Umaru Abdul-Mutallab, the chairman of Nigeria’s first non-interest bank, Jaiz Bank Plc, has emphasized the importance of non-interest banking in promoting economic growth.
During his remarks at a dinner to celebrate the bank’s 10th anniversary on Monday in Abuja, he made this statement.
He claimed that the bank was founded to promote economic growth across many industries.
He said that the establishment of the bank took roughly ten years, and that the Central Bank of Nigeria’s policy of recapitalization, which took effect in 2005, caused a delay in the beginning of the bank’s operations.
“In 2005, the Central Bank of Nigeria introduced a programme of reforms which created a new minimum paid up capital for all banks, from N2bn naira to N25bn.
“As at that time, we had raised N2bn and ready to start but after the CBN announcement, we had to go back again and look for money.
“The birth of a non-interest bank is not easy feat, we have spent up to 10 years, if not more, doing necessary preparations before even taking off because we were determined to take off and so far, we have contributed immensely to non-interest banking because we believe it is crucial in driving economic growth in Nigeria,” Mutallab said.
He continued by saying that the bank, which began as the first Islamic non-interest bank in 2012, has expanded tremendously and set the standard for other Islamic banks.
He also said, “Our mission is to ensure investments in critical sectors that will drive economic growth. Since coming onboard, some Islamic banks have also been established and many more are coming.”
Mutallab stated that the bank’s ability to become a model for social impact in the banking industry was due to the combined efforts of shareholders, partners, and investors.
The anniversary saw the release of the 2022 Islamic Financial Services Industry Stability Report.
