Jaiz Bank Plc, is a

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...

operating under

Islamic banking Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...

principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in

Abuja Abuja (; , ) is the capital city of the Federal Republic of Nigeria, strategically situated at the geographic midpoint of the country within the Federal Capital Territory (Nigeria), Federal Capital Territory (FCT). As the seat of the Federal G ...

, the

capital city A capital city, or just capital, is the municipality holding primary status in a country, state (polity), state, province, department (administrative division), department, or other administrative division, subnational division, usually as its ...

of the country. , the bank was a medium-sized, financial services provider in Nigeria. At that time, the bank's total assets were valued at US$88.8 million (NGN:14.1 billion), with shareholders' equity of about US$63.6 million (NGN:10.1 billion). The Bank operates 27 branches and provides regular ATM service as well as online, mobile, and SMS banking services.

History

The institution was founded in 2003, as ''Jaiz International Plc''. On 11 November 2011, Jaiz International received a license from the

Central Bank of Nigeria The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are t ...

, the national banking regulator, to operate as a regional bank. On 6 January 2012, the institution commenced business as ''Jaiz Bank Plc'' in offices and branches in Abuja, Kaduna and Kano. In 2013, Jaiz Bank was in the process of expanding to urban centers in all states of the

Federal Republic of Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...

. In pursuit of that goal, the bank had received approval to increase shareholders' capital from the then current value, to US$92.3 million (NGN:14.3 billion). In January 2013, print media reports indicated that, at that time, shareholder's equity in the bank exceeded US$71 million (NGN:11 billion). The bank applied for a national banking license, once it met its shareholders' capital objectives and was issued the license in 2016

Ownership

The

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

shares of Jaiz Bank, Plc, are privately held. Although the detailed shareholding remains largely unknown, the five major shareholder groups are depicted in the table below:

References

{{DEFAULTSORT:Jaiz Bank Banks of Nigeria Banks established in 2003 Abuja

History

Ownership

See also

References