Muslims in the country are not keen on investing with upcoming Islamic banks in Nigeria, said the deputy governor of the Central Bank of Nigeria in explaining the inability of Jaiz International to raise the NGN25 billion (US$212.3 million) as its capital base.
Alhaji Suleiman Barau said there is a need to create awareness of Shariah compliant banking in the country. Abdul-Lateef Adegbite, secretary general of the Nigerian Supreme Council for Islamic Affairs, attributed the lack of a regulatory framework for the Islamic banking system for the inability to form Jaiz Islamic Bank.