10 years of pioneering Islamic banking in Nigeria, the success story of Jaiz Bank

The pioneer interest free bank in Nigeria, Jaiz Bank Plc recorded 10 years yesterday, having started operations on January 6, 2012 with 3 branches in Abuja, Kaduna and Kano.

Despite paying the huge costs associated with the pioneer, the Bank was able to break even within the first three years of operation, which was unprecedented at the time. From a modest balance sheet size of N12 billion in 2012, the Bank closed the 2020 financial year at N278 billion (total and contingent assets) and exponentially increased all other key performance indices over the years. year.

Through its unique value proposition, Jaiz Bank has in a decade made a remarkable impact in empowering women, promoting financial inclusion and supporting diverse strata of businesses in the real money sector. economy, agriculture, real estate, construction, oil and gas, general trade, etc…

During this period, the Bank was rated by the International Islamic Rating Agency (IIRA), giving it an investment rating of BBB. More recently, the Bank also secured an upgrade from Agusto and GCR to BBB and BBB- respectively with a stable outlook. Furthermore, Fitch also made its first assessment of this promising institution, and it came out at the same impressive level.

It is therefore no surprise that the Bank has gained international recognition by winning the Most Improved Islamic Bank for 2020 and 2021 consecutively from the Global Islamic Finance Awards (GIFA), among other accolades.

Managing Director/CEO, Hassan Usman, while thanking Allah (the Creator of all) and then regulators, customers, board, management, staff and other stakeholders for their tremendous support, is delighted with the giant strides made by the Bank. —Nairametrics