Lotus Bank

Summary

LOTUS Bank is a non-interest and ethical bank in Nigeria. ¹ It is the third non-interest bank established in the country and the first to begin operating from the south, with its headquarters in Lagos. ¹

Origins

It was founded in 2021; on 17 June 2021 the Central Bank of Nigeria licensed it as a non-interest bank, and on 7 July 2021 it began operating with three branches in Lagos. ¹ In December 2022 it moved its head office to Ikoyi. ¹

References

English Wikipedia, "Lotus Bank", revision 1367902428. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

At a glance

In the Modern Islam Browser

Footprint

Summary

Origins

References

People and things also explored

Sources

Made

Islamic banks and conventional banks — the difference, the doubts and the performance