Jaiz Bank Plc of Nigeria, which provides Shariah-compliant banking services, said it plans to raise 8 billion naira ($49.7 million) to expand its operations.
“We are targeting between the end of July and early August to raise the capital,” Idris Isa, a spokesman for the Abuja-based bank, said today in a phone interview. The funds will be sought through private placement, he said.
Jaiz will increase its branches to 16 from three across Africa’s top oil-producing country to offer non-interest banking services, according to Isa. The existing branches are located in Abuja, the capital, and the northern cities of Kano and Kaduna.
The Central Bank of Nigeria in November issued Islamic banking licenses to Jaiz and Stanbic IBTC Bank Plc, a unit of South Africa’s Standard Bank Group Ltd.
The West African nation, which is the continent’s most populous with more than 160 million people, is divided almost evenly between a predominantly Muslim north and a mainly Christian south.