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.”

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