Islamic Banking: Jaiz Bank Opens In Kaduna

The controversial Islamic banking model which lays emphasis on interest- free loan facility  has commenced full operation in Kaduna.

LEADERSHIP checks at the bank located along Akilu Road, Kaduna, showed that the Islamic bank with the name Jaiz Bank Plc commenced operation last week without a billboard on the bank building.

The Jaiz Bank, LEADERSHIP gathered, only operates a current account both personal and corporate.

When LEADERSHIP visited the bank, only staff members and private security guards were seen in and around the bank.

A corporate account opening form obtained by LEADERSHIP showed that the bank has about five types of account.

Central Bank Governor, Malam Sanusi Lamido Sanusi, had last year indicated that the apex bank would soon introduce the banking model.

The decision to licence the Islamic Banking attracted  criticism with many seeing it as a calculated attempt to ambush Christians, while others applauded the idea.

When contacted, the bank manager declined comment and directed our reporter to Abuja.

But, a source at the bank told LEADERSHIP that the bank was for all people irrespective of religion.

“There is no religion that will reject funding without interest, whether it is Islam, Judaism or Christianity. Every community will like to borrow money whereby it will not be restricted to some kind of interest structure which has killed a lot of very viable projects.”

Islamic Banking – Christian groups may apply for own licence

HAVING failed so far to convince the Central Bank of Nigeria (CBN) to withdraw its current guidelines on Islamic Banking, there are indications that some Christian groups may have decided to use a new approach to challenge the apex bank on the issue.


banking,non interest banking,islamic bank,guidlines islamic banking,non banking licence,banking licence,christian groups,CBN,apex bank

Investigations by The Moment revealed that instead of continuing to protest against what they perceive to be the CBN’s attempt to use the guidelines to promote Islam over other religions, the Christian groups are now planning to apply to the apex bank for a non-interest banking licence that would allow them set up a bank that would operate in accordance with Christian principles. Continue reading

Reps summon CBN gov over Islamic banking, cashless economy policy

The House of Representatives, on Tuesday, summoned the governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, to appear before it on Thursday to expatiate on the cashless  economy policy and the controversial Islamic banking introduced by the apex bank.

islamic banking,CBN governer,governer,cashless economy,mallam sanusi,lamido sanusi,islamic finance ,apex bank,PDP


The House resolution to summon the CBN governor was sequel to a motion moved by Honourable Aliyu Yakubu, Peoples Democratic Party (PDP) Yobe, questioning CBN’s policy on daily cash withdrawal limit of N150,000 for individuals and N1million for corporate customers.

Honourable Yakubu averred that the proposed policy of CBN to limit daily cash withdrawals from banks with effect from June 2012 would affect local farmers and traders who do not have banks in their localities, stressing that “some communities in the country have no commercial banks, micro finance banks or Automated Teller Machine, ATM.”

But the Speaker, Honourable Aminu Tambuwal, who presided over the plenary session, asked the former chairman of the House Committee on Banking and Currency, Honourable Ogbuefi Ozongbachi, to give the House a direction on the matter. Continue reading