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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.

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.

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.

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.

#Nigeria Deposit Insurance Corporation (NDIC) has challenged the management of Jaiz Bank to strengthen its corporate governance to face the current economic challenges of the country. Umaru Ibrahim, managing director of NDIC, gave the advice to the newly appointed managing director of Jaiz Bank, Hassan Usman. Ibrahim advised the bank to step up its public enlightenment efforts in order to increase deposits' mobilisation. He also noted the bank's challenges in investing its excess liquidity due to the absence of Sharia compliant investment windows. He noted that while a lot of countries had tapped into the Sukuk investment window, Nigeria was still lagging behind in this respect.

The Central Bank of Nigeria recently issued a national licence to Jaiz Bank. The bank commenced the first phase of its rollout with branches in Lagos, Port Harcourt, Ibadan and Ilorin and shortly will be present in all the states of the Federation. Jaiz Bank has recently concluded a Rights Issue, which raised its capital to N15 bn and the issue was oversubscribed by about 3%. According to Deputy Managing Director Mahe Abubakar the target is to raise the capital base of N25 bn before the end of the year. This will position the bank to compete efficiently in this highly competitive sub-sector of the economy. There are some people that misunderstand the concept of non-interest banking, but Jaiz Bank is open to all Nigerians, irrespective of their religions.

Hassan Usman has been appointed as the new Managing Director of Jaiz Bank. The decision of the Board of Directors was reached after a rigorous selection exercise. Hassan Usman takes over from Mahe Abubakar who has acted as MD since December 2015. Mr. Usman had previously acted as Managing Director in 2013. The Bank recently obtained a National Operating License from the Central Bank of Nigeria (CBN). This will enable it to spread across all the 36 states of the Federation.

In #Nigeria the emir of Kano, Muhammad Sanusi II, has lauded Jaiz Bank for declaring a profit of over N700 million in the four years of its operation. The bank's managing director Mahe Abubakar Mahmoud disclosed that the Bank had a total balance sheet size of N65 billion by May 31, 2016. He explained that customers’ deposit stood at N50 billion, while the shareholders fund stood at N15 billion, making the bank worth N65 billion. Abubakar said the bank was expanding its branches across the nation, with four additional branches in Kano and the neighbouring states.

The Central Bank of Nigeria (CBN) has granted Jaiz Bank national license to operate Islamic non-interest banking in all the states of the federation. Chairman of Jaiz Bank Alhaji Umaru Abdul Mutallab said the bank intends to roll out in all the 36 states and the Federal Capital Territory (FCT) in two or three months times. Alhaji Sa’ad Abubarkar III, the Sultan of all Muslims in Nigeria, congratulated and warned that Jaiz bank must conform with all rules and regulations of Islam.

Jaiz Bank, the pioneer Islamic bank in Nigeria, has concluded plans to go national, few months after it received an approval-in-principle from the Central Bank of Nigeria (CBN) to extend its business nationwide. Authorities at the bank said additional branches would soon open in Lagos, Ibadan, Ilorin and Port Harcourt.

Jaiz Bank has concluded plans to go national, few months after it received an approval-in-principle from the Central Bank of Nigeria (CBN) to extend its business nationwide. Authorities at the bank said additional branches would soon open in Lagos, Ibadan, Ilorin and Port Harcourt.

Jaiz Bank Plc has concluded plans to go national, its management has said. Speaking in Kaduna at the just concluded International Trade Fair organised by the Kaduna Chamber of Commerce, Industries, Mines and Agriculture (KADCCIMA), the Bank’s Manager in Kaduna Halilu Murtala said additional branches would soon open in Lagos, Ibadan, Ilorin and Port Harcourt. He said that this was in line with the Approval-in-Principle issued to the bank by the Central Bank of Nigeria (CBN) to go national. The bank's plan is to add at least ten more branches to the existing network of 19 branches spread across the country before the end of this year. Arrangements in fulfilment of CBN’s requirements have already been finalised, he said.

