THE PROPOSED JAIZ INTERNATIONAL BANK PLC
Jaiz International plc was incorporated on 1 st April 2014 as a public limited company with an authorised share capital of =N= 2.5 Billion ( US $18.5 Million ) . The main objective is to be an investment holding company to set up non interest institutions such as Islamic Bank, Takaful, Pension Fund Administration etc. The Bank, being the major driver of the other institutions is the main focus for now. With Universal banking now fully embraced in Nigeria , once the Bank is set up , it can offer the above services as full fledged subsidiaries , divisions or units
It was a great experience and I wish to express my sincere thank you and your co-workers for your huge work into making this convention the win that it definitely has been.
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Nigeria with a population of over 125 million people is without doubt the most populous nation in Sub-Saharan Africa. A good proportion of the population is Muslim majority of who have been craving for a non-interest banking institution such as the one we propose to set up. The situation is so acute that a number of the devout faithful have resorted to keeping their money outside the Banking system to avoid usury. We have therefore identified a unique opportunity for the establishment of a non-interest Banking institution to serve this community and the rest of West Africa.
International Plc has engaged the services of Millennium
Finance Corporation (MFC) as Financial Adviser and KPMG
Finance Advisory as co-advisory as part of effort to attract
Foreign Direct Investment (FDI) into the country.
So far about
three reputable world class Islamic Financial Institutions
have shown interest. one of the institutions has already
visited Nigeria (March 12th - 16th 2014) as part of due
diligence on jaiz and other initiatives. the other two
are expected within the next three four weeks. we expect to
begin negotiations in earnest towards the end of April 2014.
Further announcements/ update to investors will be made as
soon a binding M.O.U. is signed with any of the strategic