Jaiz grows Investment by more than 380%

Jaiz Bank Plc, the Nigeria’s first and currently the only full-fledged interest free bank has grown its investment portfolios in the last two years to more than 380 percent.

It’s Chairman, Board of the Directors, Alhaji Umaru A. Mutallab, CON disclosed this yesterday in Sokoto during the commissioning of the Bank’s branch in the state.

Mutallab said: “We have grown our Investments by more than 380 percent from N1.9 billion to N9.4 billion. Our Customer Deposits took a massive leap of more than 460 percent from N3.2 billion to N18.6 billion.

“In terms of profitability, your Bank grew its total earnings by more than 750 percent during the year.”

He said the Bank was able to achieve this progress and achievements through the use of “unique and robust IT platform in delivering exceptional customer services to our clientele.”

Jaiz bank commenced business on Friday, 6th January, 2012 and is licensed by the Central Bank of Nigeria as a regional, non-interest and ethical financial institution with an authorized share capital of thirteen Billion Naira.

With just three locations when it started in 2012 in Abuja, Kano and Kaduna, the Bank has expanded its operation to 13 locations. The Bank now has branches in Gombe, Sokoto, Maiduguri, Katsina, Gusau, three branches in Kano, and additional two in Abuja – Wuse and National Assembly with more branches scheduled to be opened soon.

“Our plan is to be at every State capital of Nigeria before the fifth year of operation Insha Allah. Alhamdulillah, I have the privilege of informing you that we have as at December, 2013, submitted our application for National Banking License to the Central Bank of Nigeria (CBN) and am hopeful that this will come through before the end of the second quarter Insha Allah,” the Chairman said.

In his vote of thanks, the Managing Director of Jaiz, Muhammad Nurul Islam, said the bank has made tremendous progress in just two years of its operation and “the potential for your Bank is very bright and we are confident that we will achieve our notable vision of being the dominant Non-Interest Financial Service Provider in Sub-Saharan Africa.”

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