Jaiz Bank

Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja, the capital city of the country.[2]

Jaiz Bank Plc
TypePrivate
IndustryBanking
Founded2003 (2003)
HeadquartersAbuja, Nigeria
Key people
Alhaji Umar Mutallab (Chairman), Hassan Usman (Managing Director & Chief Executive Officer)[1]
ProductsSavings, Transaction accounts, Investments
RevenueAftertax:US$26.56 million (NGN:8.01 billion) (2018)
Total assetsUS$286.2 million (NGN:87.3 billion) (2018)
Number of employees
499
Websitejaizbankplc.com

As of December 2012, the bank was a medium-sized, financial services provider in Nigeria. At that time, the bank's total assets were valued at US$88.8 million (NGN:14.1 billion), with shareholders' equity of about US$63.6 million (NGN:10.1 billion).[3] The Bank operates 27 branches and provides regular ATM service as well as online, mobile, and SMS banking services.[4]

History

The institution was founded in 2003, as Jaiz International Plc. On 11 November 2011, Jaiz International received a license from the Central Bank of Nigeria, the national banking regulator, to operate as a regional bank. On 6 January 2012, the institution commenced business as Jaiz Bank Plc in offices and branches in Abuja, Kaduna and Kano.[5][6]

In 2013, Jaiz Bank was in the process of expanding to urban centers in all states of the Federal Republic of Nigeria.[7] In pursuit of that goal, the bank had received approval to increase shareholders' capital from the then current value, to US$92.3 million (NGN:14.3 billion). In January 2013, print media reports indicated that, at that time, shareholder's equity in the bank exceeded US$71 million (NGN:11 billion).[8] The bank applied for a national banking license, once it met its shareholders' capital objectives[9] and was issued the license in 2016 [10][11]

Ownership

The stock shares of Jaiz Bank Plc, are privately held. Although the detailed shareholding remains largely unknown, the five major shareholder groups are depicted in the table below:

Jaiz Bank Stock Ownership
RankName of OwnerPercentage Ownership
1Islamic Development Bank
2Foreign Institutional Investors
3Foreign Private Investors
4Nigerian Institutional Investors
5Nigerian Private Investors
Total100.00

See also

References
  1. Bangladesh Banker Appointed New MD for Jaiz Bank
  2. Anthony-Uko, N. S. E. (2012-07-05). "Nigeria: Jaiz Bank Seeks National Licence With N8 Billion Fresh Capital". Leadership (Abuja). Retrieved 2017-08-29.
  3. Lere, Mohammed (2013-12-20). "Nigeria: Jaiz Bank Records Operating Loss of N1.07 Billion in 2012 - Says Mutallab". Premium Times (Abuja). Retrieved 2017-08-29.
  4. "Jaiz Bank Plc: Private Company Information - Bloomberg". bloomberg.com. Retrieved 2018-03-09.
  5. History of Jaiz Bank Plc
  6. "The Origins of Jaiz Bank Plc". Archived from the original on 2012-06-24. Retrieved 2012-07-05.
  7. "Website of Jaiz Bank Plc". Archived from the original on 2012-06-24. Retrieved 2012-07-05.
  8. Ahmed, Idris (2013-01-30). "Nigeria: Saudi Firm to Invest in Jaiz Bank". Daily Trust (Abuja). Retrieved 2017-08-29.
  9. Jaiz Bank Seeks National Banking Licence
  10. "Jaiz Bank secures licence to deliver Islamic banking". The Nation Newspaper. The Nation Newspaper. Retrieved 20 February 2019.
  11. "Jaiz Bank obtains national licence Read more at: https://www.vanguardngr.com/2016/05/jaiz-bank-obtains-national-licence/". Vanguard Newspaper. Vanguard Newspaper. Retrieved 20 February 2019. External link in |title= (help)
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