We’ll make Nigeria hub of Islamic banking- Jaiz bank

Dr Haruna Musa, MD/CEO of Jaiz Bank PLC, says the bank is looking forward to Nigeria becoming the centre of Islamic banking in Africa.Musa disclosed this at a send-off ceremony of the retired Board/Advisory Committee of Experts (ACE) members of the bank in Abuja.According to him, being the pioneer of non-interest banking, the bank has changed the narrative of banking operations in the country.'The biggest achievement recorded so far in the Bank is the introduction of new banking-system that enables the people to have alternatives in banking operations.'Before now, it was a conventional banking system, but now with an alternative banking, people can go to conventional and non-interest banking.'This is an achievement we are very proud of and we are very grateful, and we thank God for giving us this opportunity to see this take off.'All the while we want to be in that position and I believe that in the nearest future this will be the situation.'This is because it is the fast growing banking system that can offer you credit without interest,' he said.Dr Umar Abdulmutalab, the former Chairman, JAIZ Bank, expressed appreciation to the pioneers of the bank for the height so far attained.'It is our bank. I have never felt more at home anywhere else. As for the pioneers, we ask God to bless them.'I will tell the goodness of Jaiz bank to others as a non-profit bank,' he said.See also Hamilton and George announces innovative support for entreprenuersFor his part, Dr Umaru Kwairanga, Chairman, Nigerian Stock Exchange, commended the bank for making deviation from the past, saying judging by the history of JAIZ bank and where it is today, it had been a success story.'All over the world, this type of financing and non-interest banking is the type of banking that usually takes three to four years, before you can break in not to mention making profit.'When we set up this institution we went round and got people that invested with N1000, N2000 and luckily this bank started its profit in the second year.'So, it has done so well. One of the suggestions I gave at today's occasion is the issue of the fintech.'The era of the brick-and-mortar banking is gone forever. Very few people go to the banking hall today to do banking.'So, I have told Jaiz and I am using this opportunity to say that Jaiz did not have an option than to embrace the issue of the fintech,' Kwairanga said.He described fintech as the earn thing all over the world, adding so far Jaiz was doing well.He said JAIZ became the first bank to beat the minimum recapitalisation imposed by the Central Bank of Nigeria (CBN) in the country.'As at today I stand here to be corrected, Jaiz is the first bank to have beat-up the minimum recapatilisation deadline imposed on banks by the CBN today.'We have banks sourcing funds, but today Jaiz already met up that minimum recapatilisation.See also CDS visits NSCIA, seeks relentless prayer, support'This has shown the type of leadership focus and vision the institution got at the beginning,' he said.t he bank is set to achieve a lot through its operations of a non-interest banking system in the country.The News Agency of Nigeria (NAN) reports that the ceremony featured awards to deserving retired Board members and former Board members including Alhaji Ahmed Hassan, Malam Falalu Bello, Alhaji Umaru Kwairanga, Alhaji Mukhtar Danladi and Malam Muhamad Sani.Others include Alhaji Musbau Bashir, Alhaji Ibrahim Maude and Alhaji Aminu Dantata among others.Source: News Agency of Nigeria