From Shehu Momodu
A new chapter in ethical banking has opened in Edo North as Farid Microfinance Bank (FMB) officially commenced operations in Auchi, Etsako West Local Government Area of Edo State on Friday, pledging to promote fairness, inclusivity, and financial empowerment across Afenmai land.
The bank, which operates under the Islamic banking model, offers interest-free, risk-sharing financial services designed for individuals and businesses, regardless of religious background.
Speaking at the official unveiling, Managing Director, Mr Idris Abdul-Kadri, said Farid Microfinance Bank aims to “create a real economy built on fairness, partnership, and shared prosperity.” He explained that the bank will offer products such as working capital finance, asset financing, and ethical savings and investment accounts, all structured to promote wealth creation within the community.
“We genuinely succeed when you succeed,” Abdul-Kadri said, noting that the bank’s Mudarabah profit-sharing model allows clients and the bank to share both profits and risks, instead of relying on fixed interest rates.
The inauguration attracted traditional rulers, entrepreneurs, and business leaders from across Edo North. Dignitaries in attendance included representatives of the Otaru of Auchi, HRH Aliru Momoh, the Aidonogie of South Ibie, HRH Alhaji Kelvin Danesi, and the Ogiega of the Three Ibies.
In his goodwill message, Mallam Sheik Zakariah Oboh delivered a lecture titled “Escaping the Bondage of Riba and Securing Our Future with Ethical Shariah-Compliant Banking.” He urged both Muslims and non-Muslims to embrace the bank’s inclusive financial model.
Guests at the ceremony described the arrival of Farid Microfinance Bank as a welcome development that would stimulate entrepreneurship and support small businesses in Edo State.
With its launch, Farid Microfinance Bank becomes the first Islamic microfinance institution in South-South Nigeria, marking a significant milestone in promoting ethical and inclusive financial services in the region.
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