Nigeria's first Islamic bank just received its national license

folarin okunola

May 17, 2016 9:58 AM

Alhaji Umar Abdul-Muttalab, chairman of the board of directors of the bank, while speaking at a meeting in Abuja, said the bank plans to expand its branches across the 36 states of the federation and the Federal Capital Territory within the coming months.

Jaiz Bank

Media reports reveal that Nigeria's first Islamic banking institution, Jaiz Bank, has been granted a license to operate as a national bank.

According to a Channels TV report, Alhaji Umar Abdul-Muttalab, chairman of the board of directors of the bank, while speaking at a meeting in Abuja, said the bank plans to expand its branches across the 36 states of the federation and the Federal Capital Territory within the coming months.

Part of the bank's plan, according to its officials, is to improve on its services via various methods and with the license it just received, hopes to offer a better deal to Nigerians willing to bank with them.

READ: Dubai Islamic Bank aims to open before year-end: sources

The Sultan of Sokoto, Dr. Saad Abubakar, commenting on the achievement, applauded the management of the bank for a job well done and promised to collaborate closely with the bank.

Jaiz Bank was established three years ago, with 25 branches in various parts of the country. Officials of the bank are looking to achieve much more with its newly-received national license.

The bank is also encouraging Nigerians to look forward to non-interest banking at its best in the coming days, according to the Channels TV report.

Watch the video of the Sultan of Sokoto Dr. Saad Abubakar speaking on Jaiz Bank being granted its national license above.