AltBank Aligns with Global Standards, Joins IIFM to Boost Nigeria’s Non-Interest Finance
By Rashidat Olushola Okunlade
The Alternative Bank (AltBank) has joined the International Islamic Financial Market (IIFM), a global standard-setting organisation for Islamic finance documentation and market practices, in a move aimed at strengthening Nigeria’s non-interest banking framework.
The development aligns AltBank with internationally recognised standards used across key Islamic finance markets, enhancing the structure, execution, and credibility of Shari’ah-compliant transactions.
As part of the integration, AltBank will begin aligning its interbank liquidity documentation with IIFM’s Master Collateralised Murabahah Agreement (MCMA) framework.
The bank also plans to launch its first ready-to-execute documentation pack and counterparty onboarding process in the second quarter of 2026.
The documentation package will feature standard templates, term sheets, execution checklists, and onboarding requirements designed to minimise negotiation cycles and accelerate transaction completion.
By adopting global benchmarks, AltBank aims to provide Nigerian businesses and consumers with transparent, ethical banking solutions that meet international standards.
The initiative is expected to simplify transactional processes, improve legal clarity, and reinforce confidence in non-interest financial products.
Managing Director of The Alternative Bank, Hassan Yusuf, said the move reflects a deliberate push towards standardisation and scalability in the sector.
He noted that aligning with global frameworks would eliminate inconsistencies in transaction processes and ensure that non-interest banking in Nigeria evolves on a solid, structured foundation.
He added that the adoption of these standards would enhance operational efficiency and give customers and partners greater confidence in executing both small and large-scale transactions.
Acting Chief Executive Officer of IIFM, Dr. Ahmed Rufai, described AltBank’s membership as a significant step toward advancing interest-free financial stability in Nigeria, noting that it reflects a broader commitment to global best practices in Islamic finance.
Established in 2002, IIFM plays a central role in developing standardised documentation and product guidelines for Islamic finance. Its frameworks are widely adopted across multiple jurisdictions, promoting consistency in the structuring and execution of Shari’ah-compliant financial products.
About The Alternative Bank
The Alternative Bank began operations in January 2014 as a non-interest banking window under Sterling and transitioned into a standalone institution in July 2023 following the issuance of a banking licence by the Central Bank of Nigeria. Guided by its Advisory Committee of Experts (ACE), the bank ensures that all its operations comply with non-interest banking principles while delivering ethical and customer-focused financial solutions.
