After many years of going public to raise funds to establish the first non-interest (Islamic banking) banking in Nigeria, Jaiz Bank Plc yesterday held its first Annual General Meeting in Abuja.

The bank recently got a CBN approval in principle to operate non-interest banking in Nigeria. Shareholders of the bank approved the proposal to utilize the N1.2 billion profit it made from interest on depositing its fund in banks on its Corporate Social Responsibility (CSR).

To this end, the shareholders approved the establishment of Jaiz Foundation, the platform that will be used to administer the charity in areas of education, health, etc.

Renowned investor, Alhaji Umaru Abdul Mutallab who is the chairman of the bank said, "the profit was based on interest which is against the spirit of the bank's business values."

He said having met the minimum capital requirement of the Central Bank of Nigeria (CBN) and subsequent approval in principle to operate non- interest banking; it would open its shop to customers before the end of 2011. The bank's capital base is now N6.52 billion.

The shareholders adopted the change of the bank's name from Jaiz International Plc to Jaiz Bank Plc and re-elected Alhaji Umaru Abdul Mutallab as the board chairman having clocked 70 years retirement age. He was re-elected alongside other directors.

Mutallab assured that the bank was for all Nigerians irrespective of religion and tribe, dispelling fears of some Christians especially the Christian Association of Nigeria (CAN) who have been opposing the operation of Islamic banking in Nigeria.

He said: "The whole idea of this banking option is to bring more people into banking in Nigeria that provides banking without interest. "This kind of banking is for all religion because no religion wouldn't want to help especially funding critical project without using interest elements.