FIRST NIGERIAN ISLAMIC BANK GETS SET

Promoters of Nigeria's first fully fledged Islamic bank, which is finally to be launched and will be known as Jaiz Bank International Plc(JBI), say the bank will now open shop before the end of the year.

In a bid to meet changing minimum capital base requirements, which was set at $200 million last year by the Central Bank of Nigeria (CBN), the lead promoters Jaiz International Plc, the holding company of JBI, embarked on IPOs and private placements between 2003 and last year as the first and second phases.

The third and final phase of the bank's recapitalisation programme would involve an offer for subscription to raise about $164 million during the second quarter of this year.

The promoters have therefore held talks with both existing shareholders and prospective investors, Dr. Amaru Abdul Mutallab, chairman of JBI said.

The commencement of operations of JBI is therefore subject to the successful completion of it's various capital raising exercises and final issuance of the bank license by CBN. ... Dr. Umaru Abdul Muttalab, a professional accountant, is the chairman of JBI. He has over 30 years experience in developmental, commercial and merchant banking. He is also currently the chairman of the First Bank of Nigeria Plc (formerly Standard Bank), the oldest and biggest Bank in Nigeria in terms of capital (over $270 million) and second largest in terms of deposits and assets (over $1.5 billion and $2.7 billion respectively). He is also on the board of several major companies in Nigeria.

Even though the father of the terrorist, Dr. Umaru Abdul Muttalab, does not seem to be involved at all with his son's terrorism acts, I wanted to post the father's involvement with this Islamic bank. I didn't know that Islamic Banks (Sharia law) have become so prevalent through-out the world. The father is the chairman for this new bank in Nigeria.

I also wanted to call attention to this post. http://www.freerepublic.com/focus/f-news/2335561/posts

Shariah Islamic Law in America and Europe: What the West Needs To Know (VIDEO) Wednesday, September 09, 2009 1:22:36 PM · by Nachum · 2 replies · 486+ views Youtube, ACT ^ | 9/9/09 | Joy Brighton, ACT Joy Brighton, MBA, Shariah Islamic Banking specialist, and ACT! for America Fellow, exposes the link between banks who offer Shariah Finance and Radical Islam, Iran, Sept 11th, oppression of Muslim women , global human rights abuses and the funding of Jihad. Is the withholding of this information to American bank customers and shareholders Security and Consumer Fraud?

The video is worth listening to. Evidently, AIG is now offering socially acceptable Sharia insurance.

Now it makes sense that Obama bailed these guys out with our tax money.

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