In the name of Allah, the most beneficent, the most merciful O you who believe, be careful of (your duty to) Allah and relinquish what remains (due) from usury (Riba), if you are believers. (Al-Baqara Chapter 2, Verse 278) And whatever you lay out as usury, so that it may increase in the property of men, it shall not increase with Allah; and whatever you give in charity, desiring Allah’s pleasure—it is these (persons) that shall get manifold. Ar-Room, Chapter 30, Verse 39 Those who devour usury will not stand except as stand one whom the Satan by his touch has driven to madness. That is because they say “trade is like usury”, but Allah has permitted trade and has forbidden usury…” (Al-Baqara Chapter 2, Verse 275). Islamic Banking – An Introduction The Islamic economic system is based on the principles of Islamic commercial jurisprudence derived from the Shariah Law, which seeks to promote a moral socio- economic structure where undue profits are eliminated in business transactions and a bias-free social structure is created. This form of banking however disallows interest or Riba and prohibits financial dealings with unethical industries such as alcohol, narcotics, pornography, tobacco, gambling etc. Knowing that interest is considered a form of injustice or exploitation, and the concept of interest has been categorized amongst the 7 grievous sins. STANBIC IBTC BANK PLC brings Non-Interest Islamic banking to you. We have immense experience in Islamic banking across several jusrisdictions in the world. Our products, process and services are Shariah compliant from end-to-end and our pricing is very competitive. Our services are also effective and efficient while we are sensitive to need of our customers. We are certified by an Advisory Committee of Experts (ACE), which comprises of three prominent Muslim scholars (Sheikh Abdur-Rahman Ahmad, Sheikh Muhammed Bin Uthman and Dr Ibrahim Muhammed Mansur), which check and authorize every product provided by the bank’s Shariah Advisor (Renounced and sound Islamic scholars) to ensure it is Shariah compliant before it is offered to customers. Imaan Savings Account The Imaan Savings Account from Stanbic IBTC Bank is a non-interest and non-profit bearing account that allows you carry out a full range of modern banking activities in a manner that complies with Shariah law. What does it offer you: • You get easy access to your account with electronic banking and self-service options such as, internet banking, ATM, telephone banking, email and SMS alerts. • Transfer funds between accounts and your Imaan account. • You get a cheque book and debit card when you open your account. • We offer joint account facility. • Your money is always available on request. • Your funds are managed and certified by local leading Advisory Council of Experts (ACE) What you need to apply: • A valid copy of a form of ID (international passport, driver's license or national ID card). • Two clear recent passport photographs • Recent utility bills such as electricity, water or waste bills (original must be shown to a personal banker). • Filled in Imaan savings account application form. STANBIC IBTC IMAAN CURRENT ACOUNT The Imaan Current Account from Stanbic IBTC bank is compliant with the tenets of Islamic law. Individual customers, both salaried and self-employed, can open this account. In addition to our reliable branch network, we help keep your money safe with no interest charged on transactions. What does it offer you: • You get easy access to your account with electronic banking and self-service options such as Internet banking, ATM, telephone banking, email and SMS alerts. • Transfer funds between accounts and your Imaan account. • Zero minimum balance and COT • You get a cheque book and debit card when you open your account. • We offer joint account facility. • Your money is always available on request. • Your funds are managed and certified by local leading Advisory Council of Experts (ACE). What you need to apply: • A valid copy of a form of ID (international passport, driver's license or national ID card). • Two clear recent passport photographs of each signatory to the account • Two valid references. • Recent utility bills such as electricity, water or waste bills (original must be shown to a personal banker). • Filled in Imaan Current Account application form. NOTE: Opening balance for both account is N5,000 For further enquiries on how to open this account with us in any of our branches in Lagos, call any of our Imaan Direct Sales Agents on the following numbers Ikeja- 08035125377 (Mudasr) Ogba/Ojodu/Akute/- 08055611684 (Hassan) Abule Egba/Sango- 07064878607 (Murtador) Ladipo/Oshodi- 08151104085 (Abdul Jelil) Oshodi/Mushin- 09026762068 (Abdul Afeez) Surulere/Aguda