Kano State Governor, Abba Kabir Yusuf, has commended the Federal Mortgage Bank of Nigeria (FMBN) for introducing a non-interest banking window, set to be launched in Kano State.
Governor Yusuf gave the commendation on Wednesday while receiving the Managing Director of the bank, Alhaji Shehu Usman Osidi, at the Government House, Kano.
According to a statement issued Thursday by the Governor’s Chief Press Secretary, Mustapha Muhammad, the FMBN boss informed the governor that the Central Bank of Nigeria (CBN) had approved the commencement of non-interest banking by the bank to serve Nigerians seeking Sharia-compliant financial services.
Alhaji Osidi explained that the Islamic banking window would enable customers, particularly Muslims, to access mortgage products that align with their ethical and religious beliefs.
“We have secured CBN approval for the implementation of non-interest mortgaging, and we intend to officially launch this initiative here in Kano, Insha Allah.
“This is in response to the demand from Nigerians who want ethical, non-interest-based financial services,” Osidi said.
He further revealed that under the bank’s renewed partnership with the Kano State Government, 156,797 civil servants have been registered with the scheme. Of that number, 115,997 have received notifications regarding their contributions.
Osidi also announced that the bank is ready to remit N236.2 million, comprising N127 million in previous civil servant contributions and N109.2 million in accrued interest, to any account designated by the state government.
He expressed optimism that the new collaboration with the Kano government would ease homeownership for many citizens.
In his remarks, Governor Yusuf pledged the state’s full support for the scheme, describing it as vital for enabling civil servants and low-income earners to access affordable housing.
The Governor assured the FMBN of land allocation for its projects and promised to mobilize public participation.
“We will support you at every opportunity, whether at seminars, political forums, or public gatherings, to appreciate your contribution to our state and encourage more people to patronize your products,” he said.
He also advised the bank to work with the 44 local government councils in Kano to acquire land and construct houses, especially for junior-level workers.
