Nigeria’s first Islamic Bank may
close down due to lack of
customers
By News Express, Abuja on
30/08/2012
Six months after it commenced
operations, indications have
emerged that the brouhaha that
greeted the decision of the Central
Bank of Nigeria (CBN) to introduce
Islamic banking in the country was
unnecessary.
Ja’iz Bank Plc, Nigeria’s first Islamic
bank which started operations in
February with three branches
located in Abuja, Kaduna and
Kano, has been contending with
poor patronage and faces the
possibility of early closure, News
Express has learnt.
The situation has become so
worrisome that some concerned
Muslims have started mobilizing
for increased opening of account
with the Islamic Bank so as to
prevent its premature death.
In a message posted on his
Facebook wall, Adebayo Mutalubi
Ojo, a senior legal practictioner,
wrote: “Please open an account
with Ja’iz Bank in Abuja, Kaduna or
Kano; or any Stanbic IBTC branch
(Islamic Banking Account), today.
Help Ja’iz Bank to maintain its
license. It will be a big shame to us
Muslims for Ja’iz Bank to lose its
license for lack of customers
despite our numerical strength. It is
just N2,000 to open the account !
Pls forward to other Muslims and
interested persons now!”
Efforts made by News Express to
reach Ja’iz Bank failed as none of
the phone lines provided on the
bank’s website (+234-9-2347568
and +234-9-2347614) went
through.
News Express recalls that Islamic
banking was vehemently opposed
by Nigerian Christians but CBN
Governor, Sanusi Lamido Sanusi,
went ahead with the project. The
main feature of Islamic banking is
the non-collection of interest on
lendings.

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Some of us know that this 'unusury' model is seriously flawed and is basically being propped up by the West cos of its lust for Arabian oil windfall and wealth from the gulf.

For Islamic banking to take root it would have to create its own infrastructures(businesses,deals,politics,culture),it won't survive leveraging the system built on or by usury.
Its a lesson for people who typically switch of their reasoning process whenever issues bordering on religion is tabled.

at first should this be islamic oriented, now look at what it suffering from, no network base, alliance,not even support from the so called mongul.
sanusi claims he knows better. Handwriting on the wall

we know how billions of naira (oil money)that was wasted in this project.

Does it mean nobody wants to collect their interest free loans I don't get it?? Who will be offered free food and he will reject it or is there a clause in the loans?