By Tony Obiechina, Abuja
Ondo State Governor, Mr Rotimi Akeredolu, on Tuesday commissioned Jaiz Bank Branch in Akure, urging everyone to patronise the Bank as it’s meant for both Muslims and non-Muslims.
He said the coming of the premier non-interest bank in Nigeria to Ondo would open the doors for all to enjoy non-interest financing.
The governor said: “The Bank is not for Muslims alone. I am not a Muslim. In fact, I am the Chancellor of my own church and I am going to have an account in the state.
“Over the last five years, we have made efforts to bring development to the state and today we are bringing in Jaiz Bank to the state. The state is under banked. We need more.”
He urged civil servants in the state to transfer their salary accounts to Jaiz Bank so that they can take advantage of Jaiz Bank’s mortgage facility.
“There is no bank where you can get facility just after six month, Jaiz did this and I can say that if not the 8th then it is the 9th wonders of the world.”
Also speaking, the Managing Director of the Bank Mr. Hassan Usman thanked the governor for his support towards the establishment of the Bank in Ondo State.
He also appreciated the support of the governor in creating the enabling environment for investments to strive in the State for the benefit of the people.
The MD disclosed that since Jaiz Bank commenced operations in 2012, it has been providing ethical services to individuals, corporate and government entities with the mission of Making Life Better Through Ethical Finance.
He said: “Since its debut, exactly a decade ago, the Nation’s premier Non-Interest Bank has maintained its leadership role by deepening this alternative model of financing, thus providing the foundation for its expansion, and providing the needed ethical funding for infrastructural development in the country.
“Within this period, the Bank has won notable international and local accolades, amongst which are the Most Improved Islamic Banking awards in 2020 and 2021, respectively, from the Global Islamic Finance Awards (GIFA).”
He said the unaudited 2021 balance sheet of the Bank was N279.42 billion from N12 billion in 2012.
Speaking on the mission of the Bank which is Making Life Better Through Ethical Finance, the MD said Jaiz Bank is well positioned to partner with MSMEs (Micro, Small and Medium Enterprises) in various sectors of the economy in the State.
He said: “The Bank’s expertise/experience in the last ten years in financing Agriculture, trading, oil & gas, export, educational sector, real estate, and a host of others will be brought to bear in supporting all and sundry in the State.
“It is my privilege and honour to invite you all to patronise the Bank and invite all your friends, families, associates and network of contacts so as to experience the unique value proposition the Bank has to offer.”
He said the regular savings and deposit accounts are all available in Jaiz Bank but “with a unique value of paying share of profit to customers while the current account is at no COT or account maintenance charge to the customer.”
Furthermore, the MD said the Bank also finance customers by partnering with them using different contracts and products that are duly approved by the Central Bank of Nigeria in line with the non interest banking principles.
The products include: Murabaha (Mark-up sale); Ijara wa Iqtina (Lease to own); Musharaka (partnership). The pricing of all these financings is at zero processing fee, zero management fee, etc.
He said: “ the Bank offers all the digital solutions, ranging from mobile, internet banking, USSD to card services which are very competitive in the industry. The Bank’s Hajj Savings Scheme (HSS) is a unique product that enables everyone to save either for themselves or their dependants and other beneficiaries over time towards performing the holy pilgrimage to Mecca as enjoined on the Muslim faithful.
“In addition to the profit that is earned on such balances, getting hajj seats and other value-adds in conjunction with the National Hajj Commission of Nigeria (NAHCON) are some of the benefits of operating such an account. Due to the digital-readiness of the Bank, the Hajj Savings account can be opened online within 2 minutes just like other individual accounts.
“As part of the core values of the Bank, we care about the environment and do not support anything that is injurious to the society. It is our hope that our coming into Ondo State will change banking perspectives positively as we are here to add value”.
