Jaiz Bank

Commercial Institute in Nigeria

Jaiz Bank Plc

Jaiz Bank Headquarters in Abuja, Nigeria

Company type| Private

Traded as

| NSE:JAIZBANK
ISIN| NGJAIZBANK05
Industry| Banking
Founded| 2003 (2003)
Headquarters| Abuja, Nigeria

Number of locations

| 45 branches (2023)

Key people

| Mohammed Mustapha Bintube (Chairman),[1] Haruna Musa (Managing Director & Chief Executive Officer)[2]
Products| Savings Account (Mudaraba),Current Account(Qard)Term Deposit Account, Sales Products,Leasing Products, Partnership Products (Financing)
Revenue| Aftertax:US$26.56 million (NGN:8.01 billion) (2018)
Total assets| N378.69billion (February 2023)

Number of employees

| 499
Website| jaizbankplc.com

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.[3]

As of December 2012[update], 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).[4] The Bank operates 27 branches and provides regular ATM service as well as online, mobile, and SMS banking services.[5]

## History

[edit]

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.[6][7]

In 2013, Jaiz Bank was in the process of expanding to urban centers in all states of the Federal Republic of Nigeria.[8] 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).[9] The bank applied for a national banking license, once it met its shareholders' capital objectives[10] and was issued the license in 2016 [11][12]

## Ownership

[edit]

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:[citation needed][13]

Jaiz Bank Stock Ownership Rank | Name of Owner | Percentage Ownership

|
|

1 | Islamic Development Bank |
2 | Foreign Institutional Investors |
3 | Foreign Private Investors |
4 | Nigerian Institutional Investors |
5 | Nigerian Private Investors |
| Total | 100.00

## See also

[edit]

* List of banks in Nigeria
* Islamic banking
* Interest-free economy
* Economy of Nigeria

* Banks portal

## References

[edit]

1. ^ JAIZ Bank Appoints Bintube Board Chairman
2. ^ Jaiz Bank Appoints Haruna Musa As MD/CEO
3. ^ 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.
4. ^ 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.
5. ^ "Jaiz Bank Plc: Private Company Information - Bloomberg". bloomberg.com. Retrieved 2018-03-09.
6. ^ "History of Jaiz Bank Plc". Archived from the original on 2013-02-22. Retrieved 2012-07-05.
7. ^ "The Origins of Jaiz Bank Plc". Archived from the original on 2012-06-24. Retrieved 2012-07-05.
8. ^ "Website of Jaiz Bank Plc". Archived from the original on 2012-06-24. Retrieved 2012-07-05.
9. ^ Ahmed, Idris (2013-01-30). "Nigeria: Saudi Firm to Invest in Jaiz Bank". Daily Trust (Abuja). Retrieved 2017-08-29.
10. ^ "Jaiz Bank Seeks National Banking Licence". Archived from the original on 2013-02-22. Retrieved 2012-07-05.
11. ^ "Jaiz Bank secures licence to deliver Islamic banking". The Nation Newspaper. The Nation Newspaper. Retrieved 20 February 2019.
12. ^ "Jaiz Bank obtains national licence". Vanguard Newspaper. Vanguard Newspaper. Retrieved 20 February 2019.
13. ^ "JAIZBANK.LG - | Stock Price & Latest News | Reuters". Retrieved 11 February 2024.