LAGOS — The Alternative Bank (AltBank) has taken a decisive step toward global best practice by becoming a member of the International Islamic Financial Market (IIFM), the leading international authority on Islamic finance documentation and market standards.
The membership signals a shift toward internationally harmonised processes for Shari’ah-compliant transactions in Nigeria, aligning AltBank’s operations with frameworks widely used across established Islamic finance jurisdictions.
As part of the integration, AltBank will adopt the IIFM Master Collateralised Murabahah Agreement (MCMA) for its interbank liquidity transactions. The bank also plans to roll out a comprehensive, ready-to-execute documentation and counterparty onboarding package in the second quarter of 2026.
According to the bank, the package will feature standard contract templates, term sheets, execution guides, and onboarding requirements—tools designed to cut down prolonged negotiations and accelerate deal completion.
The move is expected to enhance transparency and legal certainty for customers and counterparties, while expanding access to ethical, globally recognised non-interest banking products for Nigerian businesses and consumers.
Commenting on the development, Hassan Yusuf, Managing Director of The Alternative Bank, said the decision reflects a commitment to long-term growth and scalability in Nigeria’s non-interest finance space.
“For non-interest banking to truly mature, we must move beyond ad-hoc structures,” Yusuf said. “Aligning with global standards ensures clarity, efficiency, and confidence—whether for small facilities or large-scale transactions.”
Also reacting, Ahmed Rufai, Acting Chief Executive Officer of IIFM, described AltBank’s membership as a milestone for the Nigerian market.
“This is more than institutional progress; it represents a commitment to delivering world-class, interest-free financial solutions that support stability and trust,” he noted.
Founded in 2002, the IIFM develops and publishes standardised Shari’ah-compliant contracts and market guidance used across multiple jurisdictions, helping to ensure consistency in how Islamic finance products are structured and executed globally.
With this move, AltBank reinforces its position as a driver of sustainable and ethical finance in Nigeria and across Africa.