Jaiz Bank, though operates on the tenets of Islam is open to all faiths and ethnic groups. Managing director of the bank, Mallam Hassan Usman said, the bank will operate on the Islamic principle of partnership, profit and risk sharing unlike other conventional banks.
The managing doctor who spoke in Lagos, said: “We are the face of a new concept in banking. One important point we will continue to emphasize is that Jaiz Bank products are not religious products. They are open and available to all, irrespective of their faith or religion. We do everything other banks do and we are regulated by the same regulator; The Central Bank of Nigeria. The only thing that separates us from conventional banks is that there are ethical principles which we believe that bank and customers must meet before transacting business.
“For instance, Jaiz bank will in not way open an account or transact business with a beer-brewing company or a manufacturer that is into pig rearing or gambling business.”
Explaining the partnership model of Jaiz Bank, Usman said, “it is a mode of financing that tries to address human needs directly by providing goods and services on a payment basis different from conventional banking that we know. Literarily, that is what non-interest or Islamic banking is doing anywhere in the world.