Jaiz Bank’s financing portfolio nears 800 billion naira
By the AFREEQUE newsroom, based on Dailytrust
Jaiz Bank’s overall financing portfolio is approaching 800 billion naira, with more than 100 billion supporting trade in cocoa, cashew nuts and other non-oil exports. Its managing director, Haruna Musa, called for more financing for businesses, particularly in agriculture, industry and solar energy, at the Nigerian Economic Summit in Abuja, according to Daily Trust.
Jaiz Bank, a Nigerian bank specialising in interest-free finance, has committed more than 100 billion naira to financing trade in cocoa, cashew nuts and other non-oil products. Its overall financing portfolio is now approaching 800 billion naira, its managing director, Haruna Musa, said on Tuesday during a session of the 32nd Nigeria Economic Summit in Abuja, according to Daily Trust.
Haruna Musa called on banks to increase financing for exporters, manufacturers and micro, small and medium-sized enterprises to boost production and create jobs. He recommended tailoring loans to each company’s activities and cash flows rather than applying the same structure to all clients.
The Jaiz Bank managing director also named agriculture, solar energy and healthcare facilities among the sectors to be financed. He called for support across entire value chains, from agricultural inputs to processing and distribution, and for improved access to financial services for women, young people and rural populations.
Professor AbdulRazzaq Alaro, an Islamic law specialist at the University of Ilorin, said interest-free finance could support employment and growth by directing capital towards productive activities. He cited the agriculture and infrastructure sectors as well as SMEs, and mentioned the Salam contract as a mechanism for financing agriculture.
