After many years of going public to raise fund to establish the first islamic banking in nigeria. Jaiz bank plc held it first annual general meeting in Abuja. The bank recently got approval from CBN to operate the system of banking. Shareholder of the bank approved the proposal to utilize the 1.2 billion profit it made from interest on depositing it fund in bank on corporate social responsibility. To this end shareholder approved the establishment of jaiz foundation. The platform that will administer the charity. The management said it did so because the profit was based on interest which is against the spirit of the bank business value.

olawalebab:

The management said it did so because the profit was based on interest which is against the spirit of the bank business value.

When did they realize this?,may be the billions just landed in their bank account.Another corporate shill but this time with careful religious covering,only those whose minds have been incapacitated by religion would fall for this.

this is becoming more of a joke.

I know you did not read everything there. The money was gotten from interest on loan and which they said is against the tenet of the bank principle.

Good

What business & loans did a bank that is yet to take off get 1 billion Naria interest from?

The CBN needs to figure out the source of that money. I think some highly placed individuals are trying to mmove money in the name of Islamic Banking.

This JAIZ bank has not been able to raise money for its capital base, but is already declaring 1 billion Naria in profits from interests that it was not supposed to collect in the first place. Couldn't they just give the interest back to those from whom it was illegally collected?

There is a lot of shady business going on here.

olawalebab:

I know you did not read everything there. The money was gotten from interest on loan and which they said is against the tenet of the bank principle.

D same interest bank islamic bank has com 2 fight has now become d benefactor. Sheer hypocrisy.

koruji:

What business & loans did a bank that is yet to take off get 1 billion Naria interest from?

The CBN needs to figure out the source of that money. I think some highly placed individuals are trying to mmove money in the name of Islamic Banking.

This JAIZ bank has not been able to raise money for its capital base, but is already declaring 1 billion Naria in profits from interests that it was not supposed to collect in the first place. Couldn't they just give the interest back to those from whom it was illegally collected?

There is a lot of shady business going on here.

MY thought exactly and also they knew the institution they had the deposit in isn't  compliant (non-interest) why did they go ahead to put money in.The way they have been using subtle bullying tactics to hoodwink poor Muslims into their financial shenanigan is another annoying part.
We are still complaining about  some dubious  pastors,we don't want Sheiks joining .

who and what is d charity

The issue of hypocrisy does not arise, they dont want to use the interest on it that's why they are giving it out as charity.

olawalebab:

The issue of hypocrisy does not arise, they dont want to use the interest on it that's why they are giving it out as charity.

koruji:

This JAIZ bank has not been able to raise money for its capital base, but is already declaring 1 billion Naria in profits from interests that it was not supposed to collect in the first place. Couldn't they just give the interest back to those from whom it was illegally collected?

There is a lot of shady business going on here.

Did you intentionally ignore this? @Poster

D question is y did dey keep d fund in an interest bank in d 1st instance against d bank's tenent nd to cover up, dey wnts do donate to charity. I repeat it is big time hypocrisy. Tel me who wld b d beneficiaries of d fund, can a pig farmer benefit since it ws goten unislamicaly

Where should they put it in the first instance? Foreign account or where?

An islamic bank perhaps in d uk, pakistan or bangladesh where it is already funtionin. Dis whole tin is all abt av somtin muslims can cal dier own nd 4 muslims only, muslim board of directors with buznes moguls lik dangote nd dantata d financiers, muslim staff like abdul mutalab and 4 d muslim north. Sheer hypocrisy bro

Yet to answer my 2nd questn, can a pig farmer benefht 4rm d charity

Are you aware of the money laundering act? It forbid government official and corporate company to operate foreign bank account in order to avoid 'capital flight'. I can't answer your second question, is for the fund owner to do.

Den if dey could nt find an islamic way 2 kep d money den d purpose is already defeated. As 4 d 2nd Q, tanks 4 d honesty bt u nd i knw dats nt posible al tins being equal(islamic). Robin peter to pay paul. All is stil hypocrisy

But they did not benefit from the interest that is why it is given out as charity.

No i disagree there, dey are only throwing it away to prove dier sincerity towards dier cause afta all it is dier money wich yielded an interest dey dnt want. Rather dan colect it, dey shld have nt colect 4rm d bank. There is one tin dat is certain, dats alk we shal hear abt d jaiz foundatn nd dey do it d pdp way, P, ! D, ! P, ! Share d money. A dog goin back to its own vomit

Atleast let's give them the benefit of doubt. The people on the board of the bank are of high integrity and there is no abuse not to believe them.

olawalebab:

Atleast let's give them the benefit of doubt. The people on the board of the bank are of high integrity and there is no abuse not to believe them.

koruji:

This JAIZ bank has not been able to raise money for its capital base, but is already declaring 1 billion Naria in profits from interests that it was not supposed to collect in the first place. Couldn't they just give the interest back to those from whom it was illegally collected?

