Sterling Bank Plc has concluded plans to seek a license for a stand-alone Non-Interest Bank (NIB) from the Central Bank of Nigeria.
The outgoing Managing Director/Chief Executive Officer of the Sterling Bank Plc, Mr. Yemi Adeola, gave this hint during a visit to the Nigeria Deposit Insurance Corporation (NDIC) management in Abuja, Adeola said the decision was informed by the feasibility studies conducted by the bank, judging from the potential market and financial resources of customers expected to embrace NIB.
Adeola commended the NDIC for its immense contribution to the safety and soundness of the Nigerian banking system since its inception.
“The NDIC was renowned for the excellence of its Bank Examiners and the laudable reputation they acquired through the quality of their reports.” He said.
About the Non-Interest Banking
Non-Interest banking, NIB is synonymous with Islamic banking. It refers to an alternative form of banking contrary to the well-known conventional banking in significant aspect. This type of alternative banking operates on some defining principles in Islamic Commercial Law such as interest prohibition (riba) in exchange contracts; the prohibition of uncertainty or speculative behavior (gharar) in business transactions; the prohibition of any form of gambling (maysir).
Furthermore, it also prohibits funding unethical concerns such, alcohol or tobacco, or ammunitions manufacturing and adult entertainment institutions; just to mention a few.
Sterling Bank Plc is a full service national commercial bank licensed by the Central Bank of Nigeria. The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2016, the bank’s branch network numbered 187, distributed throughout the country.
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