In January 2012, the Central Bank of Nigeria granted Jaiz Bank an approval in principle to operate as a regional interest-free bank in northern Nigeria. As a result of that, Jaiz bank became the first and the only full-fledged Islamic banking in Nigeria. Islamic banking is based on the principles of profit and loss sharing. Aliyu Abdullahi is an Abujabased businessman who is into real estate and importing and selling of inverter generators. He is a beneficiary of Jaiz bank loan called contract financing. He has been a customer of Jaiz Bank since 2013; he mentioned that he heard about Jaiz bank through advertisement and through Jaiz bank outreach to people through the mosque. Abdullahi is currently working on a project with Jaiz bank to develop their staff housing, and he got sixty million naira loan financing from Jaiz bank for his project. Read more...
Opinion
Islamic Banking Products and Challenges in Nigeria