If we were to give a chess-inspired title to the leading player in Nigeria’s Islamic banking sector, Jaiz Bank would be aptly called the “Queen’s Gambit”. Just as the Queen’s Gambit is a bold and strategic move in chess, Jaiz Bank has positioned itself as a pioneering force in Islamic finance. With the Jaiz Bank corporate account opening online option, businesses can access Sharia-compliant banking solutions that support growth, ethical investments, and seamless financial management.
Over the past decade, Islamic finance (non-interest banking) in Nigeria has experienced substantial growth and gained reasonable recognition.
This global phenomenon is practiced in close to 80 countries, including the United Arab Emirates, the United Kingdom, Canada, China, Singapore, South Africa, Kenya, etc.
In this article, you’ll get a quick overview of Islamic finance, why people and businesses choose Islamic banking, and the requirements for Jaiz Bank corporate account opening.
Understanding Islamic Banking
Islamic banking is an alternative banking sector to conventional banking that operates on Sharia principles.
A key feature of Islamic banking is riba, which refers to the prohibition of interest and usury, which is considered an unjust and exploitative gain. It is based on the ethical principles of fairness and transparency.
Islamic banks, or non-interest banks, offer nearly all the services provided by conventional banks, which might raise the question of why businesses choose Islamic banking over conventional banking. I’ll tell you why.
Why Businesses Choose Islamic Banking
Businesses choose Islamic banking for a combination of ethical, religious, and practical financial reasons, which include:
- No Interest (riba): The core principle of Islamic banking is the prohibition of giving or receiving interest. Instead of debt-based financing, the bank and business enter into profit-and-loss sharing (PLS) or asset-backed arrangements. This is a primary driver for Shariah-compliant businesses or those that prefer an interest-free model.
- Shared Risk and Reward: In PLS arrangements, the financial institution shares the risk of the business venture with the entrepreneur. If the business experiences a loss, the bank also bears a proportional share, which reduces the pressure of fixed interest-based repayments and helps small businesses and start-ups manage financial strain.
- Ethical Financing: Islamic finance prohibits investing in industries considered harmful to society (haram), such as alcohol, gambling, tobacco, and weaponry. This allows businesses to align with socially responsible investment, which can enhance their brand image and attract ethically conscious consumers and investors.
- Asset-Backed Financing: All Islamic financial transactions must be tied to tangible assets or real economic activity. This prevents speculative debt, contributes to greater economic stability, and aligns the financial sector more closely with the real economy.
- Financial Stability: The avoidance of speculation (gharar) and excessive risk-taking, along with the emphasis on asset-backed transactions, contributes to greater financial stability. During the 2008 global financial crisis, Islamic financial institutions were notably resilient, which can be an attractive quality for businesses seeking a more secure banking partner.
- Trust and Transparency: Islamic finance emphasizes that there must be no difference between theories and operations, no hidden agendas, and that reliable information about the distributed profit be given by Islamic financial institutions to the clients and savers.
About Jaiz Bank
Jaiz Bank Plc is a national non-interest bank and quoted public company in Nigeria operating under Islamic banking principles. It was founded in 2012 and is famously known as Nigeria’s first non-interest bank.
Owned by over 26,000 shareholders, Jaiz Bank has made significant strides in the banking world, growing its balance sheet from 12 billion (in 2012) to about 62 billion, with asset financing of over 30 billion.
These are not just impressive figures; they are pointers to the fact that, just like its vision states, Jaiz Bank is on its way to “be a leader in ethical banking in Africa”.
Beyond Africa, Jaiz Bank has made an impact as it maintains a record of being the first Shariah-compliant bank in the world to break even within its first three years of operations.
This was made possible even when there were no Islamic banking and finance instruments to invest in the country.
In line with its mission to “make life better through ethical finance”, Jaiz Bank provides transparent and ethical banking services to individuals and businesses, thus contributing to a better economy and society.
Features of the Jaiz Bank Corporate Account
Some distinctive features of this account are:
1. Non-Interest-Based Account Options
Account options like the Business Current Account (Qard), Corporate Current Account, and Jaiz Investment Accounts (Wakala/Mudarabah) provide flexible, Sharia-compliant banking solutions for businesses and individuals.
