Amaanah Non-Interest Finance Company Opens New Pathways to Ethical Finance, Financial Inclusion

Dike Onwuamaeze

A wide range of financial solutions designed to expand access to ethical finance and create practical pathways for individuals and businesses to build assets, grow and pursue greater financial independence was opened to the public with the launch of Amaanah Non-Interest Finance Company,

The company, which is the first non-interest finance company to be licensed by the Central Bank of Nigeria, was launched on Thursday in Lagos with the theme ‘Financial Independence: Empowering Lives Through Ethical Finance’.

The event was chaired by the Chairman of NGX Group, Dr. Umaru Kwairanga, while Chairman of the Nigerian Economic Summit Group (NESG), Mr. Niyi Yusuf, served as the co-chair.

Delivering the welcome address, the Board Chairman of Amaanah Non-Interest Finance Company, Dr. Akeem Oyewale, said that the company’s ambition is to build a financial institution that connects access to finance with the values and aspirations of its customers.

Oyewale said, “Our ambition at Amaanah is to contribute to a financial ecosystem where people can access solutions that align with their values, where businesses can obtain responsible financing to grow, and where individuals can pursue their aspirations with greater confidence and dignity.”

In his keynote address during the ceremony, the Chief Imam of University of Abuja, Prof. Taofeeq Azeez, spoke on the broader importance of ethical finance and its potential to support financial empowerment and inclusive economic participation.

Azeez explained that “Nigerians require significant capital to finance infrastructure, expand businesses, and create jobs.

“Governments and traditional sources of bank financing as we know cannot meet up these requirements alone. We need financial ecosystems that are broader, cheaper and more inclusive – one capable of mobilising capital from multiple sources, and efficiently.”

The Managing Director of Amaanah Non-Interest Finance Company, Dr. Adewumi Oni, made a presentation that featured products and services of the company and outlined the company’s approach to providing practical financial solutions across personal, business and investment needs.

Oni said, “Amaanah is where finance meets with purpose, opportunity meets with principles and prosperity is built with principles.”

He added that the company was born to address one key question: “What if finance could do more than provide access to money?

“In answering this core question, we provide purposeful, and impact driven finance solutions, whilst ensuring that Shariah principles are not breached.”

According to Oni, the launching was more than the introduction of another financial services company as it marked the beginning of an institution built around the belief that finance can facilitate economic opportunity while remaining aligned with the principles and values of those it serves.

“Whether through a business asset that enables an entrepreneur to expand, a vehicle that creates a pathway to income, an appliance that improves a household’s quality of life or an investment that supports long-term financial goals, Amaanah seeks to make finance a practical tool for building greater economic independence,” Oni said.

He said that Amaanah’s product portfolio is designed around the real financial needs of individuals and businesses, adding that the company would provide eligible businesses with financing solutions to acquire productive assets that can support operations, improve capacity and enable growth.

“For households, HomeFlex offers flexible financing solutions for essential home appliances, helping customers acquire products that can improve comfort, convenience and quality of life.

“The company’s investment solutions are designed to enable individuals and businesses to invest through ethical investment structures, while wealth advisory and funds management services provide support for customers seeking to manage, preserve and grow their wealth in line with their financial objectives and ethical principles,” he said.

Oni also said that the company is leveraging technology to make its solutions more accessible as its Amaanah Investment App is designed to simplify access to investment opportunities, while the Amaanah Marketplace connects customers to financing solutions for products including appliances, vehicles and other eligible assets.

The launch also witnessed a panel discussion themed ‘Mobilising Local Capital for SME Growth: Challenges and Non-Interest Finance Opportunities’ that examined the financing challenges facing small and medium-sized businesses and the opportunities for non-interest finance to provide alternative pathways for businesses seeking capital to grow.