Islamic Bank: Jaiz Bank seeks N8b to go national

Jaiz Bank, a non-interest bank, on Wednesday in Abuja, announced plans to raise N8 billion to enable it acquire the status of a national bank.
Umaru Mutallab, the Chairman of its board, told shareholders at the bank’s 9th annual general meeting that the fund would be raised through two separate private placements.
“I want to seek your permission and support so that we apply to all the relevant regulatory bodies to raise the share capital to N8 billion to obtain a national license,” he said. “This will be done in two separate private placements, one of which will be through the Islamic Development Bank because they have been part of this way back since the 1990s.”
Muttalab said that the bank would also sell shares to prospective investors at N1.50k per share.
He said that the bank needed the license within a short time.
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