Jaiz Bank Targets N22b Investment By July - Investment

The Managing Director of Jaiz Bank, Mr Muhammed
Islam, on Saturday said that the bank would boost its
net worth of investment in Nigeria to N22 billion by
July.
Islam told newsmen in Lagos that the bank’s present
investment stood at N15 billion and would rise to
N20 billion by the end of June.
According to him, the bank will sponsor projects
worth N7 billion between the period.
Islam said the figure was apart from the N15 billion
already issued out to Nigerians to undertake various
projects “beneficial to humanity”.
The Jaiz bank boss explained most of the
investments were in home-financing, automotive,
industrial sector, imports and exports among others.
He disclosed that the bank had a deposit base of N25
billion and a working capital of up to N35 billion.
Islam said that the bank would soon secure licence
from the Central Bank to expand its operations to all
state capitals in the country, to enable more
customers access its services.
He said that non-interest banking has become
acceptable globally, as it facilitates rapid economic
and social development.
The managing director said the bank had grown its
network of branches to 10 from the three it started
with in Abuja, Kaduna and Kano.
The News Agency of Nigeria (NAN) reports that Jaiz
Bank Plc, is the first a non-interest bank to be
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targets-n22b-investment-july