midolian:
Has Anyone tried doing business with Jaiz bank? What is the profit sharing like? please I need someone who has tried it or has the knowledge to guide me. I am thinking of trying one of their products and services, Jaiz premium savings account(JAPSA)

On JAPSA, this is what you 'll find on the bank's website which does not answer my question...

https://jaizbankplc.com/jaiz-product-and-services/private-banking/jaiz-premium-savings-account/

Please I need someone to confirm if the returns are truly attractive..and to also let me know all I need to know about this JAPSA before going into it.

Thanks.

Ammasco International Litmitdd does business with them. It is the account number they give you when when you intend to pay for product with their depot .
It is an Islamic bank, I think and Ammasco is a Muslim from the far North

The JAPSA account is not the regular savings or current account but a Term Deposit (Fixed Deposit) account. It's clearly stated in your post. Term Deposit is not Savings account or Current account.

So, it's not meant for everybody. That's why the opening fee is N500k instead of 1k or zero naira. It's an investment account which allows you to grow your funds over a period. You don't get ATM card, withdrawal slips, PIN, and the likes.

What should bother you here is what the investor stands to gain in return. The sad news is that nobody on this thread can answer that question unless you approach the bank and negotiate/interact with them.

This thread is very pointless IMO.

Normal investment. Interest should be a single digit per annum. If you don't have a business going on for yourself, it is a good way of investing and expecting peanuts afterwards, Still much better than investing on business you know nothing of. Good if you don't know what you can do with your money at the present.

If the interest is way above single digit, my guy na scam

Jaiz bank hmmm,na Muslim bank now,i heard they give loan to only Muslims,i think its a private bank.i bought my jamb form there.the bank dey try.

Does the bank have physical structure cos me I never see am

500K as opening balance? Interesting.

Following

I fixed 1.5m for 30 days and they paid me about 4k profit.

It's funny how islamic banking is supposed to be "wonderful" yet it hasn't solved the economic problems of muslims.

Empiree:
I see this is Nigerian bank. I'm ruled out by default. I have to read more about them though. However I can see their initial deposit is on the high side for average Nigerian, isn't?.

I don't want to leave technic comment without knowing their details.

no one actually knows about this bank but for a bank to run interest free ,You shld know they mean well

for better clarification go to any of their branch

Do they have any branch in Nigeria

One of the best banks i have used in recent years.

Even the normal savings account yields profit.

I basically get profit for little or nothing saved.

Their app is the most reliable app i have ever used.

No under radar deductions.

Op, they are mostly based in major cities but expanding rapidly. Go for it.

Visit a branch and discuss it's 100% licensed islamic banking platform and also reliable.

Some time this year I wanted to invest in Jaiz thing but I found a better investment package with another financial institution. 12% per annum (investment can be withdrawn t any time). It fluctuates though, depending on inflation rate but has never gone beyond 10% according to an investor that introduced me.

The sharing formula for Jaiz investment is 35/65 of profit made from your investment.

Customer 35%

Bank 65%

midolian:
Has Anyone tried doing business with Jaiz bank? What is the profit sharing like? please I need someone who has tried it or has the knowledge to guide me. I am thinking of trying one of their products and services, Jaiz premium savings account(JAPSA)

On JAPSA, this is what you 'll find on the bank's website which does not answer my question...

https://jaizbankplc.com/jaiz-product-and-services/private-banking/jaiz-premium-savings-account/

Please I need someone to confirm if the returns are truly attractive..and to also let me know all I need to know about this JAPSA before going into it.

Thanks.

You can make much more investing 1.5m

faridasr:
I fixed 1.5m for 30 days and they paid me about 4k profit.

Anyone Interested should leave contact details preferably WhatsApp. Please no one should come call me a fraud oo, the information I will give is about a reputable financial institution.

oldtruth:


Will be glad if you can share their info. 12% looks reasonable okay

9jaArea:
Some time this year I wanted to invest in Jaiz thing but I found a better investment package with another financial institution. 12% per annum. It fluctuates though, depending on inflation rate but has never gone beyond 10% according to an investor that introduced me.

The sharing formula for Jaiz investment is 35/65 of profit made from your investment.

Customer 35%

Bank 65%

Will be glad if you can share their info. 12% looks reasonable okay

Onigbindemmd:
Do they have any branch in Nigeria

They do.

gaventa:
so you guys cant wait till friday to post this so we can at least accept what we dont accept just to make a comment. i accept bla bla bla my foot...

don't mind those foools.

Siralgebra04:
It's non-interest bank.
In d meantime, I have a brief analysis here. If u burn #2,145 (15litres) fuel, say, every 3 days, then, in a year you would have expended# 260,975 fuel + #20,000 for maintenance. In 2 years u would av spent over 560k. That's too massive.
Embrace Solar Energy. At Medas Innovations, we will be willing to mount ur Solar System.
Check my signature for contact.

