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Our Ihsan branded Savings, Current, Investment, Murabaha and Ijarah accounts are all Shariah-compliant end-to-end having passed through our internal Shari’ah governance processes and certified by the Central Bank of Nigeria Financial Regulation Advisory Council of Experts (FRACE).

Our deposits (transactional) account allows the use of our modern e-banking solutions such as our omnichannel internet and mobile banking platforms, USSD/telephone banking, card services, email and SMS alert services.

Our Shari’ah
Compliant Products

IHSAN CURRENT DEPOSIT ACCOUNT

The non-interest current deposit account is based on the Shari’ah concept of Qard Hassan (benevolent loan) which is an interest free loan from the client to the bank. The product is certified shariah compliant end to end.

The deposit client can withdraw his/her funds on demand anytime using all the channels available such as cheque book, Internet Banking, Debit Card, POS, USSD, etc. and the account is guaranteed.

IHSAN SAVINGS DEPOSIT ACCOUNT

The non-interest savings deposit accounts are based on the Shari’ah concept of profit sharing and loss bearing investment (Mudarabah). is a contract between the depositor (rabbulmal) and the bank (Mudarib) under which the deposit client provides capital/ fund (deposit) to be managed by the bank and any profit generated from the capital is shared between the depositor and the bank according to mutually agreed profit-sharing ratio.

Deposit client can withdraw his/ her money at any time and the tenor is usually unspecified.

IHSAN TERM DEPOSIT ACCOUNT

The non-interest term deposit accounts is also based on the Shari’ah concept of profit sharing and loss bearing investment (Mudarabah) is also a contract between the  depositor (rabbulmal) and the bank (Mudarib) under which the deposit client provides capital/ fund (deposit) to be managed by the bank and any profit generated  from the capital is shared between the depositor and the bank according to mutually agreed profit sharing ratio.

However, the non-interest Term Deposit account differs from the non-interest savings deposit account in two elements: 

(1) The tenor of the deposit is specified and

(2) The client is obliged to withdraw only at maturity as pre-agreed. Moreover, the profit share (return) in term Deposit account is usually higher compared to savings deposit account due to the relatively higher stickiness of term deposit as a more stable source of funds to the bank compared to savings deposit which cannot be deployed to higher yielding longer-term investments.

IHSAN IJARAH MUNTAHIA BI TAMLEEK FINANCING (LEASE TO-OWN)

Is a lease contract that concludes with passing the legal title in the leased property to the lessee at the end of the lease tenor?

The Lease-to-own-LTO (Ijarah-Muntahiya-Bi-Tamleek) Financing product is arguably the second most popular product in the Global Islamic Banking Industry because of its similarity to existing conventional leasing which is familiar to many and covered within the existing legal framework in diverse jurisdictions globally. It has an edge over cost plus profit (murabaha) financing because it permits the use of both fixed and variable profit rate unlike murabaha which permits only a fixed rate.

IHSAN MURABAHA FINANCING

The Cost-plus Profit (Murabaha) Financing is a contract of sale in which both the cost price plus the profit margin are known and agreed upon between the buyer (client) and the seller (bank). The Murabaha is the appearance of a tripartite transaction between an end buyer (the customer who is the giver of the purchase order), a supplier (first seller that provides the asset financed) and an intermediate seller (the Bank that performs the purchase order) it is suitable for all form of personal and business financing which can be access through any of the following products:

  • Ihsan Murabaha Auto Finance
  • Ihsan Murabaha Household Finance
  • Ihsan Murabaha Personal and Business Assets Finance
  • Ihsan Murabaha Import and Export Finance
  • Ihsan Murabaha Working Capital Finance

Our Advisory Committee Of Experts (ACE)Our Advisory Committee of Experts consists of five individuals with a specific role to review and certify all our products, processes and services based on their wealth of experience and knowledge of Islamic commercial jurisprudence and Islamic banking and finance.

He is a renowned Islamic scholar per excellence, well respected globally and specifically in the GCC country for his in-depth knowledge in Islamic Jurisprudence he is the Director at the International Shari’ah Research Academy for Islamic Finance (ISRA) and Associate Professor. Dr. at Global university of Islamic Finance Malaysia. Since 2009.

  • Independent and non-Executive Director, Affin Islamic Bank since 2014
  • Chairman of Shari’ah Committee of Affin Islamic Bank since March 2008.
  • Member of Shari’ah Committee of MNRB Retakaful since April 2011.
  • Member of Shari’ah Committee of the Central Bank of the Sultanate of Oman since January 2015.
  • Registered Shariah Adviser with Securities Commission Malaysia since March 2012.
  • Member of Shari’ah Committee of ISRA Consultancy institute. Since April 2011.

Member Advisory Committee of Experts a well-known Islamic Scholar and member of many councils of Islamic law centers and highly respected scholar across the country graduated from Islamic university of Madinah. Presents Quranic Tafseer in national mosque of Yola for more than twenty years. Also, chief imam & Sermoner in the same mosque.

Member Advisory committee of Experts Member: Chief Imam & sermoner Abu Huraira Jum’at Mosque Sokoto, Chairman council of Imams Sokoto; Member Shuura committee of supreme council of Shariah in Nigeria and a highly respected Ulama from Sokoto, Nigeria. Dr. Mansur is a graduate of Islamic studies from Medina University, KSA. He is also versed in modern day Islamic Finance.  Currently a senior research fellow of C.I.S Uthman Danfodio University.

he works at Corp. for the Development. of the Private Sec., ICD-IDB Group, Saudi Arabia “Advisory Projects Manager” he is Founder & President IE Islamic Finance Professional Club, IE University Madrid and he is a certified Shari’ah Auditor from AAOIFI, and Islamic accounting and auditing regulatory well recognized globally. 

Establishment, Mandate, Strategy, Management of the Professional Club,

Successfully Pitched Proposal to ECOWAS President & team to utilize its ECOWAS Investment Bank as a vehicle to access Islamic Financing from ICD and advisory services to launch an Islamic Window for Promoting Development in the Region.

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