First Islamic bank opens in Nigeria

Feb 20, 2012
Jaiz Bank - the first licensed Islamic bank in Nigeria - is now fully operational.

The financial institution offers interest-free products and has three branches in Abuja, Kaduna and Kano.

It was launched as part of an initiative by the Central Bank of Nigeria to encourage more people to make use of banking services by offering alternative products.

Furthermore, is hoped the move will boost the country's economy and the Abuja branch noted business groups have been among its first customers.

"The whole idea of the banking option is to bring more people into banking in Nigeria that provides banking without interest," Chairman of Jaiz Bank Alhaji Umar Mutallab said at the group's Annual General Meeting.

Last month, the French Development Agency signed a new deal with the Islamic Development Bank to introduce new products - including microfinance services - to the Islamic finance sector.

Morocco, Tunisia and Egypt will be the first nations to benefit.ADNFCR-2976-ID-801296813-ADNFCR