About Jaiz Bank

Jaiz Bank Plc, the pioneer Non-Interest Bank in Nigeria has been providing ethical services to individuals, corporate and government entities since 2012 with the mission of Making Life Better Through Ethical Finance.

Since it commenced operations in 2012, the Nation’s premier Non-Interest Bank has maintained its leadership role by deepening this alternative model of financing, thus providing the foundation for its expansion, and providing the needed ethical funding for infrastructural development in the country.

Within this period, the Bank has won notable international and local accolades, amongst which are the Most Improved Islamic Banking awards in 2020 and 2021, respectively, from the Global Islamic Finance Awards (GIFA).

It is worth noting that the Bank maintains the record of being the first Islamic Bank in the world to breakeven within the first three years in operations even when there was no Islamic banking and finance instruments to invest on in the country.

Jaiz Bank's core values are built on 7 principles with the acronym "ETHICAL" - Excellence, Teamwork, Honesty, Integrity, Customer-Centric, Accountability, Loyalty. These core values drive the Bank towards achieving its vision to be the clear leader in ethical Banking in Africa.

Jaiz Bank is publicly quoted on the Nigerian Exchange Group (NGX) with a balance sheet size of N379billion (as of December 31st 2022) compared to N12 billion in 2012. Financing and Investment assets also grew from over N30billion in 2012 to N249billion as of December 31 2022. Other critical parameters such as customer deposits, branch network and profitability have all been growing year–on–year since inception.

About Islamic Banking

Non-Interest Banking is a growing global phenomenon practised in nearly 80 countries across the world including the United Kingdom, Canada, the United States of America, the United Arab Emirates, Malaysia, China, Singapore, South Africa, Kenya etc. Global Banks like HSBC, Citibank, Barclays Bank, Standard Chartered etc. are also offering non-interest banking products and services.

It is an alternative financial service offering that is open to all, irrespective of race or religion. It is based on the ethical principles of fairness, transparency and objectivity. Non-Interest Banking offers almost all the services of conventional banks.

The difference is that Islamic Banks do not give or receive interest, nor finance anything that is harmful to the society like alcohol, tobacco, gambling etc. They also avoid gharar- speculation, extreme uncertainty and deception. A significant portion of Nigerian population is desirous of ethical banking services which Non-Interest Banking is poised to deliver.

In a nutshell, Non-Interest Banking is real-economy oriented where profit and loss sharing arrangement, mark-up, leasing and partnership are mostly the mode of financing.

The Potential for Non- Interest Bank in Nigeria

The business potential for a Non-Interest Bank in Nigeria are enormous as such an institution has long been awaited by a large population of Nigerians from all parts of the country. Jaiz Bank’s strategic business focus is mainly on retail banking, the Bank nevertheless offers corporate and commercial banking services. The Bank’s retail focus will enable it to service the majority of Nigerians who wish to do away with Riba (Usury) in their daily activities.

What the Bank will be

  • 100% Shari’ah compliant
  • Highly ethical, with best practice corporate governance and sound risk management framework.
  • Proactive and innovative towards customer’s needs
  • Best-practice operations and functional framework
  • Customer-Centric
  • Socially responsible
  • Fair to all Stakeholders
  • Ideal business partner

What the Bank will not be

  • Religious bias
  • Offer all things to all people
  • Mediocre performer
  • Imitate other banks
  • Sacrifice Shari’ah principles for profit

Some of Our Products

Jaiz Wakala Investment

This product is tailored to corporate and high-net-worth individuals that need high returns with commensurate risk on their investment. Under Wakalah,...

Working Capital Financing (Murabaha)

This is a convenient way of financing the working capital requirement of businesses. This product is used to finance the purchase of inventory...

Project Financing/ Construction (Istisna')

Under this contract, the Customer will request and the Bank will agree to construct and to sell the project to be constructed at the Bank's selling...

Lease to Own Finance (Ijara wa Iqtina)

This is a banking facility based on the contract of Ijarah wa Iqtina which allows you to hire and subsequently purchase assets from the Bank...