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 Bank’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. It is in line with this philosophy that Jaiz Foundation was established by Jaiz Bank Plc on 2nd April, 2012. Its corporate Head Office is located at Plot 1054, O. P. 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.
The aims and objectives for which Jaiz Foundation was established include but not limited to:
Jaiz Foundation is active in collaborating with other NGOs in achieving targets aimed at humanitarian support programs and assisting vulnerable groups amongst the Ummah and has intervened in various sectors both in terms of material and cash donations. Some of the projects executed by the Foundation are distribution of relief materials to victims of insurgency and communal clashes in Adamawa, Borno, Yobe, Taraba, Kaduna, Katsina, Zamfara, Plateau & Nasarawa States of Nigeria, cash donations to affected State governments, health interventions through the rehabilitation of primary health centers ,donation of Ambulances to selected health centers, provision of drugs, educational and skills acquisition support and the like to needy individuals and NGOs.
To ensure sustainability, the Foundation is engaged in the following Shariah compliance Investments and other sources: