The Federal Mortgage Bank of Nigeria, FMBN, has launched its Non-Interest Mortgage Product, Ijarah Muntahia Bittamleek, Lease-to-Own, to expand housing finance options and make homeownership more accessible to eligible National Housing Fund (NHF) contributors.
Launched by the Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, in Kano, the product provides an alternative to conventional interest-based mortgage financing.
The Bank also commissioned the FMBN-Ijarah-01 Estate in Bichi, Kano State, and handed over keys to the inaugural beneficiaries of the pilot project, translating the new initiative into tangible homeownership opportunities.
Charging the Bank to translate the new product into measurable homeownership outcomes, the Minister stressed that its success would be determined not by the launch itself, but by the number of Nigerians who eventually become homeowners through it.
FMBN Managing Director/Chief Executive, Shehu Usman Osidi, described the initiative as another deliberate step towards making homeownership more accessible and inclusive, reaffirming the Bank’s commitment to translating housing finance interventions into tangible benefits for Nigerian families.
The product is open to eligible NHF contributors across Nigeria, irrespective of religious affiliation or geographical location.
FMBN launches non-interest mortgage product, hands over keys to inaugural beneficiaries
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