JAIZ Bank Breaks Even, Records N158m First Profit

Jaiz Bank Plc, has declared a profit of N157.7 million for the financial year ended December 2014. By this, the bank has broken even after three years of operations as the first and only fully fledged non-interest bank in Nigeria. Chairman of the bank, Dr Umaru Abdul Mutallab said the profit was a feat considering that there was no platform yet for the bank to make income from its treasury management activities due to the absence of Sharia complaint liquidity instruments in the market. He therefore called for a national Sukuk bond, that would give them a wider range of investment opportunities. Shareholders of the bank called on the management to work seriously towards recapitalising it to fast-track its expansion to other parts of the country.