Jaiz International PLC, the Special Purpose Vehicle (SPV) set up to facilitate the establishment of Nigeria’s first Non-Interest Bank,Jaiz Bank PLC formally transmuted to a full-fledged bank with its Annual General Meeting which took place at the prestigious Shehu Musa Yar Adua Center in Abuja recently. Thus, heralding the beginning of a new dawn for Nigeria’s first full-fledged Non-Interest Bank.
Speaking at the occassion, the Chairman of the Bank, Alhaji (Dr.) Umaru A. Mutallab, CON, stated that the AGM was indeed a remarkable event in the actualization of the establishment of Jaiz Bank PLC. In his statement to the shareholders, “The journey began about 9 years ago amidst many hurdles and challenges, but due to your unflinching support and understanding, your company has metamorphosed from a mere concept , to Jaiz Bank Plc”. He also stressed that “the Bank had since its opening on the 6th of January, 2012, recruited additional staff who have undergone different trainings to ensure the delivery of quality services to its esteemed customers”.
Also speaking at the event, the Managing Director of the Bank, Mohammed Mustapha Bintube reiterated the fact the Bank is built on strong fundamental principles of high ethics, fairness, objectivity and transparency. He stated that “the Bank actually offers all the products and services offered by the conventional banks except dealing in interest and it is available to all irrespective of race or religion. It is about building partnership for mutual interest”. He emphasized. Jaiz got its regional banking license from the Central Bank of Nigeria (CBN) on 11th November, 2011 and commenced operations on the 6th of Jaunuary, 2012 in three locations, Abuja, Kano and Kaduna with plans to open about 13 new locations by December, 2012 and a further plan to go National by 2013. It currently has technical partnership with IBBL Bangladesh as well as technical support and equity investment from Islamic Development Bank, IDB.