The chairman, Board of Directors Jaiz Bank Plc., Alhaji Umaru Mutallab, yesterday, disclosed that the Central Bank of Nigeria (CBN) has granted it a national license, which enables it to establish and spread its operations to all the states of the federation and the Federal Capital Territory (FCT).
Alhaji Mutallab, made this revelation when he led the top management of the bank on a courtesy visit to the Sultan of Sokoto, Muhammadu Sa’ad Abubakar III.
The Sultan also said that the bank will set up an insurance company called Jaiz Takafuz Plc to enhance its financial base.
He noted that Jaiz Bank, which was established about three years ago, now operates 25 branches, a feat he attributed to hard work and transparency the bank had exhibited over the years.
“To us, this is a great achievement because we’ve been looking for an opportunity like this, and now we are adorned with a national charter. Once we obtain the license, we are also setting up the first Islamic insurance company so that people can see the difference between the conventional insurance company and an Islamic insurance company.” he said.
Highlighting the nature of the insurance, he noted that the difference between the conventional insurance and the Islamic insurance is that, apart from the compensation paid for claims, the customer is also treated as a shareholder.
In his response, the Sultan of Sokoto told the bank’s directors that the challenge was now upon them to rise up to meet the demands of people who would be grappling for their services.
He noted that Islamic banking is developing progressively internationally even among Christian-dominated countries
As part of its social responsibility, Jaiz Bank has also set up the Jaiz Charity and Development Foundation and the Jaiz Zakat & WAQF Trust, which would operate independently of the bank to take care of a number of interventions, including assisting the Internally Displaced Persons (IDPs), disasters and fire incidences.