Islamic bank to begin operation in Kwara, Lagos -- Jaiz Bank

The Jaiz Islamic Bank in Nigeria is set to open its branch offices in kwara and Lagos states.

Dr Mizanur Rahman, Representative of the Jaiz Islamic Bank in Nigeria, made the statement at the jointly organised thematic workshop on Development of Islamic Banking in Africa at the Alhikmah University in Ilorin.

The workshop was jointly organised by the Research and Training Institute (IRTI) in Saudi Arabia, the University of Ilorin and Al-Hikmah University.

According to him, the bank, which has 15 branches globally, is set to widen its operation in Nigeria, adding that with much awareness campaign, people will realise the benefit of the bank.

He lamented that due to limited scope within the country, the bank lost about N1 billion but reiterated its hope that it would do well in 2015.

Dr Mohamad Azmi-Omar, the IRTI Director-General, emphasised the need for proper development and improvement of Islamic banking in Nigeria and African countries at all levels.

The DG, who was represented by Dr Ousmane Seck, noted the need for Africans to embrace Islamic banking as means of ensuring human capital development and eradication of poverty since it was non interest banking.

Azmi-Omar stated that the system, being free of interest, was capable of reducing poverty in the world.

Earlier in his speech, Prof Abdulganiyu Ambali, Vice-Chancellor of the University of Ilorin, who was represented by Prof. Gabreal Olatunji, advocated for expansion of Islamic banking in Africa.