Open Space Launches Ethical Finance Model in Abuja

Open Space Financial Services Limited unveiled its Ethical Finance proposition in Abuja, aiming to combine Shariah-compliant financial structures with artificial intelligence, machine learning, and digital technology. Chief Executive Titus Adakole Ikeh stated that the initiative seeks to reshape finance's role in economic participation and wealth creation, particularly for those underserved by traditional financial services.

The model includes structures such as Murabaha, Ijarah, Diminishing Musharakah, and Mudaraba, which provide financing and investment opportunities without conventional interest-based lending. Under Murabaha, Open Space will acquire assets for customers and sell them at a disclosed cost plus profit.

Ijarah involves leasing assets to customers, while Diminishing Musharakah allows customers to progressively purchase ownership of an asset. Mudaraba will enable customers to invest capital managed by Open Space in Shariah-compliant opportunities, with profits shared according to a pre-agreed ratio.

Ikeh emphasized that the Ethical Finance model is designed for broader financial inclusion beyond just Shariah-compliant customers.