Jaiz Bank to open 13 branches this year


        Nigeria’s first non-interest bank, Jaiz, said it is targeting to open 13 branches from its current three before the end of the year.
The bank started its operation on January 6, after receiving a provisional license from the Central Bank of Nigeria.

General Manager of the Bank, Hassan Usman who led a three man delegation to the Daily Trust corporate head office in Abuja, yesterday said in the past one and half months of its operation, the bank has made reasonable progress with the opening of branches in Kano and Kaduna, beside the head office in Abuja.

The new branches would be opened in the North East and North Western part of the country.

He also said the bank would spread its branch networks to other parts of the country early next year, including, Port Harcourt and Ibadan.

“The three branches we have opened are now online real time. We believe that in two to three weeks time, we would be like every other bank in terms of services and product rendering,” he said.

Non- interest banking is derived from the Islamic laws which prohibits earning interest on loans/lending and financing of businesses such as gambling and liquor, among others.

The banking option basically operates through joint ventures, leasing and sales from whence it makes it profit. It is in operation in the UK, US, Malaysia, Arabia countries and other climes.

Usman explained why the bank chose to have a low key start and why it started with current account only.

He said: “Unlike the conventional banks, we have limitation as to what type of investments we can make. We have to develop the business outlay on how to invest savings. If you are a savings account holder and you are giving us your money, we don’t have the liberty to put it on Treasury bill to earn daily interest due to the peculiarity of our operations of non-interest banking.

“We want to service everybody in this country. We have to manage the resources and invest them to get a profit (not interest).  So, our priority first is to identify all the different investment outlets who will give us reasonable returns. We have discussed with reasonable number of partners and in the next few days, we should be able to start operating savings accounts. That takes some little time to do. That is being overcome and as soon as we are done sorting out logistical issues, we would embark on a media campaign to inform the general public of our operations.”

On employment, he explained that Jaiz is an equal opportunity employer that does not discriminate on the basis of creed, race or sex.

“We are open to do business with any one provided the business does not contravene our charter. We employ anybody. What we need is competence to drive quality service delivery to our customers and partners,” he said.

http://www.dailytrust.com.ng/index.php?option=com_content&view=article&id=154708:jaiz-bank-to-open-13-branches-this-year&catid=2:lead-stories&Itemid=8

i wonder what happens if they had a policy of only employing muslims, will chrisitans complain or will they say they dont care because christians were complaining about this bank, of course christians will be the first to apply for jobs even though they were complaining and crying before. not to say i see grievances, but it is just a hypcrotical pattern often seen in the country

Okay, That's Some Good Progress. I'm yet to get rid of the Doubts/Fears though. 

Non- interest banking is derived from the Islamic laws which prohibits earning interest on loans/lending and financing of businesses such as gambling and liquor, among others.

The banking option basically operates through joint ventures, leasing and sales from whence it makes it profit. It is in operation in the UK, US, Malaysia, Arabia countries and other climes.

I'd say we look at it from a 'Business Point of View' and not Religion. Let's just see how this New 'Investment Model' goes. . .

SLS hidden agenda.
He dealt with Oceanic, Intercontinental etc.
Now the Islamic bank takes over.
Probably to sponsor boko haram without interest.

Boko horam banking

The purpose of the non-interest bank was misconstrued from the onset. The media was only helping to downplay the significant importance of the bank to the Nigerian masses. The whole issue was smack of religious sentiments at the expense of the reality of its operations. There was palpable fear from some quarters that non-interest bank might be a threat to other interest-driven financial institutions hence the opposition.

It would definitely be embraced by Nigerians in no distant time.

obowunmi:

Boko horam banking

lolz,

Developed world central banks talks about policies and reduction in interest rates to less than 2%,
SLS talks only about "Sharia based" banking and sale of FOREx, is dis what the cbn was set up for?

Sanusi is not that bright.

Nice 1 mallam sanusi

i wonder what happens if they had a policy of only employing muslims, will chrisitans complain or will they say they dont care because christians were complaining about this bank, of course christians will be the first to apply for jobs even though they were complaining and crying before. not to say i see grievances, but it is just a hypcrotical pattern often seen in the country

Only Christians by name will apply this job

Here we go again, thanx to Mallam Sanusi.

This will be another way of funding Islamic activities and their wickedness via Boko Haram in Nigeria

i must comment that the christians that will apply for a job in this should swallow any discrimination they will face during employment and also during work. for sure employemnt will be 99% muslims and 1% other religions. Also, while working there, be rest assured that ur promotion will only thru prayer and fasting. so u are going to be working in an unfriendly environment. Christian intending to work there be mindful of this.

You wait and see, soon you'd see ; Abdulfatah chijioke or Mathew O. Saifullah as a staff in thesame bank.
Nigeria 4u!

Hmmmmm, I still nurse ma fears for dis bank. Gudluk to dose pple banking there sha. Boko haram, abeg keep off o.

