Jaiz Bank Savings (Mudarabah) — review & details

In Savings & fixed deposits · By the Rateweb editorial team · How we rate · Details checked 1 Aug 2026

Nigeria's pioneer non-interest bank, on the NDIC's non-interest bank register. Savings run on the Mudarabah partnership model: instead of interest, the bank invests deposits in Shariah-compliant ventures and shares the profit with you monthly at a ratio agreed when you open the account.

Non-interest

Jaiz Bank Savings (Mudarabah)

Nigeria's pioneer non-interest bank, on the NDIC's non-interest bank register. Savings run on the Mudarabah partnership model: instead of interest, the bank invests deposits in Shariah-compliant ventures and shares the profit with you monthly at a ratio agreed when you open the account.
★★★★☆
4.0/5 · How we rate
Not published on the bank's site — confirm in-branch
Monthly Fee
Non-interest bank (NDIC non-interest bank register)
Licence
NDIC-listed insured institution
Deposit Safety
Savers who avoid interest on principle and want profit-sharing instead
Best For
traditional
Type
Pros
  • A genuine alternative for savers who do not take interest: Mudarabah profit-sharing, not an interest rate
  • Profit distributed monthly based on your balance and the pre-agreed sharing ratio
  • Longest-running non-interest bank in Nigeria, listed on the NDIC register
Cons
  • Returns depend on the bank's investment performance — there is no fixed, guaranteed rate
  • The profit-sharing ratio is agreed at account opening and is not published online
  • The website publishes very little product detail — minimums and fees must be confirmed with the bank
Fees, eligibility & documents
Fees
Monthly maintenanceNot published on the bank's site
Profit-sharing ratioAgreed at account opening; not published online
Eligibility
  • Individual applicants (the model is open to customers of any faith)
  • Account operates under Mudarabah terms agreed with the bank
Documents needed
  • Standard bank KYC (valid ID, photograph, BVN) — confirm the exact list with Jaiz, as it is not published on the site
Visit Jaiz Bank

How Jaiz Bank Savings (Mudarabah) compares in savings & fixed deposits

Jaiz Bank Savings (Mudarabah) scores 4.0/5 in our savings & fixed deposits rankings. Our current top pick is Cowrywise (4.3/5). Always compare a few before you decide — see the full savings & fixed deposits comparison.

Jaiz Bank Savings (Mudarabah)
4.0/5 · this page
 Cowrywise
4.3/5
 PiggyVest
4.2/5
Monthly Fee Not published on the bank's site — confirm in-branch — —
Licence Non-interest bank (NDIC non-interest bank register) — —
Deposit Safety NDIC-listed insured institution Not NDIC-insured Not NDIC-insured
Best For Savers who avoid interest on principle and want profit-sharing instead Mutual funds, naira + dollar, Halal Saving discipline + auto-save
Visit Jaiz Bank → Visit Cowrywise → Visit PiggyVest →

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Details last checked: August 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.