Jaiz Bank targets N70bn capital base by year-end

Jaiz Bank, an Islamic and non-interest financial institution, has revealed it is poised to grow its capital base to N70billion by the end of 2024.

Mustapha Bintube, chairman of the bank’s board of directors, stated this during the send-off ceremony held in honour of 11 retired board members, including its pioneer chairman, Umar Abdul Mutallab in Abuja on Sunday.

The board members sent off include Muhammed Monzef Kahf, Ahmed Hassan, Bello Muhammed Sani, Falaju Bello, Umaru Keairanga, Alhaji Umaru Manga, Musbau Bashir, Mamun Ibrahim Maude, Aminu Dantata and Umaru Abdul Murtallab.

In his remarks, Bintube recalled that the bank which began operations in 2012 operating three branches in Abuja, Kaduna and Kano had grown its branches to 53 branches spread across the nation while hoping to achieve 60 branches by the end of 2024.

Bintube recalled that the bank which had consistently paid dividends to its shareholders had recorded a profit of N11 billion in 2023. He revealed that as of June 30, 2024, the bank had already surpassed this profit figure, indicating robust growth and operational success.

Our major dream is to expand our presence globally,” Bintube stated. Reflecting on the bank’s humble beginnings in 2012 with an initial capital of N6 billion. He attributed the bank’s success to its dedicated team and strategic partnerships, which have enabled it to grow and thrive in the competitive financial sector

Former chairman, Umar Abdul Mutallab, in his address, expressed his pride in Jaiz Bank’s achievements as Nigeria’s first non-interest Islamic bank. He commended the efforts of various institutions, particularly the Islamic Development Bank (IDB), which played a crucial role in the bank’s establishment, the Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC) for all their roles in bringing the Islamic bank yo fruition.

He stated that the JAiZ bank is not only a trailblazer in being the first Islamic non-interest bank, but had gone ahead to set up Takaful insurance, Halal Certification for export purposes among several others beneficial to both Islamic and non-Islamic customers.