Elegbede Abiodun
“… interest-free financial stability to every Nigerian.” Acting Chief Executive Officer, IIFM stated.
The Alternative Bank (AltBank) has joined the International Islamic Financial Market (IIFM), the global standard-setting body for Islamic finance documentation and market practice.
The membership aligns the bank with internationally recognised frameworks used across major Islamic finance jurisdictions, reinforcing the structure, execution and credibility of its Shari’ah-compliant transactions.
As part of the integration, AltBank will align its interbank liquidity documentation with IIFM’s Master Collateralised Murabahah Agreement (MCMA) framework and plans to unveil its first ready-to-sign documentation pack alongside a streamlined counterparty onboarding process in Q2 2026.
The pack will feature standardised templates, term sheets, execution checklists and onboarding requirements, aimed at cutting negotiation timelines and accelerating transaction closure.
The bank in a statement noted that this integration of global benchmarks into the local market is designed to provide Nigerian consumers and businesses with transparent, internationally recognised ethical banking products.
By adopting these standardised protocols, AltBank effectively reduces transactional complexities and enhances the legal certainty of its offerings, further solidifying its reputation as a catalyst for sustainable financial solutions across the African continent.
Managing Director of The Alternative Bank, Hassan Yusuf stated: “If non-interest banking is going to mature in Nigeria, we have to stop improvising. We’re aligning with global standards so transactions are clear and built for scale.
“By adopting these international benchmarks, we are enhancing the transparency and efficiency of our operations and also ensuring that our customers and partners can move with confidence, whether it’s a modest facility or a major transaction,” Yusuf added.
On his part, acting Chief Executive Officer, IIFM, Dr. Ahmed Rufai, added: “This Membership is not just a corporate victory, it is a commitment to bringing world-class, interest-free financial stability to every Nigerian.”
