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Finally First Islamic Bank Begins Operation In Nigeria

It started like a rumour, later it became a subject of debate but, finally the Central Bank of Nigeria has granted license to the first Islamic Bank in Nigeria, Jaiz Bank to operate nationally. The approval was announced by the Chairman of the Bank, Umaru Mutallab at a meeting with the President-General of the Nigerian National Supreme Council for Islamic Affairs and Sultan of Sokoto, Alhaji Muhammadu Saad Abubakar IV, in Abuja on Monday May 16th.

The Sultan said; “As a regional bank, Jaiz has operated in 12 states (in Northern Nigeria) but with the new license we can now spread to all parts of the country. We will open branches in the 36 states of the federation".

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