December capital base of N70 billion is planned by Jaiz Bank.
By the end of this year, Jaiz Bank plans to raise its capital base to N70 billion.
At the same time, the bank reaffirmed its goal of being Africa‘s hub for Islamic banking.
Mustapha Bintube, the chairman of the board of directors, revealed this information at an Abuja send-off ceremony for 11 retired board members, which also included Alhaji Umar Abdulmutallab, the bank’s
founding chairman.
Since its founding in 2012, Jaiz Bank has been a trailblazing non-interest bank in Nigeria, offering moral services to private citizens as well as businesses and governmental organisations.
Bintube gave consumers options for banking operations in a statement on Monday, highlighting the bank’s financial performance and its new banking system.
He mentioned that in 2023, Jaiz Bank earned a N11 billion profit.
He disclosed that the bank had already exceeded this profit target as of June 30, 2024, demonstrating strong growth and operational success.
“Banks are sourcing funds for the recapitalization exercise, but Jaiz has already met the minimum recapitalization today, and by year’s end, we aim to reach N70 billion in capital base,” Bintube stated.
The Central Bank of Nigeria has mandated that Jaiz Bank and other non-interest banks that want to become national banks record a N20 billion capital base by March 31, 2026, as part of the continuing
recapitalization of the banking system.
The bank’s paid-up capital base is currently N18.6 billion, however it is still N1.4 billion short.
Bintube also disclosed the bank’s aspirations to grow, stating that it currently has 54 branches, with plans to reach 60 by year’s end. The bank opened three locations in Abuja, Kaduna, and Kano.
“Our main goal is to increase our presence all over the world,” Bintube said, recalling the bank’s modest N6 billion founding capital in 2012.
He credited the bank’s growth and success to its committed staff and wise alliances, which allowed it to prosper in the cutthroat financial industry.
Dr. Umar Mutallab, the previous chairman of the bank, took pleasure in Jaiz Bank’s accomplishments as the country’s first Islamic bank to operate without charging interest during his speech. He praised the
work of several organisations, including the Islamic Development Bank, which was instrumental in the bank’s establishment.
Mutallab described the difficult early days of Jaiz Bank, when its backers only had N4 billion. The business was on the verge of failure, but thanks to the prompt intervention of the richest man in Africa, Alhaji Aliko
Dangote, who contributed N1 billion to satisfy the N5 billion needed for registration.
Additionally, Mutallab commended Lamido Sanusi, the previous governor of the Central Bank of Nigeria, for his encouragement and assistance in seeing Jaiz Bank’s vision come to fruition.
He used the occasion to thank and recognise the various living and departed people and organisations who have helped the bank along the way.
“Jaiz Bank regards itself as one of Nigeria’s leading Islamic banks,”
Mutallab declared, imploring the present administration to keep aiming for growth and success. He conveyed optimism for the bank’s future while highlighting the significance of tenacity and strategic
vision in accomplishing its objectives.
“Jaiz Bank has established itself as a leader in Nigeria’s banking industry thanks to its dedication to non-interest banking principles and its emphasis on providing ethical financial services.
The bank said in a statement that it is “looking forward to reaching new heights, it remains dedicated to serving its customers with integrity and innovation.”
