By
Abdul-Kadir Abdullah
Farid Microfinance Bank Limited has officially commenced operations as a fully licensed Islamic microfinance bank, marking a major milestone in the promotion of ethical, Shariah-compliant financial services in southern Nigeria.
To commemorate the launch, the management of the bank hosted members of the Muslim community to a special prayer session held during the weekend at the bank’s headquarters in Auchi, Etsako West Local Government Area, Edo State.
The event brought together prominent traditional and religious leaders, scholars, and community members who prayed for the bank’s success and sustainability.
Among the dignitaries present were His Royal Highness, Mallam Ali D. Sulayman, the Oghieaga of Ivbie. The Otaru of Auchi sacred kingdom was also represented by Prince Suleiman Momoh, the Chief Imam of Auchi, Professor Zekeriya Oseni, and Chief (Alh)Jim Garuba alongside other notable guests.
In his remarks during the prayer session, the Chief Imam of Auchi commended the initiative, describing it as a positive step towards empowering the local community.
He said, “This has been established by a group of young men from Auchi and Etsako. Our people have the capacity to establish even up to seven of such banks. If people come together in groups like this to empower others, gradually it will help the community. May Allah give them the power to do more so that all of us will make progress"
Also speaking, HRH Mallam Ali D. Sulayman expressed joy over the establishment of the Islamic bank, noting that it was the realization of a long-held aspiration for the Auchi community and Edo State.
He said, “I have been working behind the scene to bring an Islamic bank to Auchi. We must be grateful to God that this is happening today. It’s our duty to pray for them. Every bank faces challenges, but if they strengthen their internal mechanisms, ensure depositor confidence, and maintain ethical standards, they will succeed,”
Delivering a lecture titled “Escaping the Bondage of Riba and Securing Our Future with Ethical Shariah-Compliant Banking,” Mallam Sadiq Zekeriya Obo explained the principles of Islamic banking, emphasizing its foundation on fairness and ethical partnership.
He noted, “Islamic banking adheres strictly to Shariah, which prohibits interest (riba) and promotes profit-and-loss sharing. It avoids gambling and any investment in prohibited ventures. It is the only perfect system that ensures fairness through partnership and asset-backed transactions,”
In his address, the Managing Director of Farid Microfinance Bank, Idris AbdulKadir Danesi, highlighted the bank’s vision of promoting ethical finance and real economic growth.
He said, "Farid Microfinance Bank is a pioneer in ethical finance and one of the first fully licensed Islamic banks in the South-South region. Unlike conventional banks, we offer partnership-based models that avoid interest. By focusing on real trade and asset-backed transactions, we ensure that our customers’ funds contribute to tangible economic growth and shared prosperity,”
The event concluded with special prayers for the continued growth of the bank, the success of its management, and the development of the Auchi community and Edo State at large.
