Nigeria: As Pioneer Islamic Bank Opens Shop in the Country
Jaiz is widely associated with non-interest banking in Nigeria. The bank has begun its activity in 2002 when the movement for the creation of Jaiz gathered momentous.
Before Jaiz there were many other attempts: starting with WAPA (West African Pilgrimage Agency), which was established during the colonial era to cater for the financial arrangements of Muslim pilgrimage, a name that is still common in places like Kano; to Habib Bank and numerous community and later micro finance Banks established for the same purpose.
But Jaiz is special because of the scale of the project and the hope that is place on the institution by millions of people among them ordinary investors who put their hard earn savings in the institution.