Jaiz Bank wins most improved Islamic Bank award

Jaiz Bank Plc, Nigeria’s premier non-interest bank, has been awarded as the Most Improved Islamic Bank 2020 in the world by the Global Islamic Finance Awards (GIFA).

The Global Islamic Finance Awards (GIFA) are one of the most prestigious awards in Islamic banking and finance. Other prestigious awards are Islamic Development Bank Prize in Islamic Banking and Finance (also known as ‘IDB Prize’) and The Royal Award for Islamic Finance, founded by the government of Malaysia.

In a congratulatory letter to Hassan Usman, Managing Director/CE of Jaiz Bank, Humayon Dar, the Chairman of GIFA, said the award Committee picked Jaiz Bank as the best out of three organisations considered and “after long deliberations decided in favour of Jaiz Bankbased on a number of factors included in the GIFA Methodology. Please accept our heartiest congratulations on this huge achievement and accolade.”

The GIFA methodology – on which the awards are based and winners selected – is the most detailed approach to screen only the best of the best in their respective award categories.

Basically, there are three factors considered in the selection of a winner. These include:

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Social Responsibility: An organisation is considered socially responsible if it makes continuing efforts to behave ethically and contribute to economic development while improving the quality of life of its employees and the local community and society at large.

Shari’a Authenticity: An organisation is considered Shari’a authentic if it commits itself to the Shari’a Standards issued by an independent body like the Accounting and Auditing Organisation for Islamic Finance Institutions (AAOIFI) or a national body set up to issue Shari’a guidelines.

Commitment to Islamic Banking and Finance: The selection criteria allocates a maximum points to full-fledged stand-alone Islamic banks and financial institutions

According to the Awards Committee, Jaiz Bank was able to meet all the above factors, hence the basis for its selection as the winner.

In his response, the Managing Director/CE of Jaiz Bank, Hassan Usman, thanked GIFA for choosing the bank as the Most Improved Islamic Bank in the world.

“We are pleased that the world watches and appreciates our modest contributions to the development of Islamic Finance. This award is dedicated to our creator, in whose Grace all things are perfected. We are deeply appreciative of the contributions of our loyal customers, dedicated staff and committed shareholders,” he said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.