Open Space Launches Ethical Finance for Excluded Nigerians

Open Space Financial Services launched an Ethical Finance offering on Tuesday at Novare Central Mall in Abuja, aimed at individuals and businesses historically excluded from mainstream financing. CEO Titus Adakole Ikeh stated that the initiative targets underserved populations within the formal financial system.

The offering includes four Shariah-compliant structures: Murabaha, Ijarah, Diminishing Musharakah, and Mudaraba, which focus on transparency and ethical investment. Ikeh noted that success would be measured by the positive impact on lives rather than the number of products.

Shariah Adviser Zubair Mughal highlighted Nigeria's potential as a hub for Islamic and ethical finance in West Africa, citing a global Islamic finance asset value of approximately $5.98 trillion in 2024. Chief Financial Officer Andrew Echono reinforced the commitment to inclusion through ethical solutions, emphasizing that their products are structured on risk-sharing rather than debt transfer, helping small businesses avoid debt spirals.