If are you looking for how to apply for a Jaiz bank loan then you are on the right web page that has all information concerning a Jaiz bank loan.
Due to the recession in the United States, it’s almost impossible to meet your needs without taking the help of a loan. Jaiz Bank is a non-interest financial institution that is tasked with the responsibility of assisting its customers through tough times by providing affordable loans.
In this article, we’ve taken a careful look at everything you should know about Jaiz Bank loan
Table of Contents
About Jaiz Bank Loan
Jaiz Bank is one of the banks and financial institutions located in Nigeria that operates by Islamic Banking Principles. They are a nationwide and publicly traded company that is owned by more than 26,000 shareholders. They are distributed across the six geopolitical zones of Nigeria. It is their aim and mission to be the undisputed leading company in ethical banking within the Sub-Saharan Africa region.
In addition, they founded the premier non-interest organization in 2011 based on the aim of professionalism, trust, and high quality. They believe this is the basis for providing new financial solutions that are innovative and provide an exceptional customer experience. They also base their values upon seven basic principles. These include responsibility, entrepreneurialism Simple, Excellence, Simplicity Customer focus, and trust.
What are the different types of loans offered by Jaiz Bank?
As we’ve mentioned earlier that it is the primary purpose of the company to provide a superior customer experience. This is why they provide various options of loans for customers to take advantage of. Here are some of the loan options available.
Working Capital Financing (Murabaha):
This choice is based on utilizing the concept of a capital finance facility. It was created to assist your company’s financial requirements. This is why you can use this option to finance the purchase of inventory, stocks, or other inventory. To obtain the Murabaha option, you must procure the items and submit an invoice in the form of a proforma for the Bank. After they have received the invoice (Proforma invoice) they can make an immediate payment to the vendor. The repayment of this loan option is based on an agreement.
Household Appliance Finance (Murabaha):
This is a type of consumer loan that was created by Jaiz Bank to allow its clients to acquire the basic appliances that are used in homes. These include refrigerators, television sets, laptops, etc. They purchase the item you choose to purchase and then sell them at a cost, plus profits. Once you have purchased the item, they then ask you to pay each month’s repmonth’st of your earnings for a period which is up to 24 months.
Lease to own (Ijarawalqtina):
Are you looking you could rent or rent or lease an item? Take a look. This is the right option ideal for you. Jaiz Bank designed this option to allow the leasing or rent out of assets using them. They purchase the asset for you, and you pay regular payments over time.
Project Financing/Constructing:
If you choose this option you submit a request for them to be willing to construct and then transfer the work to you for the cost plus profit margin. After the project is completed the project is transferred to you and you can repay the loan the entire amount or in a series of installments.
For more information about their other products please go to their official website at www.jaizbankplc.com
Eligible for a Jaiz Bank Business Loan
Jaiz Bank loans have been specifically designed to provide several financing options that work for both small and big businesses. In essence, every loan has different conditions and terms that might be appealing to various types of businesses. In general, certain requirements must be met for whatever loan you are applying for.
To begin, your company must be profitable and you should have an excellent credit score, particularly if you’re seeking an unsecured loan. However, secured loans put more importance on the collateral you provide and not your credit score.
Other lending minimums comprise:
- Your company must have a registered business through the Corporate Affairs Commission (CAC)
- Have a corporate or business bank account
- In operation for at least one to three years
- A good credit history and a Bureau report with no unpaid debts or bad debts.
- Being a loyal client of the bank.
How can make an application for Jaiz Bank Loan?
To apply for a Jaiz Bank Loan, you can visit any branch near your home. They accept loan applications at all of their branches across the country. However, before you apply for a loan with them you must know about their offerings. Therefore, you can get complete information about this from one of their branch advisers on loans.
A majority of loans will need you to fill out an application form. You will be required to give a variety of details regarding your company or yourself. After you have completed your information they will require documents that support your application. This could include:
- A Valid Method of Identification
- The Bank Account Report (12 months)
- Proof of Address
- Profile of the Company (Where It’s Relevant)
- Business Plan
- Cash Flow Budget
- Certificate of Incorporation
After a thorough review of your application, if they be able to approve your loan they will issue an offer letter to that to this effect. It will include the conditions and conditions that you have to meet before they can grant the loan.
What are the Jaiz Bank Repayment terms?
With customer satisfaction as a top priority, Jaiz Bank offers short and long-term loans that come with a flexible and advanced repayment option.
How do I contact Jaiz Bank?
You can get in touch with Jaiz Bank through any of the channels below.
- Headquarters Address:Â 73, Ralph Shodeinde Street, Kano House, Central Business Area, Abuja
- Number of phones: +2347080635500. +2347080635555.
- Official Web Site:Â jaizbankplc.com
Does Jaiz Bank collect interest?
Non-interest banking institutions or Islamic Banks, like Jaiz, do not give or receive interest. Instead, they earn their money by selling and buying assets, by leasing (and paying rent) as well as through partnership (i.e. joint ventures that are based on a profits and losses sharing plan).
What bank from Nigeria offers loans with no interest?
Jaiz Bank is Nigeria’s only CBN-accredited non-interest institution that offers Islamic loan that is compliant for multiple uses in Nigeria.
What is a different name for the bank JAIZ?
Jaiz Bank was founded in 2003. The name of the bank is Jaiz International plc. The bank was granted its operating license by the Central Bank of Nigeria on 11 November 2011. of November 2011.
How effective is JAIZ Bank?
Fitch Ratings London 01 July 2022Â Fitch Ratings confirmed Jaiz Bank PLC’s Long-Term Issuer Default Rating (IDR) at B-, with a stable Outlook and a Viability Rating (VR) at “b-“. Fitch has upgraded the Jaiz Bank’s National Long-Term Rating ‘BBB+(nga)’ from ‘BBB(nga)’
Who owns JAIZ Bank?
Board of Directors
| Umaru Abdul Mutallab Chairman | Incar Nigeria Plc, Kano Electricity Distribution Plc, Jaiz Bank PLC |
|---|---|
| Hassan Usman CEO, Managing Director & Director | Jaiz Bank PLC |
| Ahmed Alhaji Hassan Chief Financial Director and Executive Director | Jaiz Bank PLC |
| Abubakar Mahe Director and Vice Director and Managing Director | Jaiz Bank PLC |
How can I obtain a JAIZ bank token?
- Click here to open JaizOnline’s application form.
- Fill out and submit the completed form to the Branch nearest to you.
- Once the setup process is completed on the platform After completing the setup process, the User ID, as well as the default password is sent out in separate emails to the registered email address.
How do I access the balance of my JAIZ Bank account?
If you’re looking to check the balance of your account, your USSD number to call for checking balances is *773#. The code that you need to dial to check whether your balance is correct on the phone is *773#.
How can I increase the amount of data I transfer on the JIZ App?
How can I improve my transactions using my mobile application from Jaiz? Jaiz Bank Plc. Thank you for reaching out to Jaiz Bank Plc. To access the JaizMobilePlus application, click on the self-service after which you can select transaction limit’.
Which bank is an Islamic banking institution in Nigeria?
By this guideline, There are just two organizations that provide Islamic financing services to Nigeria The two are Stanbic IBTC, a unit of South Africa’s Standard Bank, and Jaiz Bank, a full-time Islamic lender that has been operating in Nigeria since 2012.