Jaiz Bank not aimed at Islamisation – Yakowa

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The Kaduna State governor advised the bank’s management to create awareness about the concept

The Kaduna State Governor, Patrick Yakowa, on Thursday said the creation of Jaiz Bank was not targeted at Islamising Nigeria.

While receiving the bank’s Board of Directors and Management in Kaduna, Yakowa noted that the bank was established to provide alternative banking services and advised the bank to create awareness in order to make its services and concept clearer to Nigerians.

“A lot of Nigerians need to be enlightened that the bank was not set up to Islamise Nigeria,” he said.

The governor said the non-interest banking system would attract customers as well as improve economic activities in the country. He therefore assured that the bank would not discriminate on the basis of religion or race, but would offer innovative, value-added, ethical and non-interest financial services to its clients.

Dr. Umaru Abdulmutallab, the Chairman of the Board, disclosed that the bank had 60% of its customers as non-Muslims in Malaysia.

“Although it started in the Muslim world, non-interest banking is a profitable, growing global phenomenon open to all, irrespective of race or religion,” he noted.

The bank has an authorised share capital of N13 billion and over 30,000 shareholders from all the six geo-political zones of the country.

“Our vision is to be the dominant non-interest financial service provider in sub-Saharan Africa,” he said.

Abdulmutallab promised the highest professional and ethical standards, and cost effective solutions to financial transactions by the bank.

Muhammad Bintube, the Managing Director of the bank, explained that the bank would not finance projects harmful or detrimental to the society, adding that the non-interest banking system would engage in profit-based, asset financing and trade participation to enable it generate revenue.

He said the bank would be engaged in partnership, leasing, cost plus sale and non-interest bonds.

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