Jaiz Bank Targets N22bn Investment By July

Business going on in Maiduguri last Saturday

The Managing Director of Jaiz Bank, Mr Muhammed Islam, has said that the bank would boost its net worth of investment in Nigeria to N22 billion by July.
Islam told newsmen in Lagos that the bank’s present investment stood at N15 billion and would rise to N20 billion by the end of June.
According to him, the bank will sponsor projects worth N7 billion between the period.
Islam said the figure was apart from the N15 billion already issued out to Nigerians to undertake various projects “beneficial to humanity”.
The Jaiz bank boss explained most of the investments were in home-financing, automotive, industrial sector, imports and exports among others.
He disclosed that the bank had a deposit base of N25 billion and a working capital of up to N35 billion.
Islam said that the bank would soon secure licence from the Central Bank to expand its operations to all state capitals in the country, to enable more customers access its services.
He said that non-interest banking has become acceptable globally, as it facilitates rapid economic and social development.
The managing director said the bank had grown its network of branches to 10 from the three it started with in Abuja, Kaduna and Kano.
The Tide source  reports that Jaiz Bank Plc, is the first non-interest bank to be established in Nigeria.