These accounts provide efficient cash management with zero COT and serve small businesses, corporations, and high-net-worth clients.
Under Wakala, the bank invests funds as an agent, while under Mudarabah, it partners with the customer to generate profit on agreed terms.
2. Dedicated Relationship Manager
Jaiz Bank assigns a Dedicated Relationship Manager (RM) to selected customers, serving as their main point of contact for all banking needs.
The RM understands each client’s financial goals, provides tailored solutions, guidance on suitable investment options, and ensures a smooth, personalized banking experience from start to finish.
3. Internet and Mobile Banking Access
Just like most banks, you can access your account and bank on the go through the bank’s website and mobile app.
The app is downloadable from the Google Play Store for Android devices and from the App Store for iOS devices.
Jaiz Bank Corporate Account Requirements
Here are the requirements for getting a Jaiz Bank corporate account number:
For the business:
- A filled account opening form
- All CAC documents (COI, MEMART, etc.)
- A sealed board resolution addressed to the branch manager (on company letterhead with any 2 directors to sign)
- 2 corporate references
- Utility bill for proof of address (AEDC OR Waste bill)
- Tax identification number (TIN)
- SCUML (if applicable)
- N10,000.00 minimum account opening balance
Each Signatory or Director:
- One recent passport-size photograph
- Valid means of identification (e.g., National ID, Driver’s License, International Passport)
- Bank Verification Number (BVN)
For foreigners:
- Residence Permit
How to Open a Jaiz Bank Corporate Account
To open a corporate account with Jaiz Bank, you can start online through the account opening link on the Jaiz Bank website or the Jaiz Bank Omni Channel.
After beginning the process online. However, you will still be required to visit a Jaiz Bank branch to complete documentation and verification.
To open an account in person, visit a branch closest to you with the required documents and start the process. To find the closest branch to you, check out the Jaiz Bank Branch Locator page.
Common Mistakes When Opening an Account
- Submitting incomplete or incorrect documents, such as missing CAC papers, IDs, or business details.
- Using mismatched information, like names or signatures that differ across documents.
- Not providing clear proof of business operations, which can delay approval.
- Rushing the form-filling process, which often results in errors that slow down processing.
Jaiz Bank Contact Info:
Here is the contact information of Jaiz Bank for your further reference:
- Head Office: Plot 1073 J.S Tarka Street, Area 3, Garki, Abuja, Nigeria.
- Phone No: 07007730000
- Website:
- Social Media Handles:
FAQs on Jaiz Bank Corporate Account Opening
Q: Can I open a Jaiz Bank corporate account online without visiting a branch?
A: You can begin the application process online, but you will still be required to visit a Jaiz Bank branch to complete documentation and verification.
Q: Does Jaiz Bank give loans?
A: No, Jaiz Bank does not provide conventional interest-based loans. Instead, it offers financing through structures such as asset-based financing and profit-and-loss sharing partnerships.
Q: How does Jaiz Bank make a profit without charging interest?
A: The bank earns profit through halal, Sharia-compliant methods such as markup on goods, leasing of assets, agency services, and profit-sharing partnerships.
Q: Is Jaiz Bank’s corporate account available to non-Muslims?
A: Yes. Jaiz Bank accounts and services are open to everyone, regardless of religious affiliation. Although the bank operates on Islamic non-interest principles, its products are accessible to all individuals and businesses.
Q: What makes Jaiz Bank different from other banks in Nigeria?
A: Jaiz Bank operates as a non-interest bank, following Sharia principles that prohibit interest and emphasize ethical, asset-backed, and partnership-based financial transactions. This sets it apart from conventional interest-based banks.
Conclusion
As shown, Islamic banking is a thriving sector with increasing business participation. Jaiz Bank has made it easier for individuals and organizations to embrace ethical, non-interest banking that promotes fairness, transparency, and shared prosperity.
Through its Sharia-compliant products and customer-focused approach, the bank supports the financial well-being of its clients while contributing positively to society.
If you’ve been looking for an ethical bank, Jaiz Bank offers the dependable, Sharia-compliant solutions your business needs. You now know all you need to get started.
We hope this article has been helpful. Feel free to leave us a comment if you have any suggestions or recommendations.
