With all these billions banks make one wonders why they still go bankrupt at any slight shakeup.

impressive.

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Beedude:
Good one. I wish they have more branches in Nigeria.
Even as a Christian, i think Islamic banking will help business grow in a country like Nigeria thereby reducing the rate of unemployment. Unlike our Shylock banks around who charge u for everything.

If every bank or financial INSTITUTION OPERATE LIKE THEM THERE'LL BE MORE UNEMPLOYMENT.

Corporate2020:


My friend, gerrout of here. If I see you in Jaiz Bank, I will stone you fufu. Go to your Christian Interest Banks. Only a Judas Iscariot or Judas IsMango will go to Islamic Bank. Please leave our bank for us.

I don't think u deserve a response but will do this for humanity sake.
Is Northern Nigeria only for muslims? Or Eastern Nigeria only for Christian?
I'm not an extremist, i relate with INTELLIGENT and REASONABLE people irrespective of their religion, tribe or political view.

Travelling out of Nigeria to different countries should change ur psych.

I won't reply u again as it won't be good wasting the first working day of the week. Adios

Good development

Yuceeluv:
Are they recruiting? That's my own interest.

it is an Islamic bank...are you Muslim?

The whole zero interest Islamic Banking thing is actually a scam. They actually charge interest, but rather than call it interest, they call it "rent."

Let me explain a bit further the difference between Islamic banking and other banks and why even in countries like Saudi Arabia it isn't popular.

Let's say you apply for a loan under a conventional bank for a home ownership mortgage to purchase a residential house for yourself. At all material times, that house actually belongs to you and not to the bank. The only legal rights the bank has against you is to charge interest on the loan and try to ensure you pay it back on time. Because the house is yours, you can still sell it if someone makes a good offer to you. The bank cannot stop you from doing this.

Under Islamic Banking however, what happens is this:
If you enter into a home ownership mortgage with an islamic bank, the bank buys the house, and then sells it to you at about three or four times the commercial value of the house on the open market. In other words, let's say the value of the house on the market is 5 million naira, the Islamic bank will sell it to you for 15 or 20 million naira.
Unlike in a conventional mortgage, the house belongs to the islamic bank, not to you. You only pay "rent" to the bank. If the commercial value of the house goes up, you cannot sell it as you would have been able to do under a conventional mortgage. Instead, the Islamic Bank can increase the amount of "rent" you are paying to reflect the fact that the home's value has gone up and if you fail to pay, they can evict you and sell the house.

So what they're actually doing is interest by another name.

dominique:
How they generate profits despite their zero interest loans is what I'm curious about

Corporate2020:


My friend, gerrout of here. If I see you in Jaiz Bank, I will stone you fufu. Go to your Christian Interest Banks. Only a Judas Iscariot or Judas IsMango will go to Islamic Bank. Please leave our bank for us.

Ibrahimmrfish:

Partnership, they investment in your business idea.When your business make profit, they also make profit and when your business make lost they also lost.

simplesearch:


If every bank or financial INSTITUTION OPERATE LIKE THEM THERE'LL BE MORE UNEMPLOYMENT.

From my post, i am sure u didn't see where i said everyone should operate like them. I only said we need more of JAIZ BANK. We should have options. Not just a situation where the only banks available are GTB, Wema and co

dominique:
How they generate profits despite their zero interest loans is what I'm curious about

Through loan infrastructural investment like those non profit banks in the middle east.

Abaman001:
Hope you guys did not drop workers as some others did within this COVID-19 era?

They even gave their workers bonus.

ERockson:
If you think Jaiz doesn't charge interest on loans you are deceiving yourself.

They don't charge. I have an account with them. They don't give cash out as their loan. They rather help their customers to finance the loan without any interest. One of what I benefited during the lockdown.

Despite the fact that they are non-interest bank. Good one.

Matrimonous:
With all these billions banks make one wonders why they still go bankrupt at any slight shakeup.

You got it right. Many of them are insincere with their profit declaration which is usually anthetical to their true financial standING. Ask their shareholders after the declaration you'll be shocked they got nothing, they'll rather plead with them to hold on till following year as they are unable to meet their target and therefore the need to recapitalise.
.

mvem:
it is an Islamic bank...are you Muslim?

Many Christians works in the bank.

