The Central Bank of Nigeria (CBN) has granted an operational license to the country’s first Islamic Bank, Jaiz Bank to operate across the nation.
Announcing the approval at a meeting with the President-General of the Nigerian National Supreme Council for Islamic Affairs and Sultan of Sokoto, Alhaji Muhammadu Saad Abubakar IV, in Abuja, on Monday, the Chairman of the Bank, Umaru Mutallab stated that the bank will commence the inauguration of branches in the 36 states of the federation.
His words: “As a regional bank, Jaiz has operated in 12 states (in Northern Nigeria) but with the new licence we can now spread to all parts of the country. We will open branches in the 36 states of the federation.”
Mutallab also informed the Sultan 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.
Apparently pleased with the development, the Sultan congratulated Jaiz bank for finally securing a national license to operate an Islamic non-interest bank in the country.
He, however, 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”.
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