INTERVIEW How Jaiz Foundation is developing Nigeria, changing lives – Ibrahim
recently did another intervention for IDPs in Borno State last year. Just about two weeks ago, we did another intervention where we bought foodstuffs, blankets, etc. worth over N10mn. We also presented, last two weeks, materials to internally displaced persons, not in government camps this time, but to IDPs living within communities. There are IDPs living among the people. One thousand five hundred families benefited from this intervention, which ranged from foodstuffs, materials, treated mosquitoes nets, blankets and the rest
What is the vision of the Foundation?
The technical partners of the bank, the Islamic Bank of Bangladash, has a very strong Foundation, which even boasts of a standard hospital, and intervenes in economic empowerment by granting micro credits. That is the same vision we have at this Foundation. Currently, we are working towards collaborating with established institutions in providing micro-credit, and in providing sound rural healthcare delivery, schools of nursing and health technology. We will be collaborating with experts in establishing these institutions. That is our vision, to contribute our quota to human development and assist government in the economic development of our country What are your challenges? We have issues of manpower. Since I came in, we have been trying to have the required skilled manpower with the requisite operation? experience. The second challenge We also made some cash donations What Jaiz Foundation did was to
is that with the high demand for along the line to the families of those establish another Foundation which
intervention, especially with the who contributed when Jaiz Bank was it registered with the Corporate
insurgency problem and people established. Affairs Commission. This is solely
needing economic empowerment, When there was an attack at a going to be responsible under the
our resources are limited. Without Friday prayer mosque in Kano, Jaiz Foundation for the collection
adequate resources, we cannot do we donated N10m. We specially and management of zakat.
all these interventions. These are donated N10m each to the Kano .Currently, we have a property
some of the challenges we are facing State government and the Kano
now.donatedbyHajiyaFatimaworth Emirate Council. That was in N11.6m which we have secured.
What is your final word for December 2014. We have fenced it and construction
Nigerians? will soon begin as approved by My final word for Nigerians is our board. Hajiya Fatima donated that they are the main purpose of this to serve humanity. So there is establishing Jaiz Foundation, in a separate entity that will handle collaboration with our Jaiz Bank Plc. collection and distribution of zakat Besides the issue of earning profits, and management of endowment the bank exists to assist in economic workers. development. We undertake the
Since you took over as the CEO economic empowerment of the of the Foundation, what has been people and reduction of extreme your experience? poverty in our society. We also strive
It has been interesting. to eliminate idleness and joblessness. I found out that there People should be entrepreneurs. are lots of areas that Currently, we are collaborating need intervention; with the Daily Trust to set up a fund people need assistance. where funds for micro schemes The rate of requests we can be accessed without interest. receive everyday is so There are lots of programmes much that if we today that can empower Nigerians to be decide to disburse all entrepreneurs. We are doing our we have, it won’t be own bit in trying to see how we can enough for people who bring up people economically for the are in need. We just benefit of our society. Adamu Babangida Ibrahim is the Director-General and Chief Executive Officer of Jaiz Charity and Development Foundation, a non-governmental organisation of the Jaiz Bank. In this exclusive interview with Ibrahim tells how the Foundation is developing Nigeria and changing lives of the less-privileged devastated by the insurgency in some parts of the country
Any income that is coming into the bank that cannot be appropriately described as halal income is channelled into the Foundation for charity purposes. The main issue in a non-interest financial institution is that nothing in the form of interest, or what we call ribba in arabic, can be recognised as income. Therefore, any type of income that comes into Jaiz Bank in form of interest which cannot be deemed legal under Islamic Sharia principles has to be moved to the Foundation. That is why a lot of the income, that is, pre-incorporation income, whereby depositors and shareholders of Jaiz bank deposited money for shares before the licensing was invested with the CBN in treasury bills and other financial instruments. Now, income from that cannot be used by the bank. Eventually, after the licencing of Jaiz Bank, it became imperative they cannot use that money. All that money will now be channelled through the Foundation for charity and development purposes to complement government’s effort.
It is universally practised. Anywhere in the world, you will find Islamic banking, whether in Europe, Asia or America. And such non-interest banks normally have Foundations.
It is for everybody. These monies are supposed to be used for charity and development purposes for intervention, especially for the poor and underserved people, for economic empowerment, intervention in health, education and the rest.
Jaiz Bank itself is relatively young in administration, not to talk of the Foundation which was created after the bank commenced operation. So, we are a young institution. Still, we have made some impact based on the mandate given by the board of trustees of the Foundation, and based on the strategic business plan drawn up for the Foundation at its inception.
From April 2014 to date, the Foundation has intervened in various sectors, both in terms of material and cash donations. The total value of our interventions so far is roughly about N105 million so far. We have gone into the camps of the Internally Displaced Persons in nine states of the federation. The states are Borno, Adamawa, Taraba, Plateau, Zamfara, Katsina, Kaduna and Nassarawa where we gave about N5 to N6 million worth of materials.
Yes, the Foundation has other sources of sustaining its operation. When this Foundation was established, the intention was to make it an independent, non-governmental, non-profit organization with its own board of trustees different from that of the Jaiz Bank board. So, it is operating as a separate body. So, apart from those monies coming in from Jaiz Bank, we also partner with international donors, for donations and with individuals and corporate organisations.
Our constitution allows us to make profitable investments where we can source income, but the important thing to note is that nobody will benefit from that kind of income from any investment as a form of dividend or whatever, because it is for charity. Whatever income we get, we use it to sustain our operation of Jaiz’ charity, for intervention and for development purposes. We have a company that is in charge of investment functions. We also have a company waiting for its licence from the National Insurance Commission, which would attract other investors to enable the Foundation earn a reasonable income to sustain its operation. These are the basic sources of income that will sustain the operation of the Jaiz Foundation.