Nigerian CEOs have hinged the achievement of Sustainable Development Goals (SDGs) on partnership by businesses. This was stated by CEO of the Sahara Group, Tonye Cole, who delivered a keynote address at the CEO roundtable organised by First Bank of Nigeria in Lagos. Adesola Adeduntan, managing director of FirstBank, said the bank had put in place an environmental, social and governance management system to drive responsible lending and its commitment to financial inclusion. The bank CEO noted that engagement through programmes included over 16 executive education programmes, organised 16 workshops and three international conferences. The bank also empowered over 3,000 Small and medium Enterprises (SMEs). He called on business leaders to consider such partnership for the enhancement of sustainable development.
Jaiz Bank is now a public quoted company listed on the Nigerian Stock Exchange. To commemorate the listing, Jaiz Bank’s Executive Management, led by Chairman Dr Umaru Abdul Mutallab, were honoured with a closing gong ceremony to officially close trading on the bourse for the day. Hassan Usman, Jaiz Bank's CEO noted that the listing of the bank’s shares was a fulfillment of an earlier promise made at inception of the Bank. He added that the listing would elicit public confidence that Non-Interest Banking provides alternative model that contributes to the socio-economic development of the country. Oscar Onyema, CEO of the Nigerian Stock Exchange, said this listing would promote liquidity for the bank, enhance its value and increase its transparency.
The Jaiz Foundation has expressed readiness to commence Islamic Takaful Insurance in 3 Nigerian states, Kaduna, Kano and Lagos, with the head office being in Abuja. This was disclosed by the Chairman of Jaiz Takaful Insurance, Dr Umaru Abdul Mutallab, who explained that the insurance products give equal opportunity for customers to be owners of the company as well. Also speaking on the operation of the insurance policy, the Managing Director of Jaiz Islamic Takaful Insurance, Momodou Musa Joof, said the company shares profit by 80% to its participants who have not suffered losses. In the meantime, those who suffer losses would have been paid first before the distribution of profit. The element which goes to the needy called Zakat is also distributed before profit is shared. Joof noted that the good thing in Takaful is that, if no loss occurs, the customer's contribution becomes an automatic investment.
The Jaiz Foundation is set to kick start Islamic ‘Takaful’ Insurance in Kaduna, Kano, Lagos with head office in Abuja. As part of the final preparation, the Foundation held a week induction training for the staff of the organization. The chairman of Jaiz Takaful Insurance advised Nigerians to take advantage of the new insurance concept. According to Mananging Director of Jaiz Islamic Takaful Insurance, Momodou Musa Joof, the company shares profit by 80% to its participants who have not suffered losses. In the meantime, those who suffer losses would have been paid first before the distribution of profit. The elements which goes to the needy, which is called Zakat is also distributed before profit is shared. Prominent scholars like Prof Muhammed Nasirudeen Maiturare, the Vice Chancellor of Ibrahim Badamosi Babangida University, also participated in the induction training for the staff of Jaiz Takaful Insurance.
Jaiz Bank added N36 billion to the total market capitalisation of the Nigerian Stock Exchange (NSE). The bank announced the official listing of its ordinary shares of N29.4 billion of 50kobo each at N1.25. The chairman of Jaiz Bank, Alhaji Umaru Abdul Mutallab, debunked insinuation that the bank was designed to only service the Islamic community, saying it was a bank for all Nigerians interested in doing ethical business. Jaiz Bank commenced operations in 2012 with a N3 billion deposit base. Since then it had a growth rate of 30%, with a current workforce of 600 staff across 30 branches across the country. On the future outlook of the bank, CEO Hassan Usman said Jaiz Bank’s prospects are bright, adding that the projection for the next five years indicated a gross revenue of N16 billion by 2021.
The Emir of Gwandu Muhammad Iliyasu Bashar has commended Jaiz Bank for its banking policies and principles of making life better for people. The royal father made the commendation at his palace when the Managing Director of the bank, Malan Hassan Usman, the Regional Manager, Dr. Nurudeen Liman and Habibu Isa Muhammad, the branch Manager of Birnin Kebbi paid him a courtesy call. Malan Hassan Usman expressed his appreciation of the support rendered by the Emir towards the establishment of the bank. He said the bank started operation 5 years ago with provisional approval to open three branches in Abuja, Kaduna and Kano but now the Central Bank of Nigeria (CBN) has given full approval to the bank to open its branches nationwide. Currently the bank has 27 branches with 3 new ones coming next week.
