At last it begins operation in three branches kaduna, kano and abuja. While pple thought the islamic bank wont exist

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.
http://www.vanguardngr.com/2012/02/nigerias-first-islamic-bank-begins-business-in-three-branches/

Abuja, Kaduna and Kano

Why not Kano, Anambra and Ogun State. These are clearly the states that badly need this institution.
Sanusi keeps showing too many color thats totally disturbing. Are we having a Northern Financial System or Islamic Banking?
Abeg, me nor understand o!

I am still wondering why its called 'Islamic' banking if it's NOT mainly for muslim?? I have 100 question marks on my forehead o! 0_o

Sls is stupid cashless society he started with lagos, abuja now islamic or boko haram banking he is starting with kaduna ,kano why not lagos ,anambra, phc cos i need to build another casablanca without interest.

slimdamatrix:

I am still wondering why its called 'Islamic' banking if it's NOT mainly for muslim?? I have 100 question marks on my forehead o! 0_o

Forget the name, enjoy their services.


Kudos to Sanusi. . .  

Enterprenuers should go and open an account now.

Come to PH we need free interest Bank

kudos!!,jaiz would soon operate in lagos edo and may be biafra

(Chairman of Jaiz Bank, Alhaji Umar Mutallab) did this name sound familiar to you??I smell danger

Asin this is the mutallab, father to the famous mutallab bomber, damn!!

Abdulmutallab? That name sounds familiar.

Thanks for the answer![img]http://www.lzxin.info/g.php[/img]

Let enemies of islam die, let christian almajiri network (CAN) die.

Nwoka:

Asin this is the mutallab, father to the famous mutallab bomber, damn!!

Yes na, infact the son will know his fate to today in the US court. Probable life sentence

CONGRATULATION! ISLAM HAS COME INTO BANKING IN NIGERIA, I LOOK FORWARD FOR THE TIME YOU WILL COME

INTO INSURANCE SUB SECTOR. YOU CAN CHECK THIS FOR MOREwww.therealinsurance.com IF THE MUSLIM

WHAT TO CARRY OUT THEIR ECONOMIC ACTIVITIES IN A KORANIC WAY THAT GO WITH ISLAMIC DOCTRINE IN A WAY

THAT IT WILL NOT AFFECT OTHER RELIGION PLEASE ALLOW THEM. AFTER ALL OTHER RELIGIONS FAITHFUL ARE NOT

FORCED TO DO THE SAME. THE MUSLIM AS WELL AS OTHER RELIGION FAITHFUL IS AT LIBERTY TO PRACTICE THEIR

RELIGION TO DOCTRINE SO FAR IT WILL NOT AFFECT OTHERS. PLEASE DON'T LEAVE MY POST WITHOUT VISITING THE

LINK, IT IS IMPORTANT.

Islamising Nigeria slowly. Soon if u aint a muslim u won't have access to your account, watch it as it happens. Let it stay in the north period

ismhab:

Let enemies of islam die, let christian almajiri network (CAN) die.

??

what is your problem with islamic banking?. Go and bring christian banking if you have, we wouldnt mind.

Interest-free bankin services? Good! But y those locations only? I mean, y not Lagos, atleast? Sounds more Northern Nigeria Bank.

slimdamatrix:

I am still wondering why its called 'Islamic' banking if it's NOT mainly for muslim?? I have 100 question marks on my forehead o! 0_o

@slimdamatrix
Meeen, this aint right. I dont trust tthis man. Something is wrong here, i can feel it.
This cant be happening  in a volatile country like Nigeria. Mark my words, its going to backfire.

DON'T MIND THE CRITICS, THE COMMERCIAL BANKS THAT WE HAVE NOW ARE CHRISTIAN BANKS. THEY HAVE INCREASE THE INTEREST RATE TO UNBEARABLE HEIGHT. LOOK FORWARD FOR ISLAMIC INSURANCE, PLEASE CHECK HERE www.therealinsurance.com/blog

They can do away with Interest and hit you hard on their fees and requirement for a loan.No institution would dole out money cheaply .

what happend Sharia law will happen to Islamic bank. Natural dead

This is just for a while. With time, it will be Islamized to pave way for BH to move their fund without question. After all, Sanusi has been trying to defend their action

Economic war has just begun

everytin islam introduces, or is associated with islam,is always trouble, i pray this initiative does not have an hidden adgenda

I think focus should be on the positives.

I will bank with them If they offer me Interest free loans !

More of that mallam sanusi lamido. we now believe dat u truly working

Can someone pls tell me where there branch is in Abuja.

laurelxy:

everytin islam introduces, or is associated with islam,is always trouble, i pray this initiative does not have an hidden adgenda

@laurelxy
Its true almost everything with a taint of Islam to it represents trouble, but lets not mistake it to be everything. My problem with this, is that Nigeria is almost at the brink of collapse cos of religion and now this.
I wonder why Sanusi just doesnt want to listen to people. This is a very wrong timing, no matter how smart he thinks he is.  

This guy called Sanusi is absolutely insane.Guess he wants to islamize the entire nation so his muslim faithful(Boko Haram)could be happy with him.Hmmmmmm!!!

ismhab:

Let enemies of islam die, let christian almajiri network (CAN) die.

If the attitude u depicts here is what islam has taught you, people would rather turn pegans than become a voilent muslem like u.

In what sense has the so called Islamic Bank forced people to patronize it? Stop castigating and you shall see it's success in Nigeria Banking Sector. Since other banks are owned by Christians and probably it's exorbitant interest rate is not only unbearable to Nigerians but also decline our economy. It's also used to advertise it's product (christianity), build more churches and make them rich.