BY Emma Ujah, Abuja Bureau Chief
ABUJA — The first proposed Islamic bank in Nigeria, Jaiz Bank, will operate as a regional bank, based in Northern Nigeria.

Jaiz Chairman, Alhaji Umaru Abdul Mutallab, told shareholders at the bank’s Annual General Meeting in Abuja, yesterday, that it had raised N6.5 billion to be able to operate as a regional bank under the recently released framework of Central Bank of Nigeria, CBN. A specialised regional bank requires N 5 billion capital to operate.

He said: “The regulatory framework recently released by the CBN re-enforces the concept of specialised banks recognised by the Banks and Other Financial Institutions Act with a lower share capital base. Your company will consequently operate as a specialised bank.

“The framework equally allows for the operation of regional and national banks within the framework of specialised non-interest banking.

In his remarks, Rev. Emmanuel Ikwe of Emmanuel Evangelical Church, who is also a shareholders solidarity activist, said Christians should not panic over Islamic banking.

“There is no need to panic over Islamic banking,” said Ikwe , who was Chief of Air Staff under the Gen. Yakubu Gowon regime.

According to him, shylock Nigerian bankers who give various excuses for not giving loans or give loans at rates that are very unfriendly would have a major competitor in the Islamic bank.

“When there is someone who will give me a loan at no interest, why won’t I do business with him? I will not leave such a bank and go to another bank that will give me a loan and charge 30 per cent interest and include other hidden charges. To me this is business”, he said.

Jaiz ‘s board of directors consist of Alh Mutallab as Chairman, Alh Abdullateef Adegbite, Alh. Aminu Dantata, Dr. Rilwanu Lukman, Alh Aliko Dangote, Group Cat. Usman Jibrin, rtd, Mallam Falalu Bello, Amb. Ibrahim Yerima Abdullahi, Alh. Sani Anka and Mall. Nafiu Baba-Ahmed.

The rest are: alh Tajuddeen Dantata, Alh. Ibrahim Adamu Babangida, Alh. Sarki Gwarzo, Amb. Bunu Sheriff Musa, Alh. Umaru Kwairanga, Mr. Mahbub ul Alam and Alh. Mustapha Binde who is Managing Diector.



http://www.vanguardngr.com/2011/08/islamic-banking-only-for-north-mutallab/