By Ade Ogidan, Business Editor on January 13, 2016/The Guardian Nigeria Deposit Insurance Corporation (NDIC) has developed a framework for insuring liabilities on non-interest banking deposits in the country. The development was sequel to the successful take-off of the non interest banking in Nigeria, through the current initiatives of Ja’iz, […]
Tag: Non-Interest Banking
Jaiz bank to raise N8bn for licence
Shareholders of Jaiz Bank Plc has given approval to the proposal of the board to raise fresh N8bn for a national banking licence. Jaiz is the first bank to fully commence Islamic Banking operation, following the adoption of the non-interest banking model by the Central Bank of Nigeria. The non-interest […]
Islamic Banking Is Illegal  Federal Court
Non-interest financial institutions operating under the principles of Islamic jurisprudence are illegal and unconstitutional, a Federal High Court sitting in Abuja has declared. According to Justice Gabriel Kolawole, the license issued to Jaiz International Bank PLC to embark on Islamic banking in the country would have been nullified if the […]
