Jaiz Bank, a non-interest bank, on Wednesday in Abuja announced plans to raise N8 billion to enable it acquire the status of a national bank.
Alhaji Umaru Mutallab, Chairman of its board, told shareholders at the bank’s 9th annual general meeting that the fund would be raised through two separate private placements.
“I want to seek your permission and support so that we apply to all the relevant regulatory bodies to raise the share capital to eight billion naira to obtain a national license.
“This will be done in two separate private placements, one of which will be through the Islamic Development Bank because they have been part of this way back since the 1990s,’’ he said.
Muttalab said that the bank would also sell shares to prospective investors at N1.50k per share.
He said that the bank needed the license within a short time.
Mutallab, a former Chairman of First Bank Nigeria, said that the bank planned to have branches across the country, especially in industrial cities of Lagos, Ibadan, Benin, Enugu and Sokoto.
“We want to use this medium to commend the Central Bank of Nigeria for the regulatory frame work for non- interest banking in Nigeria and for issuing the company a banking licence.
“We hope that it would equally address the issues of taxation and liquidity management for non- interest banks in no distant time,’’ he said.
Alhaji Mohammed Mustapha, the managing director of the bank, said that the bank was built on strong fundamentals of ethics, fairness, objectivity and transparency.
“The bank actually offers all the products and services offered by the conventional banks except dealing in interest.
“And it is available to all, irrespective of race or religion. It is all about building partnership for mutual interests,’’ he said.
NAN recalls that Jaiz Bank got its regional license from the CBN on Nov.11, 2011 and commenced operations on Jan. 6, 2012 in Abuja, Kano and Kaduna.
It currently has technical partnership with IBBL of Bangladesh as well as support and equity investment from Islamic Development Bank. (NAN)