The management of JAIZ Bank has restated that in line with prevailing banking principles, its various account offerings do not charge account maintenance fees.
The MD/CEO of the bank, Hassan Usman, disclosed this in a chart with Daily Trust in Lagos.
Recently, CBN approved the controversial current account “maintenance charge” of one naira (N1) per N1000 you collect from your current account. This came on the heels of the extinction of COT charges on January 1, 2016.
Unlike conventional banks, Jaiz operates on principle of partnership. This means that in the case of trade finance or funding of capital, the bank is actively involved with the customer by sharing both the risk and profit. Simply put, you have your bank as your business partner.
Usman said Jaiz Bank operates on the principles of Islamic jurisprudence, but as a national bank that offers corporate and commercial banking services to customers regardless of their religious beliefs. “We have also been able to do something with the Bank of Industry (BOI).
“We are working on tapping into funds from the Nigeria Export Import Bank (NEXIM), Development Bank of Nigeria (DBN), and Bank of Agriculture,” he stated.
