Nigeria’s first Islamic bank begins business in three branches

ABUJA — Nigeria’s first licenced Islamic bank, Jaiz Bank Plc, has commenced full operation of non-interest commercial banking in Nigeria from three branches in Abuja, Kaduna and Kano.

A staff of the bank in Abuja Office said most of the early customers were groups of business institutions and private individuals from different religious persuasions making enquiries as well as opening different accounts.

The officer in Operations Department said the service of the bank was opened to everyone that is interested in the non-interest products.

The introduction of Islamic banking is part of a drive by the Central Bank of Nigeria, CBN, to propel Nigeria’s economy and promote financial inclusion by introducing alternative products. The non-interest regime offers veritable incentives and attractive options for investors.

At its inaugural Annual General Meeting (AGM), Chairman of Jaiz Bank, Alhaji Umar Mutallab said: “The whole idea of the banking option is to bring more people into banking in Nigeria that provides banking without interest.”

Mutallab, who was Chairman of FirstBank, further added: “This kind of banking is for all religions because no religion wouldn’t want to help, especially funding critical project without using interest elements.

“Whether it is Christianity or Judaism, every community wants to borrow money without being bugged down with multi-layer interest structure.

“This banking option is a product with a difference. We hope our brothers from the divide will see it as an ethical bank which is not meant to promote a particular religion. It is for all Nigerians and not Muslims alone. Once you have a viable project proposal which is ethical, which doesn’t cater for such things as liquor, gambling etc, it becomes a halal (lawful) project and would be looked into by the bank.”

Islamic banking, also known as participant banking, is banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. The system prohibits the fixed or floating payment or acceptance of specific interest or fees like usury for loans of money.
reference:http://www.vanguardngr.com/2012/02/nigerias-first-islamic-bank-begins-business-in-three-branches/

Posted: at 16-02-2012 11:04 AM (12 years ago) | Upcoming

Passing.......with my mouth sealed with Superglue.

Posted: at 16-02-2012 12:43 PM (12 years ago) | Upcoming

signs of end time

Posted: at 16-02-2012 12:53 PM (12 years ago) | Gistmaniac

I go run comot 4 Naija b4 dis people take over d country.

Posted: at 16-02-2012 01:00 PM (12 years ago) | Upcoming

is Good to give back what u have taking from d country.na 9ja money them take open the bank.

Posted: at 16-02-2012 01:03 PM (12 years ago) | Hero

i can't open account there boko haram fit bomb the bank.

Posted: at 16-02-2012 01:10 PM (12 years ago) | Gistmaniac

Hmmmm very soon, dis ppl will be demanding for islamic court, Islamic Police Station, Islamic Prison, even Islamic Judges & Lawyers. Almighty God av ur way in dis our Isreal ( Nigeria )

Posted: at 16-02-2012 01:14 PM (12 years ago) | Newbie

What do you expect from a criminal Abdul Mutallab the Father of a Terriost.His son has been sentenced to Life In Prison in the US.

Posted: at 16-02-2012 01:22 PM (12 years ago) | Gistmaniac

y did they give him life? thot they will kill him ni? what if he had successfully killed those people on xmas day?

Posted: at 16-02-2012 01:38 PM (12 years ago) | Upcoming

i was about to say the same thing before you stroked it first..........believe me ABU QAQA  and UMAR SOKOTO will be the first to go and borrow money from that Islamic jihadist bank, few days later, there will be triple bomb explosion in every city in the north.
     everything in Nigeria is now been Islamised.......... Islamic school, Islamic market,  Islamic bus travel,  Islamic university,  Islamic banking.......very soon it will be Islamic republic of Nigeria.
   

---

Posted: at 16-02-2012 02:23 PM (12 years ago) | Upcoming