishes no product names, rates or account terms. This single row summarizes the institution's whole offering, deposits and Shariah-compliant micro-financing for Kano's traders, because there is nothing granular to describe honestly.
Opens provider site - no obligation
Where Available
Based on listings we track, I-Care Microfinance Bank may be available in the following state:
Availability may vary by product type. Always verify current availability directly with I-Care Microfinance Bank.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
I-Care Microfinance Bank offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Business Financing options.
Key Takeaways
- I-Care Microfinance Bank offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: KN.
- Product categories include Business Financing.
- Always verify compliance directly with I-Care Microfinance Bank and consult qualified Islamic finance advisors when needed.
- Compare I-Care Microfinance Bank's products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
- HalalWallet Methodology
- Editorial Policy
- Disclosures
- NDIC insured MFB register listing I-Care Microfinance Bank Ltd, Kano (crawled 2026-08-04)
- NIPC (2017): CBN grants NIMFB licences to Tijarah and I-Care
- NDIC notice on the CBN's 1 July 2026 revocation of 46 MFB licences (I-Care not listed)
- Industry roundup listing Nigeria's three non-interest MFBs: Tijarah, I-Care, Halal Credit
How to cite this page
Preferred format:
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does I-Care Microfinance Bank offer?
I-Care Microfinance Bank offers 1 product across 1 category. I-Care Microfinance Bank is best for [object Object],[object Object],[object Object]. Review the products listed above or contact I-Care Microfinance Bank directly for current offerings.
How does I-Care Microfinance Bank ensure Shariah compliance?
Licensed by the CBN as a non-interest (Islamic) microfinance bank in Kano State in 2017 (NIPC and Leadership press reports, checked 2026-08-04) Listed on the NDIC insured MFB register as I-Care Microfinance Bank Ltd, 296 Rimi Market Road, Kano Metropolis (register crawled 2026-08-04) Not on the CBN's 1 July 2026 revocation list of 46 MFBs, which included 12 Kano institutions (CBN and NDIC notices, checked 2026-08-04) No ACE roster, Shariah reports or product documentation published anywhere online (checked 2026-08-04)
How does I-Care Microfinance Bank work?
Go to Rimi Market Road: I-Care has no website or remote onboarding. All account opening and financing happens at 296 Rimi Market Road, Kano Metropolis. Open an insured non-interest account: Deposits at a licensed NIMFB carry NDIC insurance. Ask whether your account is safekeeping (wadi'ah/amanah) or profit-sharing (mudaraba) and how any profit is computed. Apply for micro-financing: Bring your trading or enterprise evidence. Under the licence class, financing must be structured through Shariah-compliant modes rather than interest loans; ask which contract applies and see the markup or ratio in writing. Verify before you commit: Because nothing is published, verify the essentials in the branch: current licence status, NDIC insurance, the governing contract and the total cost of any facility. The CBN's *959# verification service can confirm licence status.
Is I-Care Microfinance Bank available in my state?
Based on listings we track, I-Care Microfinance Bank may be available in 1 state. However, availability can vary by product type. Always verify current availability directly with I-Care Microfinance Bank.
What are alternatives to I-Care Microfinance Bank?
Within Kano, I-Care's non-interest competition is not microfinance at all: Jaiz Bank and TAJBank both maintain a strong Kano presence with full branches, published products and formal Shariah boards, and for anyone whose needs exceed micro-scale they are simply better documented institutions. I-Care's niche is below their radar: market-stall working capital, micro-deposits and trader financing at ticket sizes a commercial bank branch will not underwrite. Against its two licence-class peers, I-Care sits between them geographically and behind both informationally: Tijarah (Bauchi) carries an international product award and published impact research, Halal Credit (Katsina) publishes a real product shelf online, and I-Care publishes nothing. It wins on location alone, being the only licensed Islamic MFB in Nigeria's largest northern commercial city. Jaiz Bank: Full Islamic bank with deep Kano presence, published products and a formal Shariah board; the verifiable choice for anything above micro-scale. TAJBank: National non-interest bank with strong northern distribution and digital channels I-Care lacks entirely. Tijarah Microfinance Bank: The pioneer licence-class peer in Bauchi with an award and impact evidence, equally silent online. Halal Credit Microfinance Bank: The Katsina peer that publishes named contracts and a mobile app; the transparency leader among the three NIMFBs.
Are I-Care Microfinance Bank's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact I-Care Microfinance Bank?
Contact information for I-Care Microfinance Bank should be available through their website or the product listings above. Use the action links provided with each product to visit I-Care Microfinance Bank's website or contact them directly for more information.
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