10 years of pioneering Islamic banking in Nigeria, the Jaiz Bank success story

18

The pioneer Non-Interest Bank in Nigeria, Jaiz Bank Plc clocked 10 years yesterday, having commenced operations on the 6th of January 2012 with 3 branches in Abuja, Kaduna and Kano.

Despite paying the huge costs associated with pioneering, the Bank was able to break even within the first three years of operation, which was unprecedented at the time. From a modest Balance Sheet size of N12billion in 2012, the Bank closed 2020 financial year at N278billion (Total Assets & Contingents) and grew all other key performance indices exponentially over the years.

Through its’ unique value proposition, Jaiz Bank has, within a decade, made remarkable impact in empowering women, driving financial inclusion and supporting various strata of businesses in the real sector of the economy, Agriculture, Real Estate, Construction, Oil & Gas, General Commerce, etc.

Within this period, the Bank was rated by the Islamic International Rating Agency (IIRA), assigning it an investment grade rating of BBB. Most recently, the Bank also got an upgrade from both Agusto and GCR to BBB and BBB- respectively with stable outlook. Besides, Fitch also did its’ first rating of this promising institution, and it came out at the same impressive level.

It was therefore not surprising that the Bank gained international recognition as it won the Most Improved Islamic Bank award for 2020 and 2021 consecutively from the Global Islamic Finance Awards (GIFA), among other accolades.

The Managing Director/CEO, Hassan Usman while thanking Allaah (The Creator of all), then the regulators, customers, Board, Management, staff and other stakeholders for their tremendous support, expressed great delight on the giant strides being taken by the Bank. —Nairametrics

Previous articleSaudi Bank gets $750m via debut ‘sustainable’ sukuk
Next articleNew ADIB global sukuk fund raises over $160m