Jaiz Bank Aims to Reach N70bn Capital Base by End of Year
By Patience Ikpeme
Jaiz Bank, a non-interest financial institution, is set to significantly increase its capital base to N70 billion by the end of this year, as the bank continues its growth trajectory.
The move comes as Jaiz Bank, along with other non-interest banks, works towards achieving national status by meeting the Central Bank of Nigeria’s (CBN) directive of recording a capital base of N20 billion by March 31, 2026.
The Chairman of the Board of Directors, Mustapha Bintube, made this announcement during a send-off ceremony held in Abuja for 11 retired board members, including the bank’s pioneer chairman, Alhaji Umar Abdul Mutallab.
Bintube highlighted the bank’s impressive financial performance, revealing that Jaiz Bank achieved a profit of N11 billion in 2023 and already surpassed this figure by June 30, 2024.
Under Bintube’s leadership, Jaiz Bank has experienced remarkable growth, expanding from its initial three branches in Abuja, Kaduna, and Kano to a current total of 54 branches. The bank aims to establish up to 60 branches by the end of the year.
Bintube emphasized the bank’s vision to expand its presence globally, reflecting on its journey since its inception in 2012 with an initial capital of N6 billion.
Paying tribute to the bank’s early supporters, former Chairman Dr. Umar Abdul Mutallab expressed his pride in Jaiz Bank’s achievements as Nigeria’s first non-interest Islamic bank.
He recognized the Islamic Development Bank (IDB) and Africa’s richest man, Alhaji Aliko Dangote, for their critical contributions during the bank’s early days, which saved the venture from collapse. Dr. Mutallab also acknowledged the support of former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, in realizing the dream of Jaiz Bank.
Dr. Mutallab urged the current management to continue striving for excellence and expansion, positioning Jaiz Bank as a leading Islamic bank in Nigeria. The importance of perseverance and strategic vision in achieving the bank’s goals was emphasized, and the contributions of other individuals and institutions, both living and deceased, were appreciated.
Speakers at the event unanimously agreed that Jaiz Bank’s commitment to non-interest banking principles and its focus on ethical financial services have propelled it to become a trailblazer in Nigeria’s banking sector. Looking ahead, Jaiz Bank remains dedicated to serving its customers with integrity and innovation as it continues to reach new heights.
With its ambitious target of reaching a capital base of N70 billion and plans to expand its branch network, Jaiz Bank is poised to further strengthen its position in the Nigerian banking landscape, while maintaining its commitment to providing ethical financial services.