There is a lot of shady business going on here.

Did you intentionally ignore this? @Poster

Benefit of d doubt ! When they've falter on wat dey stood 4. Sory i dnt belif such hypocrisy

In 2003, jaiz international plc (not yet converted to bank then) did public offer of N2.5b which was oversubscibed by 20%. In 2004, it applied for banking licence when Joseph Sanusi was still the cbn governor and capital requirement was N2b.  Soludo took over and jerked up capital to N25b so its application lapsed. It started an open date private placement in 2006 for N10b out of which it had so far raised almost N4b in addition to the ealier N3b.

Now that its capital requirement has been reduced to N10b (or is it N5b), it may drop its plan for public offer of N13b

The 'profit' came from interest on the deposit of the capital proceeds with commercial banks.

I have tried to answer where the profit came from when it is yet to start operation. The question of why the sudden realisation that the interest is haram (sinful) now or why not just tell the banks to keep the interest and return only the principal? Search me.

Nobody is to crucified, we are all trying to see d real intent of wat dey imply. Tanks 4 d maturity in dis discusion

dankol:

Nobody is to crucified, we are all trying to see d real intent of wat dey imply. Tanks 4 d maturity in dis discusion

i too i love the maturity and the sense of reasoning that is exhibited on this thread.

I am afraid for Nigerians with the way we eat up all kinds of things fed to us by these people.

Are you telling me that investors simply gave money to this bank since 2003/2006 without any returns?

They did not ask for any returns and didn't pull out their funds all the way till 2011? Don't you wonder what the source of that kind of money was, sitting without returns for so long? The way I understand it, returns are paid to investors at regular intervals - but these returns were accumulating for up to 8 years?

There is a lot more than meets the eyes here.

klas:

In 2003, jaiz international plc (not yet converted to bank then) did public offer of N2.5b which was oversubscibed by 20%. In 2004, it applied for banking licence when Joseph Sanusi was still the cbn governor and capital requirement was N2b. Soludo took over and jerked up capital to N25b so its application lapsed. It started an open date private placement in 2006 for N10b out of which it had so far raised almost N4b in addition to the ealier N3b.

Now that its capital requirement has been reduced to N10b (or is it N5b), it may drop its plan for public offer of N13b

The 'profit' came from interest on the deposit of the capital proceeds with commercial banks.

I have tried to answer where the profit came from when it is yet to start operation. The question of why the sudden realisation that the interest is haram (sinful) now or why not just tell the banks to keep the interest and return only the principal? Search me.

That's exactly the case with most nigeria investors, how many of this blue chip quoted companies pay a dividends to their shareholders? When they pay, it's how much

koruji:

I am afraid for Nigerians with the way we eat up all kinds of things fed to us by these people.

Are you telling me that investors simply gave money to this bank since 2003/2006 without any returns?

They did not ask for any returns and didn't pull out their funds all the way till 2011? Don't you wonder what the source of that kind of money was, sitting without returns for so long? The way I understand it, returns are paid to investors at regular intervals - but these returns were accumulating for up to 8 years?

There is a lot more than meets the eyes here.

koruji. To be frank, I too bought some shares in it in 2003 and have some of my colleagues who bought substantially in both 2003 PO and 2006 PP. We knew they were still pursuing licence, so could not reasonably expect return.

I invested in it purely for economic reason nothing religious. Same way I invested in Transcorp among others since 2006 and no return till today.

It is a risk you take when you invest in stocks. Some have given me excess returns while few gave many unhappy returns.

The government needs to track where this money has been donated, to confirm this money has gone to a genuine charity and has not been used to fund Boko Horam etc.

klas:

koruji. To be frank, I too bought some shares in it in 2003 and have some of my colleagues who bought substantially in both 2003 PO and 2006 PP. We knew they were still pursuing licence, so could not reasonably expect return.

I invested in it purely for economic reason nothing religious. Same way I invested in Transcorp among others since 2006 and no return till today.

It is a risk you take when you invest in stocks. Some have given me excess returns while few gave many unhappy returns.

lol @ bolded. That was [i]klas[/i]sic

I tink d investors shuld av resign to fate especialy wen dis particular dividends negates d standing of dier bank 'haram'