FMBN Launches Non-Interest Mortgage Scheme to Expand Homeownership
The Federal Mortgage Bank of Nigeria (FMBN) has launched a non-interest mortgage product, Ijarah Muntahia Bittamleek, also known as Lease-to-Own, to expand housing finance options and make homeownership more accessible to eligible National Housing Fund (NHF) contributors.
The product was launched in Kano by the Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, PhD, as an alternative to conventional interest-based mortgage financing.
As part of the initiative, the Bank commissioned the FMBN-Ijarah-01 Estate in Bichi, Kano State, and handed over keys to the first beneficiaries of the pilot project.
Speaking at the event, the Minister urged the Bank to ensure that the new product delivers measurable results, stressing that its success would be determined by the number of Nigerians who eventually become homeowners rather than the launch itself.
The Managing Director and Chief Executive of FMBN, Shehu Usman Osidi, described the initiative as a deliberate effort to make homeownership more accessible and inclusive.
He reaffirmed the Bank’s commitment to ensuring that housing finance programmes provide tangible benefits to Nigerian families.
FMBN said the non-interest mortgage product is open to eligible NHF contributors across the country, regardless of their religious affiliation or geographical location.
FMBN Launches Non-Interest Mortgage Scheme to Expand Homeownership