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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.

The Board of Directors of Jaiz Bank Plc has approved the appointment of Mahe Abubakar as the acting Managing Director/CEO of the bank. He succeeds Muhammad Nurul Islam, whose two-year contract ended on November 17, 2015.
Until his appointment, Abubakar was an Executive Director in charge of Business Development. A statement by the Head, Corporate Communications Department of the Bank, Idris Salihu described Abubakar as an astute banker with over 20 years cognate experience.
Before he joined Jaiz bank, he was a General Manager/ Group Zonal Head of Zenith Bank Plc in charge of the Northwest region. His wealth of experience is expected to impact greatly on Jaiz Bank's business development drive. Abubakar has a Master Degree in Business Administration from the Ahmadu Bello University, Zaria and he is a qualified Dealing Clerk of the Nigerian Stock Exchange.
He had attended several trainings in and outside Nigeria including High Potential Leader: Accelerating Your Performance at Wharton School, Pennsylvania, USA; High Performance People Skills, London Business School; and Senior Management Programme, Lagos Business School.

Jaiz Bank Plc, Nigeria’s sole Islamic bank has announced the appointment of Mahe Abubakar as the acting Managing Director/CEO of Jaiz Bank Plc.
Until his appointment, Abubakar was an Executive Director in charge of Business Development.
A statement from the Head, Corporate Communications Department of the Bank, Idris Salihu said Abubakar is taking over from Muhammad Nurul Islam, whose two-year contract ends on the 17th of November, 2015.
Salihu said the Board expressed gratitude to Islam for his innumerable contributions towards the growth and success of Jaiz Bank Plc in the last two years.
Nurul Islam joined Jaiz Bank in November 2013 and turned it around from a negative balance-sheet to a positive result in 2014. “He came in on a Technical Agreement Jaiz Bank has with the Islamic Bank of Bangladesh to train and put the staff of Jaiz Bank through Islamic Banking because of their long experience in the subsector” the statement said.
Jaiz Bank is now operating in 21 locations from the 10 locations he met. Under Islam’s leadership, Jaiz also obtained Approval-in-Principle for a license from the Central Bank of Nigeria to operate nationwide.

Jaiz Bank Plc has appointed Mahe Abubakar as the Executive Director in charge of Business Development. Until his appointment, Mahe was a General Manager/ Group Zonal Head of Zenith Bank Plc in charge of the Northwest region. He has a Master Degree in Business Administration from the Ahmadu Bello University, Zaria and he is a qualified Dealing Clerk of the Nigerian Stock Exchange. Mahe has attended several trainings in and outside Nigeria. His appointment has been confirmed by the Central Bank of Nigeria.