Amaanah Non-Interest Finance Company has commenced operations, offering asset financing, investment and wealth management services to individuals and businesses seeking Shariah compliant Financial solutions
The company, which describes itself as the first Central Bank of Nigeria (CBN)-licensed non-interest finance company in the country, unveiled its products at its formal launch in Lagos yesterday.
Acting Managing Director and Chief Executive Officer, Dr Adewumi Oni, said the company was established to provide impact-driven financial solutions while adhering to Shariah principles.
Its offerings include Business Asset Financing, which enables eligible businesses to acquire productive assets; HomeFlex, for the purchase of household appliances; and FlexiWheels, for vehicle financing. The company also provides ethical investment products, wealth advisory and fund management services.
To expand access to its offerings, Amaanah has introduced an investment application and a digital marketplace to connect customers with investment opportunities and financing for eligible assets, including appliances and vehicles.
Board Chairman, Dr Akeem Oyewale, said the company aims to promote a financial system that provides individuals with solutions aligned with their values while helping businesses access responsible financing for growth.
Delivering the keynote address, the Chief Imam of the University of Abuja, Prof. Taofeeq Azeez, said Nigeria requires substantial capital to finance infrastructure, business expansion and job creation, noting that government funding and conventional bank lending alone could not meet the demand.
“We need financial ecosystems that are broader, cheaper and more inclusive,” he said.
The launch was chaired by the Chairman of NGX Group, Dr Umaru Kwairanga, while the Chairman of the Nigerian Economic Summit Group (NESG) Niyi Yusuf, served as co-chair.
A panel session, themed ‘Mobilising Local Capital for SME Growth: Challenges and Non-Interest Finance Opportunities’ examined the financing constraints facing small and medium-sized enterprises (SMEs) and the potential of non-interest finance to provide alternative funding.
