NIgeria: Jaiz Bank secures licence to deliver Islamic banking

(AGI) - Lagos 17 may - The Central Bank of Nigeria (CBN) has granted Jaiz Bank national license to operate Islamic non-interest banking in all the states of the federation. Reporting to the Sultan of Sokoto, Alhaji Sa'ad Abubakar lll (who is the head of all Muslims in Nigeria) on the activities of the bank and other corporate members of the bank in Abuja Monday, chairman of Jaiz Bank, Alhaji Umaru Abdul Mutallab, said CBN granted the bank license on Friday, adding that the bank intends to roll out in all the 36 states and the Federal Capital Territory (FCT) in two or three months times. The Sultan was also informed that Jaiz Charity and Development Foundation, which operates independently of the bank, has been very active in supporting Internally Displaced Persons (IDPs) and victims of disasters. To enhance the revenue base of the Charity Foundation, the Sultan was informed that the foundation has set up the Takaful Islamic insurance company, which has been granted insurance operating license to start Islamic Insurance in Nigeria. The alms component of the Jaiz group, Abdul Mutallab said, will cover the whole country and appealed to his host for support, cooperation and guidance, pledging to keep the monarch and spiritual leader regularly informed of activities of the group as the head of the Muslim community in Nigeria. (AGI) .