Jaiz Bank shares experience on Islamic Banking, Finance

Jaiz Bank Plc recently shared its experiences on the rudiments of financing Agribusinesses with delegates from The Gambia.

On the introduction of AlHuda Center of Islamic Banking and Economics (CIBE), a Consultant of the Islamic Development Bank (IsDB) Project for Islamic Microfinance in The Gambia, namely, “Small Ruminant Production Enhancement Project (SRPEP),” the delegates were taught on different Islamic products and services and on how to structure financing following the dictates of Islamic Banking principles.

The SRPEP Programme is being manged by the Ministry of Agriculture, Government of the Gambia. The knowledge-sharing session included aspects of the various financing products, particularly Murabaha, Service Ijara, Istisna & Ijara wa Iqtina. Speaking during the visit, The Managing Director Hassan Usman welcomed the delegates and assured them that Jaiz Bank was ready to work with them to “share knowledge.”

The MD further informed the trainees that Jaiz Bank has a long-standing relationship with The Gambia and assured them that the same would be sustained for the mutual benefits of the two institutions and their respective countries by extension. He advised the trainees to focus on agricultural financing, as Africa is not only blessed with fertile lands to invest in but that the sector is the future of the continent.

Also speaking, Jaiz Bank’s Executive Director, Business Development, North, Dr. Salisu Sirajo, advised them not to look at the size of the Gambia but to focus on the market opportunities.

Earlier, the Head of the Gambian delegation and Project Coordinator, CPCU, Mr. Abdoulie Touray, stated that they were in Jaiz Bank to strengthen the existing relationship and further understand the workings and challenges of operating and financing businesses under the Islamic Banking principles.