One of the characteristics of Non-Interest Banking is the establishment and maintenance of a Charity & Development organization. This is the special purpose vehicle by which certain types of incomes that are impermissible or doubtful are channeled to be used for charitable purposes. These are incomes not recognized by the Bank (Non-permissible incomes) or the ones classified as doubtful by the Ban
k’s Advisory Council of Experts (ACE). However, other sources of income such as Zakat obligations, Endowments, Donations, Income from Investments and Grants, etc, are pursued and encouraged for the sustainability of the charity. These types of Foundations are charitable organizations meant to complement government’s effort of improving people’s lives, and are by their nature non-profit and non-governmental. It is in line with this philosophy that most Foundations visible in Nigeria, national and international, have initiated various projects and have supported and partnered with several other local and international development agencies purposely to contribute to the overall development of the society. Such Foundations mostly intervene in the areas of eradicating extreme hunger and poverty, enhancing youth and women economic empowerment, provision of education, health, environment, potable drinking water, and capacity building. Its corporate Head Office is located at Plot 1054, O. Fingesi Street, Off Obafemi Awolowo Way, Utako District, Abuja. It is registered under Part C of the Companies and Allied Matters Act 2004 with registration number IT/51511. Jaiz Foundation being a separate legal entity from the Bank is fully independent and serves as a link between the Bank and the community through the implementation of the Bank’s Corporate Social Responsibility programs. Its ideology is rooted from that of the Islami Bank Foundation, Bangladesh which was established by the Islami Bank of Bangladesh Limited (IBBL), to carry out its Corporate Social Responsibilities. The Islami Bank of Bangladesh Limited (IBBL) is the technical partner of Jaiz Bank Plc as approved by Central Bank of Nigeria. Jaiz Foundation is administered under the policy direction of a 14 member Board of Trustees made up of distinguished members who have excelled in fields ranging from Banking and Finance to education, humanitarian aid and Islamic jurisprudence. Its activities are effectively managed by a team of professionals under the leadership of a Director General/CEO.
