Mallam Mohammed Bintube, MD, Jaiz Bank

By James Emejo 

Managing Director/Chief Executive, Jaiz Bank Plc, Mallam Mohammed Bintube, has said that the bank is fully prepared to acquire a national banking license next year, having raised the required minimum capital through a private placement.

He disclosed that with only three months into the offer, all shares on offer had been fully subscribed.

The bank had gotten shareholders' approval to raise an additional N8 billion to enable it have a national spread.

Speaking in Abuja Tuesday at a conference on "Developing Islamic Financial Institutions in Nigeria", Bintube also said the bank had strong support from investors and urged Nigerians to take advantage of the immense opportunities which the institution offers.

He said globally, Islamic financial assets would reach about $4 trillion within the next three years urging Nigeria not to be left behind.

The managing director said Islamic finance would empower millions of Nigerians, saying that the specialised form of banking will  improve financial inclusion in line with the FSS 2020 vision of the Federal Government.

Meanwhile, speaking at the occasion, Minister of State for Finance, Alhaji Yerima Ngama, said Islamic finance should be embraced in view of its resilience to the current global financial crisis.

He said when fully understood and adopted in the country, the model was capable of bridging the poverty gap among Nigerians.
Ngama also disclosed that the Islamic Development Bank was expected to have a secretariat in the country before the end of the year to help deepen knowledge and aware of its products.