Jaiz International Bank PLC was incorporated on 1st April 2003 as a public limited company with an authorised share capital of US $18.5 Million which increased since then to about US $170 Million. The bank has very aggressive plans to be operational by September 30th. During its first year of operation, it is expected to reach a total of 201,500 accounts, 6,203 term deposits, 168,809 savings accounts and 280,000 transactions. After conducting an extensive evaluation process in which a number of leading software vendors were also considered, Jaiz International Bank opted for iMAL to support its entire operations.
âThis partnership is an important breakthrough for Path Solutions as it provides momentum for our ongoing expansion program in West Africa. Nigeria is a promising market for Islamic banking which highlights the importance of this great reference for usâ, stated Mohammed Kateeb, Path Solutionsâ Group Chairman & CEO. âWe are excited to be working with Jaiz International Bank to deliver a flexible yet secure Islamic banking system. Once implemented, it will be crucial in helping the bank realise its product innovation plans and associated growth potentialâ.
Nigeriaâs quest for an inclusive banking reform had led to the adoption of several policies and strategies that would truly give the nationâs economy an edge towards growth and sustainability.
The CBN (Central Bank of Nigeria) had emphasised on its readiness to give licences to banks wishing to operate interest-free banking system and the regulatory authority recently released a draft framework for the regulation and supervision of non-interest banks in the country.
Mohammed Mustapha Bintube, Managing Director & CEO, Jaiz International Bank explained âIn this highly dynamic and competitive banking environment, the area of Islamic banking is a unique innovation of financing methods that provide an opportunity to all irrespective of race or religion to fulfill common banking needsâ.
And he added, âWe were looking for a state-of-the-art, Sharia-compliant, advanced and robust core banking system. Path Solutionsâ iMAL was the obvious choice. The system provides banks the advantage of centralized operations, risk management and ability to offer wide range of Islamic products and services while being fully compliant with local regulations to deliver cutting edge performance. We are confident that this partnership will allow us to offer our customers diverse and appealing world class productsâ.
According to Bintube, âthere is a huge market niche in Islamic banking in Nigeria that needs to be filled and we are looking forward to meeting market needsâ. He said the setting up of the first Islamic bank in Nigeria would give the country a head-start over other potential competitors in the region such as Mauritania.
Jaiz International Bank is the first bank in Nigeria to offer full fledged interest-free banking services. The bank would be offering corporate banking, housing finance, car finance, retail banking products as well as other services that conform with the tenets of Islam, which are available to any individual seeking alternative banking products.