Jaiz Bank Plc. was created out of the former Jaiz International Plc which was set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-Fledged Non-Interest Bank.
It is an unquoted Public Company owned by over 20,000 shareholders including the Islamic Development Bank (IDB).
Jaiz Bank Plc. obtained a Regional Operating License to operate as a Non-Interest Bank from the Central Bank of Nigeria on the 11th of November, 2011 and began full operations as the first Non-Interest Bank in Nigeria on the 6th of January, 2012 with 3 branches located in Abuja FCT, Kaduna and Kano. The Regional License allows the Bank to operate geographically in a third of the country. Based on recommendations of (IDB), Jaiz Bank Plc. entered into a strategic partnership with Islami Bank Bangladesh (IBBL) for the later to provide Technical Management to run the Bank.
Currently, Jaiz Bank is the only full-fledged Non-Interest (Islamic) Bank in Nigeria. It recently obtained an approval from the Central Bank of Nigeria (CBN) for a National Operating License. This will enable it to operate in all parts of the Federation. The Bank’s ultimate objective is to expand beyond the shores of Nigeria in line with its vision.
The Investment Opportunity
Jaiz Bank Plc. intend to increase its current Share Capital Base from N15billion (USD $75 million) to N25 billion (USD $125 million). This upgrade will enable the Bank position itself towards the actualization of its vision of serving the Sub-Saharan African Markets effectively in one of the most thriving sectors of the African economy.
Source:Jaiz Bank Plc