Abdulfattah Abdussalam
Jaiz Bank Plc, the pioneer Non-Interest Bank in Nigeria, has been described by the Executive Director, Business Development (South), of the bank, Mr. Abdulfattah Amoo as a pride to the Umah and the Nigerian economy.In a one-day forum, the bank recently had in Ibadan, the capital of Oyo state, with notable Islamic Clerics, Ulmah and other stakeholders. He said Islamic banking and financing are a favour from Allah because it is an easy way of doing business between the interested parties. For instance, Musharakah financing is the most vital method to influence the activity in the Islamic economy, where partners share the profit according to a specific ratio, and the loss is according to the amount of the funds contributed.Abdulfattah Amoo reaffirms that the philosophy of the bank’s operation of Islamic banking is to deliver world-class sharia-compliant financial services to clientele irrespective of class, creed, race or religious belief and to contribute to the socio-economic development of the society.He further posited although the bank is ten years old in operations, the concept of Islamic banking and Finance in Nigeria has been a long and tortuous journey. But notwithstanding the initial challenges that beset Islamic banking operations in Nigeria, JAIZ bank remains proactive and innovative towards customers’ needs. It upholds best practices in its operations and is Customer-centric.In his submission, Professor Ahmad Bello Dogarawa, a member of JAIZ Bank Advisory Committee of Experts ACE, explained to the participants that the responsibility of ACE is to ensure that the bank funds sources and uses must be Sharia-compliant. It must not get funds from haram sources or invest the investor’s and depositor’s money in haram products. In addition, ACE ensures the banK is transparent and accountable to customers, shareholders and the public. It does this through an anti-violation mechanism put in place by ACE. He assured the participants and customers that all products and trading instruments of the bank had gone through screening b before becoming operational. Therefore, the public should embrace JAiZ products without doubts about their permissibility. · In attendance were Mr. Abdulfattah Amoo, JAIZ bank Executive Director, Business Development (South), Professor Munzer Kahf, Chairman JAIZ Bank Advisory Committee of Experts ACE, Dr Muhammed Abubakar, member JAIZ ACE, Professor Ahmad Bello Dogarawa member JAIZ ACE and key principal officers of Oyo State Muslim Community, the League of Imams and Alfa, and various Islamic organizations.The interactive session is a part of the ongoing efforts to take JAIZ products and services closer to its primary constituent, the Muslim Community and the people of southwest Nigeria.