Six Jaiz Revolutionary Banking Products for Corporate, Personal Needs

Nigeria’s foremost interest-free bank, Jaiz drives its unique banking propositions on a chain of interesting revolutionary banking products that meets the needs of an average Nigerian. Here is a glimpse of some selected products that meet both business and individual needs.

Import and Export Finance: If your business involves importation and exportation, this product is ideal for you. Under import finance, a letter of credit is issued by Jaiz Bank in favour of a beneficiary (exporter) on behalf of the applicant (importer).  The Bank commits and accepts to pay against trade documents drawn in compliance with the letter of credit terms. Under the export finance facility, the Bank will extend the export finance facility to the customer to purchase goods/raw materials against receipt of the inward letter of credit from the importer.

Working Capital Financing: This a product that can help lessen the burden of MSMEs in Nigeria, as it provides a convenient way of financing working capital requirements of businesses. This product is used to finance the purchase of inventory or raw material for our customers locally. The Bank appoints the customer as its agent to source for the goods the customer wishes to buy, negotiate price, quality, and quantity, and communicate the outcome of the negotiation to the Bank via the presentation of a proforma invoice to the Bank. The Bank will then purchase the goods by making payment to the supplier, while the agent takes delivery of the goods. Payment of cost plus profit is made to the Bank by customer at the agreed future date.

Jaiz Premium Savings Account: This is an innovative product designed specially to meet your investment needs. This Term Deposit qualifies you as an investor with higher profit rates at tenures which suit your needs. the bank invests the depositors’ monies into financially-profitable, socially-desirable and commercially-viable business ventures which are legal and Shariah-compliant. Gross profit made from the investment is distributed at the end of every tenure based on a pre-agreed profit sharing ratio.

JaizPay: For business and individuals transactions, JaizPay is a secure web payment gateway developed to facilitate payments online using debit cards issued by Nigerian banks. JaizPay plugs in seamlessly with the existing websites of customers and acts as a bridge between the customer’s website and the bank.

Other Jaiz revolutionary banking products also include:

Jaiz Auto Finance: This is a product designed to finance the acquisition of automobiles for salary account holders in public, private and other reputable organizations. The bank purchases the vehicle and sells to the customer with a reasonable markup (otherwise called profit). Payment for the vehicle sold to the customer is usually on a monthly basis from the customer’s salary for a period of 3 to 4 years.

Jaiz Household Appliances Finance: This is a consumer product that enables customers to acquire household appliances ranging from refrigerators, freezers, furniture, kitchen appliances, laptop computer, TV set, etc. with the flexibility of a monthly payment plan. This is financed under Murabaha (cost plus). The bank purchases the appliances identified by the customer and sells the same to the customer at cost plus profit. Payment is usually on a monthly basis from the customer’s salary for a period of up to 24 months.

Jaiz General Consumer Finance: This is a consumer product that enables customers to acquire building materials, consumable goods and real estate with the flexibility of a monthly payment plan. The bank purchases the goods identified by the customer and sells the same to the customer at cost plus profit. Payment is usually on a monthly basis from the customer’s salary for a period of up to 36 months.

These revolutionary banking products are made to tailored to suit individuals and corporates while aligning with the tenets of Sharia.