15:T6d5,

Six months after it commenced operations, indications have emerged that the brouhaha that greeted the decision of the Central Bank of Nigeria (CBN) to introduce Islamic banking in the country was unnecessary.

Ja’iz Bank Plc, Nigeria’s first Islamic bank which started operations in February with three branches located in Abuja, Kaduna and Kano, has been contending with poor patronage and faces the possibility of early closure, News Express has learnt.

The situation has become so worrisome that some concerned Muslims have started mobilizing for increased opening of account with the Islamic Bank so as to prevent its premature death.

In a message posted on his Facebook wall, Adebayo Mutalubi Ojo, a senior legal practictioner, wrote: “Please open an account with Ja’iz Bank in Abuja, Kaduna or Kano; or any Stanbic IBTC branch (Islamic Banking Account), today. Help Ja’iz Bank to maintain its license. It will be a big shame to us Muslims for Ja’iz Bank to lose its license for lack of customers despite our numerical strength. It is just N2,000 to open the account ! Pls forward to other Muslims and interested persons now!”

Efforts made by News Express to reach Ja’iz Bank failed as none of the phone lines provided on the bank’s website (+234-9-2347568 and +234-9-2347614) went through.

News Express recalls that Islamic banking was vehemently opposed by Nigerian Christians but CBN Governor, Sanusi Lamido Sanusi, went ahead with the project. The main feature of Islamic banking is the non-collection of interest on lendings.

*Photo: CBN Governor, Sanusi Lamido

Update news