Jaiz Bank plc, Nigeria’s sole Islamic bank, has just received a licence from the Central Bank of Nigeria (CBN) to now operate nationally, after long and intense effort to get that approval.
Chairman, Jaiz Bank, Umaru Mutallab, announced the development on Monday during a courtesy call on the Sultan of Sokoto, Muhammadu Sa’ad Abubakar in Abuja.
Mutallab led the management team of the bank, Jaiz Charity and Development Foundation as well as Jaiz Takafur Insuranace on a courtesy visit to the Sultan where he said the approval allowed the bank to now operate from all parts of the federation and was given last week by the apex bank.
Jaiz Bank, the first and only fully-fledged non-interest bank in Nigeria, began operations last two years to carry out operations in line with Islamic principles.
Mutallab explained that with the approval, the bank, which operated as a regional Islamic bank with about 25 branches in 13 states, would now begin to open branches in all the states of the federation.
“Jaiz bank was licensed about three years ago and we now have about 25 branches. Just last week, the CBN which is the regulator of the banking sector granted us a national license after meeting all their regulatory requirements.
“This means we can now operate from all the states of the federation. We have branches in about 13 states with a total of 25 branches and we hope that within the next two to three years, we should be able to cover all the states,” he said.
Responding, the Sultan pledged his support for the bank with optimism that the national licence would enable the bank contribute significantly to the development of the economy.
“We want to congratulate your on your national banking license after so many years of trying to get it. This is a bank with ethics and I want to inform you that the real challenge starts now because getting a national license is an issue but meeting the demand that goes with such a license is a bigger issue,” the Sultan advised.
“I assure you of our total support to lift this bank higher because we believe that you are working for the development of the nation.”
He also advised them to strive to operate with the confines of morality with which the bank was set up, urging them to equally reach out other Islamic institutions for assistance.
Onyinye Nwachukwu
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