You sound like Hausa guy when you said the bolded

Good Luck to those banking with Sharia law Islamic bank

As for me , am not interested

oldtruth:
Normal investment. Interest should be a single digit per annum. If you don't have a business going on for yourself, it is a good way of investing and expecting peanuts afterwards, Still much better than investing on business you know nothing of. Good if you don't know what you can do with your money at the present.

If the interest is way above single digit, my guy na scam

What are you saying.

I have invested on FD with a Microfinance Bank with interest as high as 10.50 per annum.

I have also seen another Microfinance Bank with as high as 13.75 not everything you shout scam.

As long it's regulated under CBN and also insured you have nothing to worry about.

opalu:
Fake bank without funds.
I thought they are as good as some religious jingoists say. Only for one of their top management staff to give me a private explanation of the true picture of how hollow the Jaiz Bank is.
If its savings and withdrawals fine. But if you are seeking for loans for anything meaningful, sorry it's the wrong place to visit. Even a micro finance bank is better

that is why it's a non interest bank

Yes I have done transactions with them at their branch in Broad Street, Lagos.
I think they are organized and coordinated and their standard at par with their counterparts in the banking industry

Let CAN also create their own Non-Interest bank too and let's leave Jaiz Bank alone jare

oh my guy, that bank. u finally found the BEST BANK in the whole nation.
they never stole a single customers money for a single time for the past 15 yrs I've known them
they lend in the most honorable way.
i have banked with every single bank in Nigeria except 3. they are the best so far
they listen to complains
their customer service is superb
they are not exploitative, that's why they were frustrated for many yrs
the only 2 problems i have with them are; they aren't available everywhere and they don't seem to bother scouting for customers. they want people to come on their own.

faridasr:
I fixed 1.5m for 30 days and they paid me about 4k profit.

So 500k for 3months will earn 4k that's freaking small. Some other platforms have better offer even I believe TB shd

FULANI BANK...SHARIA BANK

TheExecutioner:
It's funny how islamic banking is supposed to be "wonderful" yet it hasn't solved the economic problems of muslims.

Islamic banking is not designed to solve every problem of all Muslims. Even in developed world where they have standard welfare system there is still poverty. So what exactly you want?

It is a wonderful bank which have no problem at all. I have an account with them and i dare say your money is safe with them. They pay your interest as at when due and pay you your share of profit based on the percentage of your package n your fund.
NB: I operate a simple savings a/c domiciled in d Allen r/about branch & no illegal deductions and i receive my own share of profit & interest no matter how small it may be.

What do I want? Absolutely nothing. I just wish MOOslims were a bit more honest about their religion, no matter how embarrassing it is for them.

[img]https://images./oRwX8U4ouL4VfHnGTAWkC.jpg[/img]

Empiree:
Islamic banking is not designed to solve every problem of all Muslims. Even in developed world where they have standard welfare system there is still poverty. So what exactly you want?

faridasr:
I fixed 1.5m for 30 days and they paid me about 4k profit.

You mean 4000naira for 1.5 million naira? I better just keep my money. I was even advising some one to consider this japa stuff

Empiree:
I honestly don't mind doing business with them though. Based on my experience with Sharia compliance mortgage company in the US, they most likely have the same traits. They will use your deposits to do business with or without your knowledge but you already signed some paperwork when you signed up with respect to this.

Profits realized from the business is credited into your account which means you will see increase in your account balance. Some muslim may consider this interest but in actuality it is not as far as I am concerned.

I am speaking generally. I don't know specific policy of this bank.

Jaiz bank doesn't give direct loan to their customers. They will fund whatever business you want to use the loan for instead of giving u directly like other commercial banks. They don't take interest from the loan. They operate based on sharia law.

TheExecutioner:
What do I want? Absolutely nothing. I just wish MOOslims were a bit more honest about their religion, no matter how embarrassing it is for them.

[img]https://images./oRwX8U4ouL4VfHnGTAWkC.jpg[/img]

at least be respectful when you spell Muslim. The way you spelt it was uncalled for. You have motives?.

Yes, it is not hidden that some so called Islamic banking have back door riba(interest). Some muslim scholars talked about this already years ago. I don't need you to inform me about this.

That doesn't mean all of them involved in this deceptive transaction. Also note that Islamic banking helped US economy during financial meltdown in 2008.

SaintLucia:
Jaiz bank doesn't give direct loan to their customers. They will fund whatever business you want to use the loan for instead of giving u directly like other commercial banks. They don't take interest from the loan. They operate based on sharia law.

I really don't need loan from any bank. I rather sell my real property to do business, take profit from the business and build or buy a new landed property..I never raised loan from banks.