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