Jaiz Bank Gets National Banking License Spread …Set to Float First Islamic Insurance Company

The Chairman, Board of Directors Jaiz bank plc., Alhaji Umaru Mutallab has said that the Central Bank of Nigeria (CBN) has granted them a National license which enables them to establish and spread the  operations of the bank to all the states of the Federation and the FCT.
Alhaji Mutallab who disclosed this yesterday in Abuja when he led the top management of the bank on a courtesy visit to the Sultan of Sokoto, Muhammadu Sa’ad Abubakar IV also said that the bank will set up an insurance company called Jaiz Takafuz Plc to enhance its financial base.
He said that Jaiz bank which was established about three years ago now operates 25 branches, a feat he attributed to hard work and transparency which the bank has exhibited over the years.
“To us, this is a great achievement because we’ve being looking for an opportunity like this and now we are adorned with a National charter. Once we obtain the licence, 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 which is paid for claims, the customer is also treated as a shareholder and is optimistic that Nigerians would embrace it.
In his response, the Sultan of Sokoto, Muhammadu Sa’ad Abubakar IV while congratulating the bank said that the challenge is now upon them to arise to the demand of people who would be grappling for their services.
He noted that Islamic banking is developing progressively internationally even among Christian dominated countries which shows that it’s for everybody “ am happy today that the bank has earned a licence for National coverage, I believe that the star is your limit and we assure you of our total support as  always.” he said.
As part of its social responsibility, Jaiz bank also set up the Jaiz Charity and Development foundation and the Jaiz Zakat & WAQF trust to cater for the social responsibility of the bank which would operate independent of the bank to take care of a number of intervention including assisting the IDPs, disaster and fire incidence.

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