Nigeria's first Islamic Bank established

Mr Abdullahi Sai’d
General Manager, Corporate Services of Jaiz Bank plc,

Nigeria's first Islamic Bank established
Ben Adam Shemang, Abuja

The General Manager, Corporate Services of Jaiz Bank plc, Nigeria's first Islamic bank, Mr Abdullahi Sai’d, says Islamic banking is good for all Nigerians irrespective religious callings.

First Islamic Bank

Jaiz Bank plc. is established as a commercial bank but has generated a lot of heat between Muslims and Christians in the country.

Many Christians say the establishment of the bank in the country is an attempt to turn Nigeria into an Islamic State.

The Catholic Arch-Bishop of Abuja, John Onaiyekan, pointed out that there was need to educate Christians about the operations of the bank.

Mr Abdullah Sai’d said a lot of awareness still needed to be done so that misunderstanding and misconceptions about the bank can be corrected.

He said many Muslims and Christians are shareholders in the bank and that it is interest free.

Islamic injunctions

Sai’d pointed out that some tenet of the Islamic injunctions as it concerns the operation of the Islamic banking system included; interest prohibition, granting of loans to run hotel business, prostitution, gambling, running of piggery, among others.

The first Islamic bank in Nigeria is taking off in Abuja call Jaiz Bank plc.

Many Nigerians want the name called none interest bank as opposed to Islamic bank. 

Jaiz Bank has 6.5 billion Naira capital base and seventeen board members and its Shareholders are in tens of thousands.

The General Manager Corporate Services of the bank says mechanism have been put in place to check fraud and bank collapse.

Iheanacho