By Umar Bayo Abdulwahab
Ilorin
Jaiz Bank Plc, which began Islamic banking system in Nigeria in 2012, has incurred a loss to the tune of N1 billion since the commencement of its operation as a licensed regional bank in Nigeria.
Although the bank had grown into 15 branches and expected to declare profits for 2014, the losses incurred, according to its managing director, Dr. Muhammed Nurul- Islam, was ‘‘part of the risk’’ it had to bear at the initial stage of its operation in the country even as he declared that “Jaiz Bank is not after profit making”.
‘‘It is not only when you make profit that you declare when you incurred losses you also have to bear the loss and profit together’, he said.
Represented by the Head, Research and Training, Dr. Mizanudeen Abdulrahaman, the MD disclosed this in Ilorin yesterday at the formal opening of ‘‘Thematic Workshop on the Development of Islamic Banking in Africa’’, co-hosted by Al-Hikma University and University of Ilorin.
According to him, Jaiz Bank, which started operation 50 years ago, was established in Nigeria in 2015, with a regional license, has now come to stay.