Buhari issues national license to Islamic bank

Sultan of Sokoto did not declare a public Holiday - MURIC

The Buhari administration has granted Jaiz Bank national license to operate Islamic non-interest banking in all the states of the federation.

The Chairman of the bank, Umaru Abdul Mutallab, who is said to have reported to the Sultan of Sokoto on the activities of the bank stated that the License was issued from the Central Bank of Nigeria on Friday.

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On 11 November 2011, Jaiz International received a license from the Central Bank of Nigeria, the national banking regulator, to operate as a regional bank. It now has the operational license to operate across the country.

Addressing newsmen, Abdul Mutallab told reporters that the bank intends to roll out in all the 36 states and the Federal Capital Territory (FCT) within two or three months.

Aside from the bank, the Jaiz foundation already operates a charity, an insurance firm and now the bank. The insurance company, Takaful Islamic insurance, has also been granted insurance operating license to start Islamic Insurance in Nigeria.

Umaru Abdul Mutallab told the Sultan of Sokoto, who is the head of all Muslims in Nigeria, that the alms component of the Jaiz group, will cover the whole country, and appealed to the Sultan for his support, cooperation and guidance, pledging to keep the monarch and spiritual leader regularly informed of the activities of the group as the head of the Muslim community in Nigeria, the nation reports.

In response, Sultan Abubarkar III congratulated Jaiz bank for finally securing a national license to operate an Islamic bank in the country stressing that “Being an Islamic bank, whatever Jaiz bank does must conform to the rules and regulations of Islam. The challenge to Jaiz Bank is that the real problem starts now”

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Umaru Abdul Mutallab, the Charman of Jaiz Bank, was born to the family of Abdul Mutallab Barade, an officer in the Funtua Works Dept. He lives in Funtua, in Katsina State in Muslim north Nigeria. He is the father of the botched Christmas day bomber in USA.