Can somebody tell me how this bank will source the money for its running cost since it does not request for interest. Brothers, open your mind.
This is islamic banking on the way to play a major role economically in the cause of islamising Nigeria. It is not a secret yet, a lot of christians will fall for it because of greed. Where have you seen any profitable thing given free of charge? It may appear free now but later conditions(pure islamic demands) will emerge. However, islamization of the present peoples of nigeria will woefully fail when they think the indices are right to strike. It is just that we will pay more price for failing to stop it NOW. You know what we call Pyrrhic Victory.

to cut long story short, make una go form Christian banking, no disrespect intended. we have Christian universities  and other institutions as well as for Islam. the country is diverse with culture and religion, tolerate it

obowunmi:

Sanusi is not that bright.

Please tell them.He thinks wearing bow tie makes him intelligent

solihu:

You wait and see, soon you'd see ; Abdulfatah chijioke or Mathew O. Saifullah as a staff in thesame bank.
Nigeria 4u!

*Chokes on food*

Are they going to survive using this model? because they are basically buying into any business who approach them for funding,isn't this risky.
The advantage of being a creditor cannot be under estimated;you get a first line charge on income.This is free money o for business because when you buy into me business(equity) then i wouldn't have to share profit (profit is very much subjective anyway) if my book says there's none.
I assume any company they fund would  allow Jaiz have representation within their decision-making framework but how many companies are they gonna be engaging at a time.

Whats the difference between interest and profit anyway(ignoring technical jargon,they are both returns.),seriously this is just an ideological shenanigan.
I need to learn about Islamic banking its becoming interestingly confusing .

sorry i cant put my money where it would be used to finance terrorism no offence

The moment SLS steps down in 2013, watch and see how that bank will fold up. I can already foresee how things will unfold; SLS is secretly funding that bank.

Sanusi lamidi sanusi an extremist will not succeed in breaking this country, this country has been existing before he was born and will continue to exist. My advice to jaiz bank is to stay in North and not to venture coming to anywhere in the south region and if it does, the consequences will be fatal. so Jaiz stay clear from South REGION. Sanusi to hell with and you will never get second term in office IJN, Amen.

Sanusi lamidi sanusi an extremist will not succeed in breaking this country, this country has been existing before he was born and will continue to exist. My advice to jaiz bank is to stay in North and not to venture coming to anywhere in the south region and if it does, the consequences will be fatal. so Jaiz stay clear from South REGION. Sanusi to hell with and you will never get second term in office IJN, Amen. shege barawo

Time for you peeps to re-package Christianity to accommodate politics, justice, economy, etc. As it is now, Christianity is just a religion and not a way of life. Islam is complete, everything is there for you. Just anything you're looking for, anything. I can't wait for the bank to spread to my state and make my account with them the most active of all. Will it fail? No. Thanks.

when people call it non interest usually laugh, let talk about interest here, on average most nigerian banks charge about 20%, and let us say jaiz bank gives u a loan with a 20% profit sharing agreement, if we do the do the maths u will notice that the difference is even more with islamic model, wether those promoting this model like it or not the model is still same as the interest based model. the problem nigerians have with banks is not interest but the cholateral for the loan which most nigerians cant afford. please you should all note that the islamic model also require cholateral. what we need is a good micro finance banking system not this for now

Intrepid!:

A lot of ignorant people in this country. Would you rather seek loans from the thieving commercial banks or Jaiz Bank which only shares the profits without charging an arm and a leg in 'interest'? Would you continue to wallow in ignorance and relative financial obscurity because you do not want to do business with an 'islamic bank'? Open your eyes, people!

I am ver surprised u used d word 'ignorant'. perhaps u meant it in an ambiguous sense. We r ignorant yet we know that this new banking system has several religious undertones; we r ignorant yet we know that Sanusi is the main brain behind this child; Are we also ignorant to the extent that we do not know that 'very soon we shall open branches in port harcourt and ibadan' is just a diplomatic expression? Where was the bank supposed to take off activities first if not in the west, South etc because of the economic n commercial strenghs they possess? If a cat offers a hiding mouse a cube of sugar to lure it out of its hole, what do u think the cat's real intention is? Friendship? I lugh.
Mallam Sanusi is doing the following: He wants to win the hearts of the north for 'future use'
                                                          He is, directly or indirectly, funding some of the islamic sects (terrorist or not ) which he belongs to.
                                                          he is hell bent on favouring the northern elements supposedly balancing the economic power. the list is just endless.

Re: Jaiz Bank To Open 13 Branches This Year. Jaiz is the same as BCCI. Same foundation, root & fruit. And certainly same fate as Bank of the North, etc.

You making profit or the so called 'secular' banks making profit on you which would you prefer?
I only give you a yr ull all be regretting the trash you are posting here.

I will like to collect load of 2.5 million to complet my housing project, will they give it to me? and if they do, after the completion of my building (after six months time) will i bring back the 2.5 million naira and then tell the branch manager "Thank you Sir, for the load and walk away"?