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.
