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Nigeria Gets First Islamic Bank

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The Central Bank of Nigeria has granted Jaiz Bank International Plc approval to operate as an Islamic bank. Jaiz is the first bank to be granted such approval in Nigeria.
The new bank has also been given a period of six months within which it should comply with the apex bank’s terms in order to obtain a final license. Failure to do so would result in the termination of the agreement.
The existence of the new bank was made known by the Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi while speaking at a forum in Dakar, Senegal.
The Islamic banking system is unique in that it is based purely on Islamic laws, it is an interest-free form of banking and it forbids usury. It will be recalled that the CBN had issued guidelines for Islamic banking earlier in the year.

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