Jaiz Bank

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Jaiz Bank Plc
Private
Industry Banking
Founded 2003 (2003)
Headquarters Abuja, Nigeria
Key people
Alhaji Umar Mutallab (Chairman) Mahe Abubakar (Ag.Managing Director & Chief Executive Officer)[1]
Products Savings, Transaction accounts, Investments
Revenue DecreaseAftertax:US$6.74 million (NGN:1.07 billion) (2012)
Total assets US$88.8 million (NGN:14.1 billion) (2012)
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 and is headquartered in Abuja, the capital city of the country.[2]

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.[3]

History[edit]

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.[4][5]

In 2013 Jaiz Bank was in the process of expanding to urban centers in all states of the Federal Republic of Nigeria.[6] 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).[7] The bank is expected to apply for a national banking license, once it meets its shareholders' capital objectives.[8]

Ownership[edit]

The shares of stock 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:

Jaiz Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Islamic Development Bank
2 Foreign Institutional Investors
3 Foreign Private Investors
4 Nigerian Institutional Investors
5 Nigerian Private Investors
Total 100.00

Branch Network[edit]

As of December 2013, Jaiz Bank Plc maintains networked branches at the following locations:[9]

  1. Head Office - 73 Ralph Shodeinde Street, Central Business District, Abuja
  2. Kano Branch One - 55A Tafawa Balewa Road, Off Murtala Mohammed Way, Kano
  3. Kaduna Branch - 11A Ali Akilu Road, Kaduna
  4. Gombe Branch - 8A New Market Road, Commercial Area, Gombe
  5. Maiduguri Branch - 18, Shehu Laminu Way, Opposite State Specialist Hospital, Maiduguri
  6. Kano Branch Two - 13 Bello Road, Kano
  7. Katsina Branch - 109, IBB Way, Kofar, Kaura, Katsina
  8. National Assembly Branch - National Assembly, White House Basement, Abuja[10]
  9. Wuse Branch - 36 Douala Street, Erisco Bonpet Plaza, Zone 5 Wuse, Abuja
  10. Gusau Branch - 21 Canteen Road, Opposite CBN Building, Gusau
  11. Ikeja Branch - 119 Awolowo Road, Allen junction Ikeja
  12. Marina Branch - 2/4 davies street, ground floor, Marina Lagos
  13. Apapa Branch - 17 Wharf road, Opposite Eleganza Apapa

See also[edit]

References[edit]

  1. ^ Bangladesh Banker Appointed New MD for Jaiz Bank
  2. ^ 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. 
  3. ^ 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. 
  4. ^ History of Jaiz Bank Plc
  5. ^ The Origins of Jaiz Bank Plc
  6. ^ "Website of Jaiz Bank Plc". 
  7. ^ Ahmed, Idris (2013-01-30). "Nigeria: Saudi Firm to Invest in Jaiz Bank". Daily Trust (Abuja). Retrieved 2017-08-29. 
  8. ^ Jaiz Bank Seeks National Banking Licence
  9. ^ Branches of Jaiz Bank Plc.
  10. ^ Aimurie, Isaac (2013-07-17). "Nigeria: Jaiz Bank Increases Branches to 10". Leadership (Abuja). Retrieved 2017-08-29.