Business

NIGERIA: Jaiz Bank Targets N22bn Investment by July

The Managing Director of Jaiz Bank, Mr. Muhammed Islam, yesterday said 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 would sponsor projects worth N7 billion between the period.
 
The News Agency of Nigeria (NAN) reports that 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 that most of the investments were in home-financing, automotive, industrial sector, imports and exports among others. He disclosed that the bank has a deposit base of N25 billion and a working capital of up to N35 billion.
Islam said the bank would soon secure licence from the Central Bank of Nigeria (CBN) to expand its operations to all state capitals in the country, to enable more customers access its services.
 
He said 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. Jaiz Bank Plc is the first non-interest bank to be established in Nigeria.

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