With the approval by the shareholders of Jaiz Bank Plc on Wednesday, the bank will soon commence processes to be listed on the Nigeria Stock Exchange (NSE).
Jaiz Bank is a non-interest organisation set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged non-interest bank.
It recently obtained an approval from the Central Bank of Nigeria (CBN) for a National Operating Licence which would enable it to operate in the various states of the federation.
At the bank’ s Extra-Ordinary General Meeting in Abuja, shareholders approved the listing of its shares on the NSE and as well, approved the sub-division of the bank’s authorised shares from 15 billion ordinary shares of N1 each to 30 billion at 50 kobo per share.
The Chairman of the bank, Alhaji Umaru Abdul-Mutalab, said with the shareholders’ approval, the Memorandum of Association of the Bank would need to be altered to reflect the sub-division of the shares.
Abdul-Mutalab said the approval would attract more investors to buy shares, thereby widening the scope of share ownership in the bank.
He said: “We feel that there are a lot of people who have shown interest in the bank and we want to give opportunity to all prospective shareholders to come in and out as they want. That is why we feel that there is need to widen the scope of share ownership so that there is liquidity. Most investors do not want to just get on without coming out; we want them to feel that anytime they can come in, buy the shares and also go out.”
He said that listing in the stock exchange would attract not only national but also international investors.
“Once you are listed in the Nigeria Stock Exchange, you are also in the various sites of a number of international organisations. They can at any time demand your share and buy it either within the country or outside the country,” he said.
According to the chairman, the bank is a non-interest institution.
“Non -interest does not mean that we are not making profit; we are there to make profit but we do that in such a way that it is not interest based. We do not charge interest but we recognise certain income which is legitimate because all our transaction has to be `Shari’a compliant. There are many non-Muslims who are shareholders with us; all they need to do is to agree to the fact that we do not deal in non-Shari’a products.”
The Managing Director/CEO of the bank, Hassan Usman, said, “Once listed, existing shareholders could trade their shares while those new investors could also invest by buying the shares. We have over 30,000 shareholders today both locally and internationally.

http://insidebusinessonline.com/index.php/category/companiesmarkets/

Who still does Stocks?

Stock is good investment.

OK


Let's see how it unfolds

.

Good for them....

Abdul Matalab wow how times flies.

Islam is peace.

Good.

Interesting

Good....

But I'm 100% loyal to Nestle

We have hear.

Ok, I hope to do business with them soon. Hopefully, both sides will smile.

Is Umar Abdul-Mutallab not the father of that Underpant bomber?

We better watch out, before we deposit money into the hands of people who have links to terrosists.

merits:
Islam is peace.

YEAH RIGHT

Ok

Too long 4 me to read!!!!

Which one is Jayzee bank again?

Hence, they require the services of a Registrar.

That is interest already.

Maybe I need to be schooled on this, JAIZ bank should do away with all that relates to interest rate like IFRS which emphasizes fair value by interest rate and the so called NSE which is based on interest rates and other factors.

Anyway, my account with the bank is intact, no expectation breached.

.

24SEVEN:
Is Umar Abdul-Mutallab not the father of that Underpant bomber?
We better watch out, before we deposit money into the hands of people who have links to terrosists.

.

stop spreading ignorance brother

Umar had no hand in Farouk's suicide bombing fiasco

Farouks mother is Yemeni, it was when he went to his mother's country to study Islamic education that he descended into the abyss of terrorism

Umar even tried to save his son from carrying out the act by any means possible
even reporting his son to authorities

investigators also couldn't find ties between him and any terrorist organization

he is not even a very devoted Muslim

he also has 15 (fifteen) more children and none of them have carried out terrorist attack

and before certain people start thinking those 15 are perhaps too young to carry out bombings it should be noted that Farouk was the YOUNGEST of all Umar's children

oh! before people start getting ideas, I am NOT a muslim

Hope dem no go jazz buyers later?

daamazing:
nawaoo, awkward bank name, awkward bank motive. can you imagine JAIZ.
abi all good names no dey again because of recession?
anyway my 30% is growing. mavro is my own currency, make them carry their no interest go. m+m_m(mavro for the people)

what are u saying?

Jaiz kwa?

24SEVEN:
Is Umar Abdul-Mutallab not the father of that Underpant bomber?

We better watch out, before we deposit money into the hands of people who have links to terrosists.

The father reported the son to the authorities when he noticed that the son had been indoctrinated

obua:
The father reported the son to the authorities when he noticed that the son had been indoctrinated

Yea, i know that. What im saying is he didn't bring up his kids properly... and seeing kids usually have access to their dads money, those with bad intentions will now access to funds to perpetrate their evil desires.

The CIA better watch that family.

That the way forward@ will also make more Muslim who wishes to follow the Islamic way of banking safe their money. I guess non Muslim in nigeria we go here n start make nonense propaganda about this, but if u guys could @least open ur brain n understand the principle of these system u might find it benefit, n lastly Wu d convectional Nigerian banking system don epp except d already rich

Islamic bank operation -customers must deal with only aproved sharia products.

When the list of approved sharia products is out I will check.

Non Interest bank growing while interest bank getting weaker in governt created recession, bubu govt keep it up.

Yaweh!! Is the miracle working God. Interest or noninterest. His children don't lack.

Nice one from

Jaiz bank

24SEVEN:
Is Umar Abdul-Mutallab not the father of that Underpant bomber?

We better watch out, before we deposit money into the hands of people who have links to terrosists.

What is your proof that they have links with Terrosists? please.