Emir of Kano, Malam Muhammad Sanusi II is expected to speak at an Islamic finance conference organized by the International Institute of Islamic Banking and Finance (IIIBF) at Bayero University, Kano. The Director of the institute, Binta Tijjani Jibril, said the conference would draw participants from within Nigeria as well as other countries such as the United States, Malaysia, Saudi Arabia, Morocco, Indonesia and Egypt. She added that when the mayor of London came to Nigeria, he advised the government to embrace Islamic finance because of its benefits. Britain is competing with Malaysia to be the hub of Islamic finance in the world because they see it as good business not a religious issue.
Two Takaful insurance companies have commenced operations in the country, thus, becoming the first set of fully-fledged Takaful Insurance companies in Nigeria. The two companies are Jaiz Takaful Insurance Company, with head office in Abuja, and Noor Takaful Insurance Company based in Lagos State. Although there is still a misconception about Takaful Insurance that it is a scheme for the Muslims, the two operators believe that with increased awareness and education they will correct this misconception. The chairman of Noor Takaful Insurance, Ambassador Shuaibu Ahmed, said Takaful is about joint guarantee, whereby individuals jointly guarantee themselves against any loss or damage. The CEO of Jaiz Takaful Insurance, Momodu Musa Joof, said his company’s products are inspired by the need for customers to benefit from the contributions they pay as policyholders.
Jaiz Takaful has unveiled its profit sharing insurance concept to the Nigerian public. The CEO of Jaiz Takaful Insurance, Momodu Musa Joof, said that their products are inspired by the need for customers to benefit from the contributions they pay as policyholders. He added that the concept is very transparent and practical. Jaiz Takaful Insurance is a public limited liability company registered with Corporate Affairs Commission (CAC) and regulated by National Insurance Commission (NAICOM). It is among the first full-fledged Takaful insurance providers in Nigeria which are shariah compliant and it is now open for business to Muslims and non-Muslims across Nigeria and beyond.
Africa Finance Corp (AFC), a pan-African multilateral institution based in Nigeria, is likely to make a debut U.S. dollar sukuk issue by early February. If AFC makes a final decision to go ahead with the proposed debt sale over coming days, the sukuk will be issued in two or three weeks through a private sale. The sukuk would be structured with a murabaha format and use Nasdaq Dubai's platform for murabaha transactions. Mohamed Damak, global head of Islamic finance at S&P Global Ratings, said more sukuk issuance will come from Africa-based issuers over the next few years as borrowers seek to expand their investor bases. Another reason for issuers in Africa is that sometimes sukuk can be cheaper than conventional bonds, especially when it attracts significant interest from the market.
The Nigerian Stock Exchange is set to list Nigeria’s first non-interest commercial bank, Jaiz Bank. The council of the Nigerian Stock Exchange (NSE) has approved the bank’s listing of its entire issued share capital on the exchange. Jaiz Bank will be listing a total of 29.46 billion ordinary shares of 50 kobo each at 1.25 naira, indicating a start-off market capitalisation of 36.83 billion naira. The bank has more than 20,000 shareholders, including shareholders such as the former Chairman of First Bank, Umaru Mutallab, industrialist Aminu Dantata, and development finance institution- Islamic Development Bank. The listing will be executed by way of an introduction, however, the company has indicated its interest in an Initial Public Offering.
Nigeria is looking for financial and legal advisers and trustee firms to organise its first Islamic bond in the domestic market, the country's Debt Management Office (DMO) said on Monday. The Opec member, which is Africa's largest economy, is working on a debut sovereign sukuk but has yet to determine the size of a potential deal. Nigeria, which is in a recession and needs to raise funds to plug a budget deficit, has set up a government committee to advise on the amount to be raised from the Islamic bond sale, the timing and jurisdiction of the issue. Issuance of a sovereign sukuk is part of a plan by Nigeria's debt office to develop alternative sources of funding and to establish a benchmark curve.
In January 2012, the Central Bank of Nigeria granted Jaiz Bank an approval in principle to operate as a regional interest-free bank in northern Nigeria. As a result of that, Jaiz bank became the first and the only full-fledged Islamic banking in Nigeria. Islamic banking is based on the principles of profit and loss sharing.
According to Mr. Muhammed Nurul Islam, a manager at Jaiz bank, the bank offers what is called a mudaraba (profit- and loss-sharing deposit). And Jaiz bank does not finance any customer without a purpose; he explain further that the primary means of Islamic finance are based on trading, and the bank trading activities are Sharia-compliant investments with the money deposited by customers. The customers and Jaiz bank share the risks and profits between them.
