The Central Bank of Nigeria (CBN) has granted an
approval to Jaiz Bank International Plc to operate as an
Islamic Bank.
Jaiz Bank which is the first of its kind in Nigeria will operate in the Northern region.
The new bank has also been given a period of six months within which it
should comply with the apex bank’s terms in order to obtain a final
license. Failure to do so would result in the termination of the
agreement.
The Islamic banking system, otherwise called Sharia Bankingi s is based purely on
Islamic laws, it is an interest-free form of banking and it forbids
usury.
The bank is being promoted by some leading bankers and businessmen in
the country.
They include a former Chairman of First Bank of Nigeria
Plc, Dr. Umaru Abdul Mutallab, who is its chairman; Alhaji Mohammed
Mustapha Bintube; Dr. Aminu Alhassan Dantata; Alhaji Abdullateef
Adegbite; Alhaji Bunu Sheriff Musa; the outgoing Managing Director and
Chief Executive Officer of Unity Bank Plc, Mallam Falalu Bello; Alhaji
Abdulazeez Ude; and Alhaji Tajudeen Aminu Dantata, among others.
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