Jaiz Bank Plc, the first full-fledged non-interest Bank in Nigeria has financed an executive aircraft as part of its programmes to venture into the aviation sub sector of the Nigerian economy.
The aircraft, which has been delivered to Aviation Resource Service Limited (the customer), was financed under the Bank’s Ijarah wa iqtina (lease-to-own model of Islamic Finance).
Under this model, the Bank and the Aviation Resource Service Limited are co-owners of the Aircraft based on a partnership arrangement whereby ownership is gradually transferred to the customer (Aviation Resource) as it pays down.
According to an excited Managing Director of Jaiz Bank, Muhammad Nurul Islam: “We are particularly delighted by this partnership as it does underscore our capacity to enter into any ethical venture that will add value to the society. We want to use this opportunity to call on all Nigerians to take advantage of our unique type of banking.”
In his remarks, the General Manager of Aviation Resource Service Limited, TankoYakubu said: “We are a bit skeptical at the initial stage of our discussion with Jaiz on their willingness and ability to finance the transaction. However, we are proven wrong. We were actually amazed by the Bank’s depth of knowledge of the aviation sector as well as their commitment to partner with us.”