When Jaiz bank came up with the idea of getting a license for the operation of the bank, they proposed the funding of the bank’s capital with interest and I said no, you can’t fund a non-interest bank with interest. The required amount to be issued license was N5 billion at that time and they had only N1 billion.
I took my phone and called one of the richest men in Africa who is a Nigerian and a Muslim. I told him that N5 billion is needed for an Islamic bank to start operation and the founders have N1 billion, and he instantly agreed and issued a cheque of 4 billion. That is how the license was issued.
Some Nigerians thought the introduction of Islamic banking in the country was a move to Islamize Nigeria. No at all, everything that is normal in the world is not normal in Nigeria.
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