Financial firm targets finacial inclusion with ethical finance

By Mariam Abeeb

Open Space Financial Services Limited has launched an Ethical Finance initiative aimed at expanding financial inclusion, supporting small businesses and promoting responsible investment through transparent, asset-backed financial solutions.

The company’s Chief Executive Officer, Titus Adakole Ike, disclosed this at a press conference in Abuja, saying the initiative would combine technology, innovation and human purpose to provide accessible financial services to individuals and businesses underserved by the formal financial system.

Ike said the proposition was anchored on fairness, transparency, accountability and trust, with products structured around identifiable economic activities.

He listed the key offerings as Murabaha, Ijarah, Diminishing Musharakah and Mudaraba, covering asset acquisition, leasing, shared ownership, savings and investment.

According to him, Murabaha enables Open Space to acquire an asset and sell it to a customer at a disclosed cost plus an agreed profit, while Ijarah provides access to assets through leasing.

Diminishing Musharakah allows customers to progressively acquire ownership of jointly held assets, while Mudaraba operates through agreed profit-sharing arrangements between investors and the company.

The Chief Operating Officer, Oscar Ede, said the initiative went beyond launching financial products, stressing that Open Space was putting in place operational, legal, compliance, risk management, audit and Shariah governance structures to ensure transparency and accountability throughout the customer relationship.

Ede said technology and artificial intelligence would also play a key role in making the services easier to access, while customers would be provided with clear information on costs, ownership structures, profit determination and their responsibilities under each arrangement.

The Shariah Adviser to Open Space, Zubair Mughal, said Islamic and ethical finance could become a major driver of financial inclusion and economic development in Nigeria.

Citing the ICD-LSEG Islamic Finance Development Report 2025, he said global Islamic finance assets reached about $5.98 trillion in 2024, underscoring the sector’s growing global relevance.

Mughal said Nigeria had strong potential to become a leading Islamic and ethical finance hub in Africa, given its large population, entrepreneurial base and growing non-interest financial market.

He stressed that with effective regulation, credible Shariah governance, technology and investor education, Ethical Finance could support SMEs, encourage responsible investment and contribute significantly to Nigeria’s long-term economic growth.