• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, August 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Don commends FMBN over non-interest mortgage product

Mortgage

The Matters Press by The Matters Press
September 12, 2022
Reading Time: 2 mins read
0
Nigeria in deal with firm to facilitate funding for houses

Prof. Abdulqadir Abikan, the National President of Muslim Lawyers Association of Nigeria (MULAN), has commended the Federal Mortgage Bank of Nigeria (FMBN) for introducing ‘Non-Interest Rent to Own Housing Product’ to enable a broader spectrum of Nigerians own their homes.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

According to the University of Ilorin (Unilorin) Bulletin issued on Monday, Abikan made the commendation when he led a team of MULAN executive committee members on a courtesy visit to the FMBN Management Team at the Bank’s Head office in Abuja.

Abikan, who is also the immediate past Director of the School of Preliminary Studies, Unilorin, said the association received the news of FMBN’s approval of the non-interest rent-to-own product with extreme excitement.

“This is because it provides an alternative mortgage scheme for many Nigerians whose religious beliefs do not allow them to benefit from the Bank’s housing products because of their interest-based nature.

“We believe the decision will engender a more inclusive mortgage system for a broader spectrum of Nigerians.”

The MULAN president added that the association is ready and willing to partner with the FMBN towards ensuring a smooth implementation of the non-interest housing products through the provision of relevant advisory services by its members.

He explained that FMBN developed the product to eliminate the challenges that eligible Nigerians who want to own their homes through the National Housing Fund (NHF) scheme face because of the interest-based nature of the bank’s existing housing products.

“The product uses a rent-to-own model that allows beneficiaries to move into FMBN and non-FMBN-funded homes and conveniently pay towards full ownership using monthly/quarterly or annual rentals.

“The product’s financing structure is based on the non-interest financing contract of Ijarah Muntahia Bitamleek (Lease to Own),” he said.

Abikan noted that FMBN retains ownership of the property until the financing term ends or at any time during the lease period that the beneficiary wishes to purchase the property.

Receiving the MULAN team, Mr Madu Hamman, the Managing Director/Chief Executive of FMBN, commended them for the visit while assuring of the bank’s readiness to collaborate with the association towards ensuring a hitch-free provision of the non-interest housing product.

Hamman, who was represented by the bank’s Executive Director, Loans and Mortgage Services, Alhaji Lukman Mustapha, observed that the FMBN non-interest rent-to-own product is available to Nigerians who must be contributors to the NHF scheme.

He added that it covers both FMBN and non-FMBN-funded properties with a maximum price of N15 million.

Hamman explained that beneficiaries have the options to pay to own the property in monthly/quarterly or annual rental installments over 30 years, depending on their age and years in service.

He encouraged members of MULAN to become ambassadors of the non-interest rent-to-own product.

The FMBN boss advised the association to take the news outside of the association to other prospective home owners within their respective areas of influence and network.

Tags: FMBNMortgage
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Next Post
NIMASA moves against illegal fishing in Nigerian waters

Minister directs NIMASA to deploy modular floating dockyard

Farmers, AKILIMO poise to boost cassava production

Nigeria urges stakeholders to facilitate more cassava varieties

Recommended Stories

Celebrities rally support for Buhari

Buhari mulls education bond

November 19, 2018
NCDMB to host local content investment forum

NCDMB to host local content investment forum

January 29, 2022
NNPC Ltd to disclose new asset base – Kyari

Tinubu removes NNPCL ‘s Kyari, appoints new board

April 2, 2025

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us