Our Experiences

SOME OF OUR EXPERIENCES

Although IBFIN was incorporated in August 2009, it had previously operated and accumulated experience in the Islamic Banking and Finance, either from the activities of the Managing Director/CEO or under the auspice of Social Sciences and Islamic Resource Institute Ltd. Some of our experiences include:

Designing and implementing the Non-Interest Banking Scheme in Habib Nigeria Bank. As Head of the Non-interest Banking, in former Habib Bank [now Bank PHB], our Managing Director/CEO had a unique opportunity of understanding the Islamic banking environment in Nigeria. He designed, established and implemented the Non-Interest Banking Scheme in Habib Nigeria Bank Ltd. He was the pioneer of the scheme in Nigeria.  He conducted market survey, trained staff at Management and lower levels at braches and Head Office. Developed banking products on both liability and assets sides. Marketed the Non-Interest Banking Scheme throughout Nigeria. Met and discussed the Non-Interest banking System with many prominent people around the country.

SENSITIZATION WORKSHOP OF IBFIN

Conversion of Microfinance Bank from conventional banking operation to Islamic banking operation; Our Managing Director/CEO converted the operations of Freedom Microfinance Bank, based in Kano, from conventional, interest base, to Islamic [non-interest] banking system operation. The specific areas covered during the conversion include, but not limited to:

  • Suitable and efficient staff training
  • Comprehensive manual of Operation
  • Development and design of Islamic products range and contracts
  • [Developing suitable computer software: proposed but not implemented]
  • Marketing and public relation campaign
  • Designing appropriate legal documents

JOURNALISTS AND IBFIN DIRECTOR

Research/feasibility study for the establishment of Islamic Bank in Nigeria

In February 2009, a Nigerian investor, on behalf of his partners in Kuwait and Saudi Arabia, engaged the services of Social Sciences and Islamic Resource Institute Ltd [the holding Company of Islamic Banking and Finance Institute] to prepare a report that shall meet all requirements for obtaining a banking license from the Central Bank of Nigeria as stipulated by Law, as well as conduct research and market feasibility study that will determine the viability, feasibility and profitability of an Islamic Bank in Nigeria.

The research was conducted with the aim of defining the customer profile of the Islamic banking System in Nigeria; assess the degree of customer awareness with this type of banking, as well as determine the extent of the acceptability and possible patronage of the products and services to be provided by the proposed Islamic Bank. The result equally assisted us in

It was a practical field study conducted in seven Nigerian cities. The cities are Kano, Kaduna, Sokoto, Ibadan, Ilorin, Maiduguri and Lagos. The research focused in particular on seeking answers to the following questions:

  • What is the degree of prospect for Islamic Banking System in Nigeria?
  • To what extent are customers aware of and will use the Islamic banking products and services in Nigeria?
  • What are the main drives that will motivate customers to choose to deal with an Islamic bank in Nigeria?

KANO STATE SENSITIZATION SEMINAR

Establishment of a Full-Pledged Takaful Company

The Islamic Banking and Finance Institute Nigeria was contracted by Jaiz Charity and Development Foundation to prepare a comprehensive Business Plan, Feasibility Report and other Registration Requirements for the establishment of a Takaful company, in accordance with the prescribed guidelines issued by the National Insurance Commission.

IBFIN was the first company based in Nigeria to successful designed and meet all the regulatory requirements for the establishment of Takaful in Nigeria.

 

Subject Matter Expert

Participated as Resource Person, with Philips Consulting Limited, as a Competency Assessment Panelist, as Subject Matter Expert to interview and assess Management and Senior Management employees of a Non-Interest Bank.

Training Courses and Public Enlightenment

The IBFIN has conducted several training programs both in-house and at the Institute’s Training Center. Equally, Certificated Courses where conducted in collaboration with the Ahmadu Bello University Zaria, Nigeria. The regular Certificate courses of IBFIN include Certificate in Islamic Banking and Finance [CIBF]; Associate Certificate in Islamic Banking & Finance [ACIBF]; Associate Certificate in Islamic Microfinance [ACIM]; Associate Certificate in Takaful [ACT]; Executive Associate Certificate in Islamic Banking and Finance [EACIBF].

In view of the low public awareness of the Islamic finance in Nigeria, IBFIN conducted, in collaboration with the NJU, series of Sensitization Workshops for Journalists on the Fundamentals of Islamic Economics, Banking and Finance, in Abuja, Lagos and Kano.

We have conducted and participated in many radio and Tv programs in relation to Islamic banking and finance

IBFIN SENSITIZATION PROGRAM IN ABUJA