Chairman, JAIZ Bank, Alhaji Umaru Abdul Mutallab has denied that the institution is distressed and called for more players in the Islamic banking system in a bid to compete favourably in Nigeria’s financial sector. He made the call in Kaduna while donating cash and non-food items to two foundations by the JAIZ Foundation, saying the bank’s deposit base was increasing astronomically. Engr. Garba Muhammad, Mutallab disclaimed text messages in circulation that the bank was in trouble and assured that it was growing day by day. The bank has recently got approval in principle for a national licence to operate in all regions of Nigeria, he added.

Muhammad Islam, the managing director of Jaiz Bank Plc, has assured the bank's shareholders that it will declare dividend from the 2017 financial year. He said Jaiz, which started operations in 2012, was able to break even within three years because of its adherence to regulatory requirements. He explained the bank has three major categories of operations. The number one category is trade mode – that is buying and selling. Jaiz buys goods at the request of a customer and sells it to the customer adding our own profit margin. The profit margin is the bank's returns. On the outlook for the Bank, Islam said the bank wants to implement the vision of the directors of the bank not only to go national but internationally. That means in the entire West African region and beyond.

The Nigeria Deposit Insurance Corporation (NDIC) has urged the management of Jaiz Bank to embark on public awareness and financial education on the benefits of non-interest banking practice to attract more customers. Alhaji Umaru Ibrahim, NDIC's managing director, informed the team that the corporation had developed a non-interest banking deposit insurance fund framework in May. He said that the framework was designed to create a level playing field and provide deposit protection for depositors involved in non-interest banking and protect them against any possible losses. In addition, he said that the corporation was in the process of appointing committee of experts to advise it on all issues relating to Deposits Insurance Scheme (DIS) for non interest banking.

Central Bank of Nigeria (CBN) has granted a na­tional licence to Jaiz Bank and a waiver on the reduc­tion of its liquidity ratio from 30 per cent to 10 per cent. The licence will enable Jaiz Bank operate in any part of the country. The Managing Director and Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Al­haji Umaru Ibrahim, informed that the corpo­ration had developed a non-interest banking deposit insurance fund framework in May 2015, in order to provide depos­it protection for depositors involved in non-interest banking, in addition to training its staff in Malaysia in this area of banking. The NDIC was in the process of ap­pointing a committee of experts to advice it on all is­sues relating to Deposits Insurance Scheme (DIS) for non-interest banking, he added.

Nasarawa State governor,Tanko Al-Makura has appealed to the chairman, JAIZ Bank for the establishment of the bank in the state. The governor made the appeal in Lafia when he received a delegation of the bank led by its chairman, Dr. Umar Abdumutallab at the Government House. Al-Makura explained that the benefits of establishing JAIZ Bank in the state are enormous and capable of turning around the economic fortunes of the citizenry. Earlier, the chairman of the bank, Dr. Abdumutallab assured the governor that the bank would establish branches in Nasarawa State.

Nigeria’s Jaiz Bank has doled out N500 million to charity through its Jaiz Foundation. Mallam Ismail Adamu, the Group Head, Public Sector of the bank said that the bank had a capital base of N42 billion as of June, 2015 and a customer base of 139,977 with 73 per cent of them Christians. Adamu, who represented the bank’s Managing Director, Muhammad Nurul-Islam, said that the bank in 2014 made a profit of N157 million. He said that the bank renders several services ranging from Deposit, Mobile banking, Automated Teller Machine (ATM), Internet banking and other Islamic services, while all haram (Illegal) money’s are given out to charity through Jaiz Foundation.

Jaiz Bank Plc, the non-interest Islamic bank, is set to commence operations in Ibadan, Oyo State before the end of this year as it moves to expand its operations in the South West, according to the Group Head, Public Sector of the bank, Mallam Ismail Adamu. He said all documentation and other logistics to this end were already being put in place. Adamu said the bank made a profit of N157m in 2014 and gave out up to N500m in charity through an arm of the bank called JAIZ Foundation. Chairman of the Zonal Committee for the Operation, Alhaji Lasun Sanusi (SAN), said the bank was aware of the teething problems it would face, expressing optimism, however, it would survive because of the success it has so far recorded.