Jaiz Bank disburses N1b loans to MSMEs

Agency reports,

The Managing Director of Jaiz Bank, Dr. Sirajo Salisu has disclosed that the bank has disbursed over N1 billion loan facilities to Micro Small and Medium Enterprises belonging to non-muslims.

He also stated that over the past ten years, the bank’s profitability and financial viability has grown as the bank plans to expand with five other branches coming onboard soon.

Sirajo Salisu made these disclosures at his maiden engagement with the media in Abuja on assumption as MD of the bank.

Sirajo Salisu noted that because Jaiz bank is described as an Islamic Bank does not mean that it’s doors are shut to non-muslims. He described such perception as unfounded.

Sirajo said there is need for Nigerians to be enlightened on what Islamic and non-interest banking entails.

According to Salisu “the message we want to pass across to Nigerians is that non-interest banking is pure business and a non Muslim can be a shareholders of an Islamic bank not only in Nigeria but anywhere in the world, also, a non Muslim can be a customer and staff of an Islamic bank”.

“We at Jaiz bank, we will keep empahising that anywhere you hear Islamic banking, it is just business which is guided under sharia guidelines that preaches transparency and accountability.

“As at today, many non-muslins have benefited from our loan facility of N1 billion and above since Jaiz Bank came onboard,” he said.

He added that the bank focuses on transactional banking which is why they sometimes make profit more than conventional banks.