Islamic Banking: Now You Have It

On Friday, January 6, 2012, Jaiz Bank Plc commenced full operations of sharia-compliant, non-interest banking in Nigeria. It has kicked off as a regional bank with its headquarters in Abuja and two branches in Kaduna and Kano States. This is coming after over five years of raising fund for capitalisation, stiff opposition from some Christian groups and media bigots amidst a myriad of other challenges. As reported by Daily Trust Newspaper, the Bank in the mean time opens current account for intending customers with a minimum of N10,000 coupled with the usual utility bills and personal ID card as required in other commercial banks.

Alhamdulillah! The Islamic Banking is here: our religion mandates it; we fought for it; and with the Mercies of Allah, now we’ve got it. It is therefore incumbent on us to learn about its operations, support and sustain it. Jaiz Bank wishes to go national as the capital and acceptability improves through YOU. We want to implore you to open an account with the Bank, encourage others to do so, raise awareness of its start of operations on social networking sites, among your family members and neighbours, both Muslims and non-Muslims.

We want an Islamic bank and now, we have one. It’s up to us to support and grow it. Almighty Allah says in the Glorious Qur’an: ‘…Truly, those who believe, and do deeds of righteousness, and perform prayers, and give voluntary charity, they will have their reward with their Lord. On them shall be no fear nor shall they grieve. O you who believe! Fear Allah and give up what remains (due to you) from usury (from now onward).” (2:277-278).

Whether we will act now or lament later, the choice is ours. This is the time to be proactive so that we’ll not be forced to be reactionary later. Finally, Allah loathes riba (interest), Jaiz Bank affords us the chance to please Him, the merits of the banking system are conspicuous and the time to support it is NOW!


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