Alternative Bank Adopts IIFM Standards for Growth
The Alternative Bank is set to enhance its non-interest banking operations by adopting the International Islamic Financial Market (IIFM) standards. This initiative aims to fast-track and strengthen the bank's framework for Shari'ah-compliant transactions.
The bank plans to unveil its first document pack, which includes a standardized template and an execution checklist, by Q2 2026. This pack will streamline the onboarding process for counterparties and is designed to reduce negotiation timelines, thereby accelerating transaction closures.
Managing Director Hassan Yusuf emphasized the importance of aligning with global standards to enhance transparency and operational efficiency, ensuring that customers can engage confidently in transactions. Dr. Ahm Rufai, Chief Executive Officer of IIFM, noted that the bank's membership signifies a commitment to bringing world-class, interest-free financial stability to Nigeria.
This strategic move is expected to solidify the Alternative Bank's role as a catalyst for sustainable financial solutions across the African continent.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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