Business Jaiz Bank: Nigeria's Sole Islamic Bank Gets CBN National Licence


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Jaiz Bank plc, Nigeria’s sole Islamic bank, has just received a licence from the Central Bank of Nigeria (CBN) to now operate nationally, after long and intense effort to get that approval.

According to Business Day, Chairman, Jaiz Bank, Umaru Mutallab, announced the development on Monday during a courtesy call on the Sultan of Sokoto, Muhammadu Sa’ad Abubakar IV.

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It will be recall that the apex bank has earlier postulated that the national NIMFB shall have a minimum paid-up capital of N2 billion, and be allowed to open branches and operate in all states of the federation, FCT included. This is subject to the availability of free funds and the prior approval of the CBN for each new branch or cash centre.

CBN Releases Rules Guiding Operations of Islamic Banks in Nigeria



- BusinessDay contributes to the report.
 
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