Beedude:

From my post, i am sure u didn't see where i said everyone should operate like them. I only said we need more of JAIZ BANK. We should have options. Not just a situation where the only banks available are GTB, Wema and co

How viable an alternative are they? Tell me how positively can a bank like Jaiz grow a micro-economic not to talk of macro economy. Can they give loan like GTB, a bank with less than 30 branches nationwide not even up to the number of GTB branches in Lagos. To be fair, Some of this bank only operate to keep their owners wealth, they do not aim to grow the economy or support business expansion. That's why they take almost 0% risk in lending by making their loan facility strigent or non-existent. Will you prefer a Jaiz bank to a Zenith or GTB bank in your locality?

SaintLucia:
They don't charge. I have an account with them. They don't give cash out as their loan. They rather help their customers to finance the loan without any interest. One of what I benefited during the lockdown.

They finance the loan, so who does the costing and purchases? how do you know nothing was inflated or you did your own personal findings. If you go with their cost how do you know you were not cheated and to that extent it becomes an interest, or you think this people dont know how to do their sourcing from where they make their bargain and profit at your own detriment.

My Bank :x

grandstar:


I think you have to be Muslim. As long as you're not Boko haram, it shouldn't be a problem.

Is there anyway you can prove to them you're not?

One branch in Abuja has an igbo lady as their branch manager

simplesearch:


They finance the loan, so who does the costing and purchases? how do you know nothing was inflated or you did your own personal findings. If you go with their cost how do you know you were not cheated and to that extent it becomes an interest, or you think this people dont know how to do their sourcing from where they make their bargain and profit at your own detriment.

The whole concept is profit sharing based on agreed upon terms.

Business is a risk but not all that glitters are gold most especially in this Aisha's boyfriend era... Take a little bit of your time and say "Jesus Christ, thank you for my life and for loving me. "

simplesearch:


If every bank or financial INSTITUTION OPERATE LIKE THEM THERE'LL BE MORE UNEMPLOYMENT.

Kindly explain how

simplesearch:

How viable an alternative are they? Tell me how positively can a bank like Jaiz grow a micro-economic not to talk of macro economy. Can they give loan like GTB, a bank with less than 30 branches nationwide not even up to the number of GTB branches in Lagos. To be fair, Some of this bank only operate to keep their owners wealth, they do not aim to grow the economy or support business expansion. That's why they take almost 0% risk in lending by making their loan facility strigent or non-existent. Will you prefer a Jaiz bank to a Zenith or GTB bank in your locality?

I once had an account with NOOR ISLAMIC BANK in Dubai for 2yrs so i have tested Islamic banking. I have also banked with Skye, Zenith, Access and Fcmb so i know what i'm saying. I have savings, currents and business accounts.
If Jaiz bank have branches close to me i would gladly open a business account with them and operate it effectively.
No harm in having options in life.

really

dominique:
How they generate profits despite their zero interest loans is what I'm curious about

Zero Interest loans, but they sahre some %tage in the profit of the customer! That is their model. Like a joint business.

What is the method of there recruitment o

SaintLucia:
Many Christians works in the bank.

interesting. I never knew

dominique:
How they generate profits despite their zero interest loans is what I'm curious about

The Bank makes profits in three different ways.


Firstly, is buying and selling; meaning it buy an asset and sell at a profit. Note that, Islamic Banks are the only institutions authorized to engage in trade.

Secondly, is through leasing. Under the leasing arrangement, the Bank can for instance, finance a factory’s need for equipment and machineries and then lease out same on rental basis.

Thirdly, is through partnership. Here, it can go into partnership with either an individual or corporate body on a joint venture which is based on a pre-agreed profit and loss sharing formula. Under this arrangement, both parties can jointly contribute capital to a business and then share profit or loss based on agreed ratios.

I dy use dis bank for kd dat yr. But e no dy south s

simplesearch:


They finance the loan, so who does the costing and purchases? how do you know nothing was inflated or you did your own personal findings. If you go with their cost how do you know you were not cheated and to that extent it becomes an interest, or you think this people dont know how to do their sourcing from where they make their bargain and profit at your own detriment.

Open an account with them if u wanna know more. I don't like arguing with people that lack knowledge of what they knew not.

sammysneh:
Dont really know this bank

which state u dey abi na inside inside village u dey?

Urchmahn:
which one be jaiz bank agin? shay dem de use jaiz ni

na inside inside village u dey?