Jaiz Bank is a private bank, just like many of the banks operating in Nigeria. It is the first Islamic bank in Nigeria and it is already growing in popularity by the day. They offer financial services like other banks except that they do not charge interest on the money they lend out. The chairman is Alhaji Umar Mutallab and the Acting Manager & Chief Executive Officer is Mahe Abubakar.
Just like every other bank in Nigeria, Jaiz Bank offers Investments, Checking, and Savings services. As at 2012, their revenue ran into N1.07 billion; that is about $88.8 million. Being an Islamic bank means the bank is a non-interest bank.
Jaiz Bank was founded in 2003. Its name them was Jaiz International Plc. The bank received its license of operation from the Central Bank of Nigeria on the 11th of November, 2011. It, therefore, started operating as a regional bank from that year. The bank later signed a partnership agreement with the Islamic Bank Bangladesh based on the recommendation of IDB.
The technical management requirement of Jaiz Bank was provided by the Islami Bank Bangladesh.
The bank, however, changed its name to Jaiz Bank Plc on the 6th of January, 2012. By this time, they already have branches in several cities in Nigeria, including Kano, Kaduna and Abuja. It was around this time that the Central Bank of Nigeria gave them National Operating License, which permits the bank to open branches all over Nigeria.
The bank was created as a Special Purpose Vehicle and it has successfully established the very first full-fledged Non-Interest Bank in Nigeria.
The bank has privately held shares of stock. The main shareholding of the bank still remains largely unknown. Some of the groups that are main shareholders in the bank are highlighted below:
- Nigerian Private Investors
- Nigerian Institutions Investors
- Foreign Private Investors
- Foreign Institutional Investors
- Islamic Development Bank
In actual fact, the bank has up to 20,000 investors across the globe, especially from Nigeria and the Middle East countries. There are plans in the pipeline to increase the Share Capital Base of the bank from its current N15billion; that is, about $75 million, to N25 billion, which is about $125 million. With this upgrade, the bank will be positioned towards the actualization of its mission and vision, which wounds around serving all sub-Saharan African markets very effectively with its headquarters in Nigeria.
In order to carry their customers along properly, the bank always provides up-to-date reports about banking activities. They have been doing this since inception. In addition, they provide information about Notice of Annual General Meeting, which is made public ample time before the meeting takes place to ensure all who are supposed to participate in such a meeting get adequately informed long before it comes up.
Financial activities of the bank are controlled by the Board of Directors, which is also responsible for all other ongoing in the bank, including recruitment.
The facts about Jaiz Bank
Some of the things to expect from Jaiz Bank are highlighted below:
- They are poised to become the Ideal business partner
- They desire to treat all stakeholders fairly
- They also have the vision to be socially responsible
- Their services are centered on the customer
- They have one of the best functional frameworks and they ensure best practices in all their operations
- Their services are highly ethical and they ensure best corporate practices in governance. They have equally put a sound risk management framework in place.
- The bank is compliant with Shari’ah by 100%.
However, Jaiz Bank plans not to be biased religiously. They treat all investors and customers with fairness, irrespective of their religious affiliation. Their banking services are made available to all their stakeholders. They are not mediocre in the performance of their banking duties. They also promise to be unique without ever copying any other bank. They are ready to place Shari’ah principles above profit making.
Their products and services
The following retail banking services are offered by Jaiz Bank:
- JAIZ Domiciliary Account
- JAIZ Salary Current Account
- JAIZ Current Account
- JAIZ Savings Account.
In order to open domiciliary account with Jaiz Bank, an individual is expected to submit the following
- Public Utility receipt that must not be older than three months from the time of opening the account. The Public Utility Receipt can be PHCN bill, telephone bill, rent receipt, tenement rate or water rate bill.
- Staff ID
- Introductory letter from the intending account holder’s company
- Valid means of identification, which can be Driver’s License, Voters Card, International Passport or National ID card.
- One recent passport photograph
- Duly completed Account Opening Form.
Jaiz Bank began with few branches across Nigeria. These branches were limited to the northern part of the country then. However, things have changed now; the bank now has several branches spread across Nigeria.
Their head office is located at 73 Ralph Shodeinde Street, Central Business District, Abuja.
They have a second branch in Abuja, which is located at 36, Douala Street, Erisco Bonpet Plaza, Zone 5 Wuse, Abuja.
They have two branches in Kano. One of their Kano branches is located at 55A, Tafawa Balewa Road, Off Murtala Mohammed Way, Kano
The other branch in Kano is located at 13, Bello Road, Kano
Their Kaduna Branch is located at 11A, Ali Akilu Road, Kaduna.
Their Gombe Branch is located at 8A, New Market Road, Commercial Area, Gombe
Their Maiduguri Branch is located at 18, Shehu Laminu Way, Opposite State Specialist Hospital, Maiduguri.
Their Katsina Branch is located at 109, IBB Way, Kofar, Kaura, Katsina.
They also have a branch within the premises of the National Assembly. The National Assembly branch is located at the White House Basement, National Assembly, Abuja.
Their Gusau Branch is located at 2nd Floor, Xerox Building, 90, Awolowo Way, Ikoyi.