The Central Bank of Nigeria, (CBN) has granted banking license to Nigeria’s first Islamic banking institution, Jaiz Bank.
Chairman of the bank, Alhaji Umar Abdul-Muttalab while making this disclosure in a meeting with the Sultan of Sokoto, Dr. Saad Abubakar on Sunday, said the bank can now run its operations nationwide.
According to Muttalab, Jaiz Bank will spread its branches across te 36 states of the federation also with the FCT in months to come.
Muttalab said the meeting with the Sultan was organised to fashion out ways of making the bank function better in the nearest future.
The chairman said the bank will improve its services through its various arms and with the feat just achieved, they promised a better deal for Nigerians willing to bank with them.
Mutallab informed the press about series of measures taken by the bank, especially through its subsidiaries, in contributing their quota to the nation’s development.
According to Mutallab, “As a regional bank, Jaiz has operated in 12 states (in Northern Nigeria) but with the new licence we can now spread to all parts of the country. We will open branches in the 36 states of the federation.
Established over three years ago with 25 branches in some parts of the country, officials of the bank promise to achieve more using its national license.
Jaiz Bank PLC was created out of the ashes of the former Jaiz International Plc which was set up in 2003/2004 as a special purpose vehicle (SPV) to establish Nigeria’s first full-Pledged Non-Interest Bank.
It is an unquoted public company owned by over 3000 shareholders spread over the six geographical zones of Nigeria.
Non-Interest Banking is a profit growing global phenomenon practiced in nearly 70 countries all over the world including, United Kingdom, Canada, United States of America, United Arab Emirate, Malaysia, China, Singapore, South Africa, Kenya etc.
Global Banks like HSBC, Citibank, Barclays Bank etc. are also offering it. It is an alternative financial service offering which is open to all irrespective of race or religion.