A Chartered Accountant and Tax Administrator, Mr. Bicci Alli has said that the federal government as well as states cannot shun Islamic financial instruments whose market is valued at over $2.6 trillion, because it has the capability to bridge the infrastructure deficit in the country.
The federal government is presently looking for financial and legal advisers and trustee firms to organise its first Islamic bond in the domestic market, the Debt Management Office (DMO) said on Monday. Nigeria is working on a debut sovereign sukuk but has yet to determine the size of a potential deal. Issuance of a sovereign sukuk is part of a plan by Nigeria’s debt office to develop alternative sources of funding and to establish a benchmark curve.
The International Institute of Islamic Banking and Finance (IIIBF), Bayero University Kano, has said the Sovereign Sukuk bond to be issued by the federal government in 2017 could be the solution out of recession. Prof. Binta Tijjani, the director of the institute stated this yesterday when she led the management team of the institute on a courtesy call to Media Trust Limited in Abuja.
Recall that initially, the Debt Management Office (DMO) on behalf of the federal government was to issue a Sovereign Sukuk bond this year but shifted it to 2017. The Sukuk Islamic bond is structured in such a way as to generate returns to investors without infringing Islamic law that prohibits riba (interest).
The #Nigerian government’s move for sukuk has reached an advanced stage. As work continues on the process of the planned sovereign sukuk, the size of the possible deal has not been determined. The Debt Management Office (DMO) had opened its door for expression of interests from entities, including banks and issuing houses, needed in the process, with deadline for bids submission slated for January 9, 2017. This came a few days after the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was elected Chairman of the International Islamic Liquidity Management Corporation (IILM). His mandates include the facilitation of effective cross-border liquidity management instruments. Meanwhile, the African Development Bank Group (AfDB) has approved the $250 million loan for the Federal Government for the development of a youth-oriented initiative called ENABLE Youth Nigeria. According to the bank, the scheme would contribute to job creation, food security and nutrition, rural income generation and improved livelihoods for youths.
Nigeria-based Jaiz International Bank has won three awards at the 6th Global Islamic Microfinance Forum (GIMF) organised by Centre of Islamic Banking and Economics in Nairobi, Kenya. The organisation and its associated institutions, Jaiz Charity and Development Foundation, Jaiz Takaful Insurance, Jaiz Zakat and Waqf Trust Fund won the awards. The awards are Lifetime Achievement Award bestowed on the Chairman of Jaiz Foundation, Alhaji Umar Abdul-Mutallab, CON; Best Corporate Social Responsibility Award to Ambassador Adamu Babangida Ibrahim, Director General/CEO, Jaiz Charity and Development Foundation and The Best Rising Islamic Microfinance Personality Award was awarded to the Managing Director of Jaiz Takaful Insurance, Mr. Momodou Musa Joof.
Standard Chartered's Islamic division is seeking banking licences in three African countries in order to offer its services to the population. According to the bank's head of Islamic banking, Mohammad Ali Allawalla, Standard Chartered Saadiq could enter at least one of three markets, Nigeria, Botswana and Zambia, as early as 2017. The bank is also in discussions about gaining an Islamic banking licence in Brunei in South East Asia. Standard Chartered Saadiq's core markets are Pakistan, Malaysia, Bahrain, United Arab Emirates, Indonesia and Bangladesh and in 2014 it entered the Kenyan market, its first move into Africa.
In #Nigeria the National Insurance Commission (NAICOM) will soon approve dedicated companies that will sell takaful and micro insurance products. The Commissioner for Insurance, Mohammed Kari, said that the products would ensure that everybody is carried along and actively participates in the financial sector in the country. He explained that since the release of the regulations of micro insurance and takaful, companies had opted to use the window opportunities for the products. The commissioner said that various proposals have been submitted regarding the approach to adopt and NAICOM would consider them and select the best that suits the Nigerian market.
Shareholders of Jaiz Bank unanimously voted for its shares to be listed and traded on the Nigerian Stock Exchange. The bank disclosed that this development will now open windows of opportunities for numerous individuals who desire to own shares in Jaiz Bank. Chairman of the Bank, Alhaji Umaru Abdul Mutallab, said the Bank’s authorized Share Capital has been sub-divided from 15, 000, 000, 000 Ordinary Shares of N1.00 each to N30, 000, 000, 000 Ordinary Shares of 50k each. Also speaking at the event, CEO Hassan Usman said once listed on the Nigerian Stock Exchange, existing shareholders can trade their shares while new investors can also invest by buying the shares.