Has Anyone tried doing business with Jaiz bank? What is the profit sharing like? please I need someone who has tried it or has the knowledge to guide me. I am thinking of trying one of their products and services, Jaiz premium savings account(JAPSA)

On JAPSA, this is what you 'll find on the bank's website which does not answer my question...

"At Jaiz Bank, building your wealth ethically is always a priority. Jaiz Bank's JAPSA Term Deposit is an innovative product designed specially to meet your investment needs. Our Term Deposit offers you the option of higher profit rates at tenures which suit your needs. Account holders are considered as investors while the bank acts as the fund manager and invests the depositors’ monies into financially-profitable, socially-desirable and commercially-viable business ventures which are legal and Shariah compliant. Gross profit made from the investment is distributed at the end of every tenure based on a pre-agreed profit sharing ratio.

Features
1. Opening balance of N500,000

2. Attractive returns

3. Investment period (tenor) is a minimum of 30 days and a maximum of 360 days.

4. Investment Certificate is issued for each investment.

5. Non checking account.

Documentation
(For new customers)

a. Duly completed account opening form

b. Two (2) recent passport-sized photographs

c. Valid means of identification: National ID card, International Passport, Voter's Card, Driver's License or NIN Slip.

d. Public utility receipt dated within the last three months (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill etc.)

e. BVN

f. Birth certificate (if the account is for a minor)

(For Existing Customers)

A letter (duly signed by the account signatory(ies)) requesting the creation of JAPSA for a specific tenure."

https://jaizbankplc.com/jaiz-product-and-services/private-banking/jaiz-premium-savings-account/

Please I need someone to confirm if the returns are truly attractive..and to also let me know all I need to know about this JAPSA before going into it.

Thanks.

midolian:
Has Anyone tried doing business with Jaiz bank? What is the profit sharing like? please I need someone who has tried it or has the knowledge to guide me. I am thinking of trying one of their products and services, Jaiz premium savings account(JAPSA)

On JAPSA, this is what you 'll find on the bank's website which does not answer my question...

https://jaizbankplc.com/jaiz-product-and-services/private-banking/jaiz-premium-savings-account/

Please I need someone to confirm if the returns are truly attractive..and to also tell me all I need to know about this JAPSA..

Thanks.

cc: lalasticlala

Emp.iree

I see this is Nigerian bank. I'm ruled out by default. I have to read more about them though. However I can see their initial deposit is on the high side for average Nigerian, isn't?.

I don't want to leave technical comment without knowing their details.

Empiree:
I see this is Nigerian bank. I'm ruled out by default. I have to read more about them though. However I can see their initial deposit is on the high side for average Nigerian, isn't?.

I don't want to leave technic comment without knowing their details.

Yes it is a Nigerian bank but Islamic. Non interest!

midolian:
Yes it is a Nigerian bank but Islamic. Non interest!

I honestly don't mind doing business with them though. Based on my experience with Sharia compliance mortgage company in the US, they most likely have the same traits. They will use your deposits to do business with or without your knowledge but you already signed some paperwork when you signed up with respect to this.

Profits realized from the business is credited into your account which means you will see increase in your account balance. Some muslim may consider this interest but in actuality it is not as far as I am concerned.

I am speaking generally. I don't know specific policy of this bank.

Space booked!

.

Okkkkaaaayyyyy

Fake bank without funds.
I thought they are as good as some religious jingoists say. Only for one of their top management staff to give me a private explanation of the true picture of how hollow the Jaiz Bank is.
If its savings and withdrawals fine. But if you are seeking for loans for anything meaningful, sorry it's the wrong place to visit. Even a micro finance bank is better

Ok

It's non-interest bank.
In d meantime, I have a brief analysis here. If u burn #2,145 (15litres) fuel, say, every 3 days, then, in a year you would have expended # 260,975 fuel + #20,000 for maintenance. In 2 years u would av spent over 560k. That's too massive.
Embrace Solar Energy. At Medas Innovations, we will be willing to mount ur Solar System.
Check my signature for contact.

Nice bank to do business with

I dey follow bumper to bumper

Guy! Ma je ki won gba e o

I'm here to read comments!

If you are here to read comments as well, gather here for Selfie

My friend who banks with them( she go see my post : ) was lamenting bitterly of recent. Charges high pass interest

midolian:
Has Anyone tried doing business with Jaiz bank? What is the profit sharing like? please I need someone who has tried it or has the knowledge to guide me. I am thinking of trying one of their products and services, Jaiz premium savings account(JAPSA)

On JAPSA, this is what you 'll find on the bank's website which does not answer my question...

https://jaizbankplc.com/jaiz-product-and-services/private-banking/jaiz-premium-savings-account/

Please I need someone to confirm if the returns are truly attractive..and to also let me know all I need to know about this JAPSA before going into it.

Thanks.

Little known bank. Where is the address? How many branches do they have? Are they authorized to operate? When do they started operation and many questions needed to be answered. Don't fall victim

You can give it a try and if it does not work out for you as expected , then you can terminate your contract with them and withdraw your money in full as simple as that. But 500k for minimum startup is on a high side for average Nigerian.

Hmmm. JAiZ Bank, an Islamic bank. I dont much about the bank safe for online transfer of funds to one of their customers, UMC global health Ltd. When UMC played a 419 on me, I tried to bring the issue to the the attention of the bank in accordance with a CBN directive
https://www.google.com/amp/s/www.premiumtimesng.com/business/184945-cbn-orders-banks-to-establish-electronic-fraud-desks-by-july-1.html/amp/ through their customer's care line 07080635500. I was tossed up and down till I was allowed to speak with a lady. She was very hostile and aggressive . All my entreaties fell on deaf ears. She didn't even acknowledge the CBN directive. Surprisingly, I got a call from the same bank about a week later reassuring me that they will attend to my complaint. I am still here waiting . OP, my take is carry out due diligence before committing your hard earned cash to any banking instrument you are not familiar with.

Never tried, haven't even seen any of their branches before


Check out my signature for quality and durable furniture for homes and offices

Lol

I ve only seen one of its branch here in ph at waterlines

JAIZ BANK MEANS JAZ BANK(JUJU BANK)

How much does your solar installation cost?

NigerianMan:
I'm here to read comments!

If you are here to read comments as well, gather here for Selfie

Oya bring out your phone make we take selfie

Siralgebra04:
It's non-interest bank.
In d meantime, I have a brief analysis here. If u burn #2,145 (15litres) fuel, say, every 3 days, then, in a year you would have expended # 260,975 fuel + #20,000 for maintenance. In 2 years u would av spent over 560k. That's too massive.
Embrace Solar Energy. At Medas Innovations, we will be willing to mount ur Solar System.
Check my signature for contact.

How much does your solar installation cost

Bro that Jaiz bank no bi yours,na them get am.

so you guys cant wait till friday to post this so we can at least accept what we dont accept just to make a comment. i accept bla bla bla my foot...