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CBN Grants Jaiz Bank National License - Business - Nairaland

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CBN Grants Jaiz Bank National License by donogaga(m): 11:18pm On May 17, 2016
The chairman, Board of Directors Jaiz Bank Plc., Alhaji
Umaru Mutallab, yesterday, disclosed that the Central
Bank of Nigeria (CBN) has granted it a national license,
which enables it to establish and spread its operations
to all the states of the federation and the Federal Capital
Territory (FCT).

Alhaji Mutallab, made this revelation when he led the top
management of the bank on a courtesy visit to the
Sultan of Sokoto, Muhammadu Sa’ad Abubakar III.
The Sultan also said that the bank will set up an
insurance company called Jaiz Takafuz Plc to enhance
its financial base.

He noted that Jaiz Bank, which was established about
three years ago, now operates 25 branches, a feat he
attributed to hard work and transparency the bank had
exhibited over the years.

“To us, this is a great achievement because we’ve been
looking for an opportunity like this, and now we are
adorned with a national charter. Once we obtain the
license, we are also setting up the first Islamic insurance
company so that people can see the difference between
the conventional insurance company and an Islamic
insurance company.” he said.

Highlighting the nature of the insurance, he noted that
the difference between the conventional insurance and
the Islamic insurance is that, apart from the
compensation paid for claims, the customer is also
treated as a shareholder.

In his response, the Sultan of Sokoto told the bank’s
directors that the challenge was now upon them to rise
up to meet the demands of people who would be
grappling for their services.

He noted that Islamic banking is developing
progressively internationally even among Christian-
dominated countries

As part of its social responsibility, Jaiz Bank has also set
up the Jaiz Charity and Development Foundation and the
Jaiz Zakat & WAQF Trust, which would operate
independently of the bank to take care of a number of
interventions, including assisting the Internally Displaced
Persons (IDPs), disasters and fire incidences.

Re: CBN Grants Jaiz Bank National License by fistonati(m): 11:26pm On May 17, 2016
Tracking and tracing the owner of the bank is the former CEO of first bank and the father of a terrorist son that attempted to blow US plane. God punish them all.

Politicians shall know no peace

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Re: CBN Grants Jaiz Bank National License by Infinitikoncept(m): 2:09am On May 18, 2016
Father of a son turned terrorist doesn't make him one if your claims are true sha


Re: CBN Grants Jaiz Bank National License by agarawu23(m): 4:49am On May 18, 2016
I know nlders will welcome them only 'if' their dollar rate is friendly

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