Jaiz Bank Pledges to Support Media on Equipment Financing

Jaiz Bank, Nigeria’s premier Islamic bank has offered to finance equipment-upgrade projects of media organisations in the country.

The new Managing Director (MD), Mr. Sirajo Salisu, told journalists in Abuja, that the bank was prepared to also fund the procurement of equipment by new media organisations both in the print and the electronic media.

According to him, “the strategy was the bank’s way of strengthening its relationship with the Nigerian media, which he said would then become its ambassadors in the awareness drive.

Mr. Salisu explained that Islamic banking was purely business and that many Non-Muslim Nigerians have benefited from its large facilities, with some individuals receiving up to N1 billion and above.

His words: “The business of journalism is facing challenges of funding.  We are saying that in Jaiz Bank, we are extending the business partnership to the media.

“We are ready to assist you in upgrading your equipment.  We will be very proud to finance you in improving your business so that you can become our ambassadors  by sharing your first-hand experience with others that what we are doing is purely business.

“If you want to upgrade your equipment, be in print media, radio or television,  we are here for you.”

The MD added that Public awareness of the products of the bank and its efforts to add value to the economy remained paramount in order disabuse the minds of those who suspect the bank of being religious organisation.

His words,  “A lot has been said about Islamic banking.  We are confirming that Islamic banking or Non-Interest banking is purely business.

“A non-Muslim can become a shareholder of an Islamic bank.  A non-Muslim can become a customer of an Islamic bank, like a lot of people are, right now.

A Non-Muslim can actually be a staff of an Islamic bank; a non-Muslim can be a part of the regulatory team of Islamic Bank.  This is what we are going to emphasize in this new life of Jaiz Bank.

“We  cannot names people because of the business confidentiality but I tell you that many Nigerians who are non-Muslims have received facilities from Jaiz Bank.  We are talking of N100, 000; N1 million or 100 million and above.

“We want people to understand that anywhere you hear Islamic banking or Non-Interest banking, it is purely business and that business is being done on Sharia law basis.

“What does that mean? Nobody in business wants to be cheated.  It is all about transparency and openness.  The business is straight forward.  It is a type of banking that is transaction-based.

“People would ask. How do they make their profit?  We have to bring the answer closer to the people for them to understand.”

Given the transparency and transaction-based nature of No Interest banking, it could even be more profitable than a conventional bank.

Mr. Salisu said, “If you are happy as a customer, we too are happy.  You cannot find anywhere that the customer is happy and the Non-Interest bank is not happy because our relationship is based on transactions.