Amaanah Non-Interest Finance Company has begun operations in Nigeria, providing asset financing, investment, and wealth management services to individuals and businesses seeking Shariah-compliant financial solutions. The company, licensed by the Central Bank of Nigeria (CBN), was launched in Lagos, unveiling its products and services to the public. With a focus on impact-driven financial solutions, Amaanah aims to cater to the needs of small and medium-sized enterprises (SMEs) and households.
The company's offerings include Business Asset Financing, which enables businesses to acquire productive assets, and HomeFlex, for purchasing household appliances. Additionally, Amaanah provides FlexiWheels for vehicle financing, as well as ethical investment products, wealth advisory, and fund management services. These services are designed to adhere to Shariah principles, providing customers with financial solutions that align with their values.
To expand access to its offerings, Amaanah has introduced an investment application and a digital marketplace. This platform connects customers with investment opportunities and financing for eligible assets, including appliances and vehicles. The company's goal is to promote a financial system that provides individuals with solutions aligned with their values while helping businesses access responsible financing for growth.
The launch event, chaired by the Chairman of NGX Group, Dr Umaru Kwairanga, featured a keynote address by the Chief Imam of the University of Abuja, Prof. Taofeeq Azeez. He emphasized that Nigeria requires substantial capital to finance infrastructure, business expansion, and job creation, noting that government funding and conventional bank lending alone cannot meet the demand. Prof. Azeez stressed the need for broader, cheaper, and more inclusive financial ecosystems.
The Chairman of Amaanah, Dr Akeem Oyewale, highlighted the company's mission to provide impact-driven financial solutions while adhering to Shariah principles. He noted that the company's services aim to promote financial inclusion and provide businesses with access to responsible financing for growth. The launch event also featured a panel session on 'Mobilising Local Capital for SME Growth: Challenges and Non-Interest Finance Opportunities'.
The panel session examined the financing constraints facing small and medium-sized enterprises (SMEs) and the potential of non-interest finance to provide alternative funding. The Nigerian Economic Summit Group (NESG) Chairman, Niyi Yusuf, served as co-chair of the launch event. The company's Acting Managing Director and Chief Executive Officer, Dr Adewumi Oni, expressed confidence in Amaanah's ability to make a positive impact in the Nigerian financial sector.
As the first CBN-licensed non-interest finance company in Nigeria, Amaanah is poised to play a significant role in promoting financial inclusion and providing Shariah-compliant financial solutions to SMEs and households. With its innovative products and services, the company aims to bridge the financing gap and contribute to Nigeria's economic growth.
Key points
- Amaanah Non-Interest Finance Company offers Shariah-compliant financial solutions to SMEs and households.
- The company provides asset financing, investment, and wealth management services.
- Amaanah aims to promote financial inclusion and provide businesses with access to responsible financing for growth.
