The Central Bank of Nigeria (CBN) has granted Jaiz Bank national license to operate Islamic non-interest banking in all the states of the federation.
Reporting to the Sultan of Sokoto (who is the head of all Muslims in Nigeria) on the activities of the bank and other corporate members of the bank in Abuja yesterday, the chairman of Jaiz Bank Alhaji Umaru Abdul Mutallab said the CBN granted the bank the license on Friday.
Abdul Mutallab thereafter told reporters that the bank intends to roll out in all the 36 states and the Federal Capital Territory (FCT) in two or three months times.
The Sultan, Alhaji Sa’ad Abubarkar III was also informed that Jaiz Charity and Development Foundation which operates independently of the bank has been very active in supporting Internally Displaced Persons (IDPs) and victims of disasters.
To enhance the revenue base of the Charity Foundation, the Sultan was informed that the foundation has set up the Takaful Islamic insurance company which has been granted insurance operating license to start Islamic Insurance in Nigeria.
The alms component of the Jaiz group Abdul Mutallab told the Sultan, will cover the whole country, and appealed to the Sultan for his support, cooperation and guidance, pledging to keep the monarch and spiritual leader regularly informed of the activities of the group as the head of the Muslim community in Nigeria.
Responding, Sultan Abubarkar III congratulated Jaiz bank for finally securing a national license to operate an Islamic non-interest bank in the country. The Sultan admonished the bank by stating that the ball is now in the bank’s court.
The Sultan warned that “being an Islamic bank whatever Jaiz bank does must conform with the rules and regulations of Islam. The challenge to Jaiz Bank is that the real problem starts now”
The Sultan urged the Jaiz group to feel free and reach out to the all the Islamic bodies in the country for guidance stressing that if they see anything the bank is doing that is not in conformity with the dictates of Islam, the Islamic bodies will also reach out to the bank.
Islamic banking, the Sultan said is not just for Muslims but for everybody, adding that it is gaining traction all over the world.
