Jaiz Bank

Last updated
Jaiz Bank Plc
Company type Private
Industry Banking
Founded2003 (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]
ProductsSavings Account (Mudaraba),Current Account(Qard)Term Deposit Account, Sales Products,Leasing Products, Partnership Products (Financing)
RevenueDecrease2.svgAftertax:US$26.56 million (NGN:8.01 billion) (2018)
Total assets N378.69billion (February 2023)
Number of employees
499
Website jaizbankplc.com

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]

Contents

As of December 2012, 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

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

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]

Jaiz Bank Stock Ownership
RankName of OwnerPercentage Ownership
1 Islamic Development Bank
2Foreign Institutional Investors
3Foreign Private Investors
4Nigerian Institutional Investors
5Nigerian Private Investors
Total100.00

See also

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References

  1. ↑ JAIZ Bank Appoints Bintube Board Chairman
  2. ↑ Jaiz Bank Appoints Haruna Musa As MD/CEO
  3. ↑ 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.
  4. ↑ 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.
  5. ↑ "Jaiz Bank Plc: Private Company Information - Bloomberg". bloomberg.com. Retrieved 2018-03-09.
  6. ↑ History of Jaiz Bank Plc
  7. ↑ "The Origins of Jaiz Bank Plc". Archived from the original on 2012-06-24. Retrieved 2012-07-05.
  8. ↑ "Website of Jaiz Bank Plc". Archived from the original on 2012-06-24. Retrieved 2012-07-05.
  9. ↑ Ahmed, Idris (2013-01-30). "Nigeria: Saudi Firm to Invest in Jaiz Bank". Daily Trust (Abuja). Retrieved 2017-08-29.
  10. ↑ Jaiz Bank Seeks National Banking Licence
  11. ↑ "Jaiz Bank secures licence to deliver Islamic banking". The Nation Newspaper. The Nation Newspaper. Retrieved 20 February 2019.
  12. ↑ "Jaiz Bank obtains national licence". Vanguard Newspaper. Vanguard Newspaper. Retrieved 20 February 2019.
  13. ↑ "JAIZBANK.LG - | Stock Price & Latest News | Reuters" . Retrieved 11 February 2024.
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