30 January 2013

Nigeria: Saudi Firm to Invest in Jaiz Bank

Photo: Afromusing/Flickr
Abuja, Nigeria

A Saudi Arabian firm, Al Qahtani Group, has indicated interest to invest in Jaiz Bank Plc, the spokesperson of the bank Idris Salihu has said.

Al Qahtani Group is one of the largest and most reputable privately owned companies in the Kingdom of Saudi Arabia, with excellent relationship in both government and commercial sector.

The investment interest was announced when Chief Financial Officer of the company Sheik Tarik Mumtaz led a delegation to the headquarters of Jaiz Bank in Abuja, recently.

The volume of investment has not yet been disclosed, but the two institutions will further meet to strategise and agree on terms, Daily Trust learnt.

"This is indeed a welcome development as it will broaden the bank's capital base and expand its operational capacity," a Director of Jaiz Bank and Chairman, Oriental Energy Resources Limited, who is also a business partner of Al-Qahtani, Alhaji Muhammed Indimi has said.

Al Qahtani Group was established in 1940 and has a lot of subsidiaries covering key sectors including, Oil & Gas, Agro-Allied, Information Technology, Manufacturing, Real Estate, Finance amongst others.

Jaiz Bank is the first licensed Non-Interest (Islamic) Bank in Nigeria. It obtained its regional banking license from the Central Bank of Nigeria on November 11, 2011 and commenced operation on January 6, 2012 with branches in Abuja, Kano and Kaduna.

The bank's capital base is currently over N11 billion and it plans to upgrade its license before the end of the year to allow it operate in all the states in the country.

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