Jaiz Bank PLC was created out of the ashes of the former Jaiz International Plc which was set up in 2003/2004 as a special purpose vehicle (SPV) to establish Nigeria’s first full-Pledged Non-Interest Bank.
It is an unquoted public company owned by over 3000 shareholders spread over the six geographical zones of Nigeria.
Non-Interest Banking is a profit growing global phenomenon practiced in nearly 70 countries all over the world including, United Kingdom, Canada, United States of America, United Arab Emirate, Malaysia, China, Singapore, South Africa, Kenya etc. Global Banks like HSBC, Citibank, Barclays Bank etc. are also offering it. It is an alternative financial service offering which is open to all irrespective of race or religion.
It is based on ethical principle of fairness, transparency and objectivity. Non-Interest Banking offers almost all the services offered by conventional banks except that they do not give or receive interest, nor finance anything that is harmful to society like alcohol, tobacco, gambling etc. It also seeks to avoid gharar- speculation, uncertainty deception and more.
Currently, about 50% of Nigeria’s total population of 155 million are craving for such Non-Interest banking services. These people are desirous of ethical banking services which provide for socially responsible investment outlets. In a nutshell, Non-Interest is a profit and loss sharing arrangement where the mode of financing is mostly on mark-up, leasing and partnership basis.
Jaiz Bank Plc. obtained a Regional operating license to operate as a Non-Interest Bank from the Central Bank of Nigeria on the 11th of November 2011 and begun full operations as the first Non-Interest Bank in Nigeria on the 6th of January, 2012 with 3 branches located in Abuja FCT, Kaduna and Kano. The Regional license allows the Bank to operate geographically in a third of the country. Also, based on recommendations from Islamic Development Bank (IDB), who is also a shareholder of the bank, Jaiz Bank PLC has partnered with Islamic Bank Bangladesh (IBBL) for Technical and Management Assistance.
The Investment Opportunity
Jaiz Bank Plc plans to upgrade to a National operating license by 2013. Consequently, it will increase its current Share Capital Base from N6 billion (USD$39 million) to N12 billion (USD$78 million). This upgrade will enable the Bank operate in all 36 states of the Federation including the Federal Capital Territory. Thus, position it to compete effectively in one of the most thriving sectors of the Nigerian economy. The Bank plans to establish 16 branches in 2012 and 100 by 2017. In this regard, the IDB membership of the board is expected to provide a lot technical input.
The Potential for Non- Interest Bank in Nigeria
The business potential for a Non-Interest Bank in Nigeria is enormous as such an institution has been long awaited by a population of over 78 million Nigerians representing over 50% of the country’s population of 155 million. Jaiz Bank is focusing mainly on retail banking, but will also offer corporate and commercial banking services.
This focus will make it easy to service the majority of Nigerians who want do away with Riba (Usury) in their daily activities. The market for retail banking in Nigeria is estimated by KPMG at US$30 billion (2006). The Bank is being positioned to be a national bank offering its services to all regardless of religious beliefs.
To be the dominant non-interest financial services provider in Sub-Saharan Africa”.
To provide innovative, value-added, non-interest financial services to our clientele employing the best people, supported by technology”.
- Quality Service – Customer First
- Team Spirit
- Respect for Individual
For Enquiries: Kindly contact us at
Jaiz Bank Plc.
Kano House,75 Ralph Shodeinde,Central Business District P.M.B. 31 Garki Abuja, Nigeria.
Tel: +234-9-4605125; +234-9-4605155 and +234-9-4605154
Visit our website on: www.jaizbankplc.com