Non-interest banks, others form body with Jaiz MD as president

The Non-Interest Financial Institutions Association of Nigeria (NIFIAN), yesterday in Abuja elected the Managing Director of Jaiz Bank Plc, Hassan Usman, as its pioneer president.

According to a statement from Jaiz Bank, Usman was inaugurated alongside six other exco members to steer the affairs of the umbrella body of all corporate organisations offering non-interest financial and related services in the country for a first term of two years.

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Those elected include top management officials from Taj Bank, SunTrust Bank, Cornerstone Takaful Ltd and Noor Takaful Ltd among others.

Chairman of NIFIAN’s Board of Trustees, Babayo Saidu, said the association was registered on August 28, 2020 and incorporated at the Corporate Affairs Commission (CAC).

He said the association promotes common interest of member-organisations towards developing the non-interest financial services industry in Nigeria, creating an enabling regulatory environment through advocacy as well as deepening financial inclusion through market engagements and financial literacy.

In his inaugural address, the association’s president, Usman, said the journey started more than a decade ago with Nigeria Islamic Finance Working Group, a multi-institutional platform under the auspices of EFInA (Enhancing Financial Innovation and Access).

“As today marks a new chapter in our pursuit, I would like to reiterate the fact that we are not there yet. This course is a journey and not a destination. While the overarching objective remains constant, the detailed operational and strategic initiatives of the association shall continue to evolve to meet the requirements of the day.

“I pledge that over the course of my tenure, I will work with my colleagues in the council to push some prominent initiative, including promotion of sound Islamic banking and financial system and practice in Nigeria; growth and development of requisite market infrastructures such as an efficient non-interest inter-bank system,” he stated.

With the inauguration of persons of track records into the executive council of the association, NIFIAN is set to take on the charge towards developing the Nigerian financial markets.