JAIZ bank not set to Islamise Nigeria – Kaduna gov

Kaduna State Governor, Patrick Yakowa, on Thursday said the establishment of Jaiz Bank was not targeted at Islamising Nigeria.
Yakowa, who made this known while receiving the bank’s Board of Directors and Management in Kaduna, said the bank was rather established to provide alternative banking services.
He urged the bank to enlighten the public to make its services and concept clearer to Nigerians, the News Agency of Nigeria reports.
“A lot of Nigerians need to be enlightened that the bank was not set up to Islamise Nigeria,” Yakowa said.
The governor said the non-interest banking system would attract customers as well as improve economic activities in the country.
The Chairman of the Board, Dr. Umaru Abdulmutallab, said the bank had 60 per cent 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.
He 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.
Abdulmutallab said the bank had authorized 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.
He said the bank would provide highest professional and ethical standards as well as cost effective solutions to financial transaction.
The Managing Director of the bank, Muhammad Bintube, said the bank would not finance anything that would be harmful or detrimental to the society.
Bintube said 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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