By Providence Ayanfeoluwa

The Alternative Bank (AltBank), Nigeria’s leading non-interest bank, has announced the successful signing of the terms for a $15 million Murabaha financing line with the Islamic Trade Finance Corporation, ITFC.
The deal was signed with Sterling Bank Limited and The Alternative Bank as the Executing Agency.

A statement from the bank said this was finalized at the Annual Meetings of the Islamic Development Bank Group holding in Algiers, Algeria.

According to Group Executive at The Alternative Bank, Dr. Jekwu Ozoemene, stated this is more than a financing deal.

He said: “It is a statement of confidence in Nigeria’s growing non-interest financial ecosystem.

“With this partnership, we are unlocking vital funding that empowers our partners and reinforces our role as catalysts for ethical and inclusive financial solutions across the country.”

Also, Group Head, Structured Trade and Commodities Finance, Mr. Gbenga Awe, said that the new financing line would further enhance the Bank’s capacity to offer timely, scalable solutions that the alternative bank support critical sectors particularly agriculture, solid minerals, and export-oriented enterprises.

He stated: “This facility from the ITFC expands our capacity to support the real sector, particularly in trade and commodities financing where ethical and sustainable financing has proven to be transformative. It brings us one step closer to creating a more resilient economic landscape in Nigeria.

“Over the years, The Alternative Bank has established itself as a trusted partner in Nigeria’s trade and commodities finance space, delivering tailored non-interest financial instruments to agribusinesses, cooperatives, and SMEs.

“By deepening access to international trade finance, AltBank is not only supporting Nigeria’s macroeconomic goals but also redefining how ethical finance can serve as a cornerstone for inclusive prosperity.

With this partnership, AltBank is also positioned to expand its reach and offer more innovative, ethically grounded solutions that fuel job creation, enhance food security, and accelerate Nigeria’s integration into global value chains.”