Summit Bank has just received provisional licensing from the Central Bank of Nigeria (CBN) to begin operation.

The new license brings the total number of full-fledged Islamic banks licensed in the country to six.

Non-interest banking, devoid of interest rates, operates under a robust ethical framework governing all its operations and transactions.

Unlike traditional banking, it fosters a partnership model where customers, whether individuals or businesses are viewed as partners rather than mere clients or borrowers.

This partnership entails sharing both risks and profits associated with assets and ventures.

Central to Non-Interest Banking is adherence to Shariah principles, ensuring absolute transparency in all dealings.

This system arose to address both religious principles and economic realities, offering an alternative financial approach grounded in the ethical foundations of Shariah.

It promotes social justice, equality, and ethical responsibility while meeting diverse financial needs with integrity and transparency.

Here are the lists of Islamic banks in Nigeria

Jaiz Bank PLC - is the biggest Islamic bank in Nigeria

Taj Bank

Lotus Bank Ltd

The Alternative Bank

Summit Bank - the latest entrant