Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has recently experienced a change in leadership with the appointment of Mohammed Bintube as the new chairman of the Board of Directors.
Bintube’s appointment follows the approval of the Central Bank of Nigeria (CBN), marking a significant milestone in the bank’s history, with a responsibility to improve on the bank’s fortunes.
The Bank, headquartered in Abuja, operates under Islamic banking principles, has distinguished itself as Nigeria’s first non-interest bank.
As of December 2012, the bank had grown to become a medium-sized financial services provider with total assets valued at US$88.8 million (NGN:14.1 billion) and shareholders’ equity of about US$63.6 million (NGN10.1 billion).
The bank currently has 27 branches across the country, offering a wide range of services including ATM, online, mobile, and SMS banking.
Under Bintube’s leadership, Jaiz Bank recently announced the successful completion of its private placement, offering 10,048,237,955 ordinary shares.
Read also: NGX approves Jaiz Bank private placement of 10.048bn shares
Bintube’s vision is to see how the proceeds from this capital-raising exercise will be used to enhance service delivery across the bank’s platforms and achieve its five-year strategic objectives.
Bintube who succeeded Umaru Abdul Mutallab, who served as chairman for nearly a decade, emphasized the importance of this move, stating, “The Bank chose this route to sustain its growth trajectory and also to ensure it remains well capitalized in line with its capital management strategy.”
His association with Jaiz Bank is long-standing being a shareholder and the pioneer managing director and chief executive officer from 2011 to 2013.
He is bringing his extensive experience in the banking sector which includes his role as executive director at FSB International Bank from 2001 to 2004, which set the stage for his rise as a key figure in Nigeria’s financial landscape.
In addition to his role at Jaiz Bank, Bintube is the chairman of Buraq Capital Limited and Emerging Africa Trustees Limited.
He also leads the board of directors at Neelds Realty and Qalam Travels and Tours. His academic credentials include a Bachelor of Science in business administration from Ahmadu Bello University, Zaria, and an advanced diploma in banking and finance from Fin-Africa in Milan, Italy.
Jaiz Bank stands out as a unique financial institution in Nigeria. Operating on principles of Islamic jurisprudence, the bank offers a partnership model that shares both risk and profit with customers. This approach makes Jaiz Bank an ideal business partner for many. Importantly, the bank serves customers regardless of their religious beliefs, emphasizing inclusivity and national reach.
The bank also focuses on the future with initiatives like the Jaiz Bank Kids account, designed to teach children the importance of saving and financial responsibility.
With Bintube at the helm, Jaiz Bank is poised for continued growth and innovation, reinforcing its position as a leader in non-interest banking in Nigeria.
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