Bank chair: "Non-interest banking is essential for economic growth."

 Umaru Abdul-Mutallab, the chairman of Nigeria's first non-interest bank, Jaiz Bank Plc, has emphasized the importance of non-interest banking in promoting economic growth. During his remarks at a dinner to celebrate the bank's 10th anniversary on Monday in Abuja, he made this statement. He claimed that the bank was founded to promote economic growth across many industries. He said that the establishment of the bank took roughly ten years, and that the Central Bank of Nigeria's policy of recapitalization, which took effect in 2005, caused a delay in the beginning of the bank's operations. "In 2005, the Central Bank of Nigeria implemented a reform program that increased the minimum paid-up capital requirement for all banks from N2 billion to N25 billion. 

"At the time, we had N2 billion and were prepared to begin, but after the CBN statement, we had to return and hunt for funding. "The establishment of a non-interest bank is not a simple task; we have spent up to 10 years, if not more, making the necessary preparations before even taking off because we were determined to take off," said Mutallab. "So far, we have greatly contributed to non-interest banking because we believe it is essential in promoting economic growth in Nigeria. He continued by saying that the bank, which began as the first Islamic non-interest bank in 2012, has expanded tremendously and set the standard for other Islamic banks.

Additionally, he declared, "Our goal is to guarantee investments in vital industries that will spur economic growth. Since joining, a number of Islamic banks have been founded, and many more are on the way. Mutallab stated that the bank's ability to become a model for social impact in the banking industry was due to the combined efforts of shareholders, partners, and investors. The anniversary saw the release of the 2022 Islamic Financial Services Industry Stability Report.

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