Diversification of Islamic Financial Insturments
43
Table 13: Financial Performance Indicators as at December 2015 and 2016
Banking Sector Data in $ (1$ = 306 NAIRA)
2016:
Conventional
Banks
(Million $)
Non-
interest
Banks
(Million
$)
Total for
Industry
(USD
million)
% Non-
interest
Banks/
Industry
Conven-
tional
Banks
growth
rate (%)
Non
Interest
Banks
growth
rate (%)
Total Assets 98,473.88 229.66 98,703.54 0.023 11.76 29.4
Total Deposits 60,575.76 164.33 60,740 0.27 6.15 26.58
Total Credits 53,131.13 115.55 53,247 0.22 21.98 39.21
2015:
Total Assets 88,111.92 177.48 88,289 0.2
Total Deposits 57,066.86 129.82 57,197 0.23
Total Credits 43,558.08 83 43,641 0.19
Source: CBN’s FinA (Financial Analysis)
The Islamic Banking Products24
Islamic banks structured products to satisfy the demand for service from their customers.
These products are classified into two categories; namely: Funding (Deposit mobilization) and
Financing products. A snapshot of the deposit mobilization products is depicted in table given
below:
Table 14: Deposit (liabilities) Mobilization Products
Customer requirements Islamic Banking Product
Individual & Corporate Savings Accounts
Mudarabah, Qard Hasan Tier one & two Savings Accounts
Special Investment Accounts Mudarabah Term Deposit
Investment account, Zakat and Sabil
Management accounts
Wakala Investments
Liquidity Management Purposes Wadiah based Accounts
Current and Domiciliary Accounts for
both individual and corporate
customers as well as Salary Account for
individuals.
Qard Hasan
Source: Compiled from the websites of Jaiz Bank, Sterling and Stanbic IBTC Non-interest banking windows and
Tijara Islamic Microfinance Bank.
24 Details of these products can be obtained from the websites of Jaiz bank, the two Islamic banking windows and Tijara
Microfinance at