List of Islamic Banks in Nigeria (2025 Full Guide)

Islamic banking is growing fast in Nigeria. Many people now want financial services that follow Shariah rules. These banks do not deal with interest, making them different from traditional banks. The list of Islamic banks in Nigeria includes trusted names like Jaiz Bank and Lotus Bank, offering ethical options for Muslims and others who prefer interest-free banking.

With simple account access, customers can utilize current tools such as the smartphone apps or Jaiz internet banking. Discover the largest Islamic banks in Nigeria and how they operate in 2025 with this comprehensive guide.

Islamic Banking: What Is It?

Shariah law is the basis of Islamic banking, which abstains from dealing with interest. It adheres to the principle that money shouldn’t be made more money by lending it to others. True commerce, shared risk, and equitable profit are instead promoted. Because of this, it a suitable choice for individuals seeking to avoid riba, as it is strictly prohibited in Islam.

Muslims and non-Muslims equally are welcome at the country’s Islamic banks. Their services are founded upon principles of integrity & are fair and transparent. They are open and fiscally responsible, which attracts users due to religious and secular reasons. Many commercial banks in Nigeria follow the old interest-banking model, but this one is new.

Growth of Islamic Banking in Nigeria

Islamic banking in Nigeria started slowly but has grown fast in recent years. The launch of Jaiz Bank Plc in 2012 was the start of something big. It was the first full Shariah-compliant bank in the country. Since then, other banks like Lotus Bank and TAJ Bank have joined, and more people now know about Islamic finance.

The Central Bank of Nigeria has played a strong role in this growth. It gave licenses to these banks and supports the expansion of non-interest banking. Today, more Nigerians are using jaiz bank apps, jaiz internet banking, and other Islamic services to manage their money.

Official List of Islamic Banks in Nigeria (CBN Approved)

The table below shows the latest CBN-approved Islamic banks in Nigeria. Each bank listed is fully Shariah-compliant and avoids all forms of interest. These banks are growing fast and now serve customers across the country.

Among these, Jaiz Bank Online has become a popular option for customers who want digital Islamic banking. You can also use the Jaiz Bank mobile app to access services and manage your money.

Services Offered by Islamic Banks in Nigeria

Islamic banks in Nigeria provide many services similar to those of Nigerian banks, but they follow Islamic rules. Customers can open current or savings accounts, apply for business funding, or use Islamic finance tools like Murabaha and Ijara. These tools allow people to buy items or lease them without interest.

With services like Jaiz e-banking, Jaiz Bank Online, and mobile apps, these banks are now very accessible. People use the Jaiz Bank app to check balances, transfer funds, and pay bills. The Jaiz Bank application process is simple and can be completed digitally. Many customers now ask how to use the Jaiz Bank app, and the answer is—it’s easy, just download and register.

Comparison: Islamic vs Conventional Banks in Nigeria

The biggest difference is that Islamic banks do not charge or give interest. It makes earnings instead through leasing and trading. Companies involved in the production of alcohol or gambling are also not allowed to receive any financing from Muslims.

This makes Islamic banks more ethical compared to most banks on the Nigerianerian list. Customers often ask, is Jaiz Bank interest-free? Yes, it is. It follows Shariah rules and provides an alternative to the usual interest bank model. This is why many call it one of the best Islamic banks in Nigeria.

How to Open an Account in an Islamic Bank in Nigeria

Opening an account with an Islamic bank is easy. You can either visit a branch or open a Jaiz bank account online. The digital method only needs a phone or computer and some personal documents. Once your account is approved, you can begin using services right away.

Many people start their journey with the Jaiz Bank app or website. Visitors agree able to acquire the ropes of the Jaiz Bank app with the help of the included tutorials. The procedure is quick, easy, and suitable for contemporary banking requirements in Nigeria.

Who Should Use Islamic Banking?

For those seeking trustworthy, open & ethical financial services, Islamic banking is a wonderful option. Anyone gets something from it; however,, Muslims who wish to remain anonymous will find it particularly helpful. Many people, including students, farmers, & small business owners, have taken advantage of these banks’ reasonable savings and loan programs.

With no hidden fees or unfair charges, Islamic banks offer a clean and honest way to manage money. People who apply for a Jaiz Bank loan know that they are not paying extra interest. Instead, they agree to clear, fixed terms based on Shariah rules.

Challenges Facing Islamic Banks in Nigeria

Even with fast growth, Islamic banks in Nigeria still face problems. Many people don’t fully understand how Islamic banking works. Some believe it is only for Muslims. Others don’t know the benefits of using tools like Jaiz Bank internet banking or the Jaiz Bank mobile app.

Another challenge is the strong presence of regular Nigerian commercial banks. These traditional banks have been around longer and have more branches. That makes it harder for new Islamic banks to compete, especially in rural areas.

Future of Islamic Banking in Nigeria (2025–2030 Forecast)

Experts believe Islamic banking will grow even more in the next five years. With better digital services and more public education, banks like Jaiz, Lotus Bank, and TAJ will reach more people. These banks are also working on improving Jaiz online banking tools and mobile services.

The Central Bank plans to support this growth by updating rules and helping banks reach new areas. Many Nigerians now prefer fair, clean finance. That means Islamic banks have a bright future. The goal is to make Islamic banking as common and trusted as any name on the bank’ss name list.

Final Thoughts

The list of Islamic banks in Nigeria gives people a new way to manage their money. Whether you want to open a Jaiz Bank account online, apply for a Jaiz Bank loan, or simply learn how to apply for a Jaiz Bank loan, this guide helps you choose the right path.

These banks are not just about religion—they offer smart, ethical, and fair options for everyone. So if you’re ready to switch from a normal interest bank to a better system, Jaiz Bank, Lotus Bank, and others are ready to serve you. They show that banking can be honest, helpful, and halal.

FAQs

1. The number of Islamic banks in Nigeria is one important question.

Jaiz Bank, TAJ Bank, and Lotus Bank are the three Islamic banks in Nigeria that received full licenses from the Central Bank of Nigeria (CBN).

2. For the year 2025, which bank do you recommend in Nigeria?

In the year 2025, Jaiz Bank has already established itself as the leading Islamic bank in Nigeria, providing a comprehensive suite of items that adhere to Shariah law.

3. By 2025, how big do you think the Islamic banking industry will be?

As a result of increased interest in ethical financing, Nigeria’s Islamic banking sector is expected to have capital worth more than ₦2 trillion by 2025.

4. How many banks are listed in Nigeria?

There are 24 commercial banks listed in Nigeria under the Central Bank of Nigeria, including both conventional and non-interest banks.

5. Islamic microfinance bank in Nigeria

Al-Barakah Microfinance Bank and a few others provide Shariah-compliant microfinance services in various states across Nigeria.