By Akinsuroju Olubunmi
Jaiz Bank aims for N70bn capital by December
Jaiz Bank is on track to boost its capital base to N70 billion by the end of 2024. The bank reaffirmed its dedication to becoming the leading center for Islamic banking in Africa during a send-off event in Abuja for 11 retiring board members, including its pioneer chairman, Alhaji Umar Abdul Mutallab.
Since its inception in 2012, Jaiz Bank has been a trailblazer in Nigeria, offering ethical banking services to individuals, corporate bodies, and government entities. Chairman Mustapha Bintube highlighted the bank’s strong financial performance and its commitment to providing alternatives in banking operations.
Bintube announced that Jaiz Bank achieved a profit of N11 billion in 2023 and had already surpassed this profit as of June 30, 2024. He stated, “With the recapitalisation exercise, we have banks sourcing funds, but today Jaiz already met up that minimum recapitalisation and we plan to hit N70bn capital base by year-end.”
Jaiz Bank and other non-interest banks aiming for national status must achieve a N20bn capital base by March 31, 2026, as mandated by the Central Bank of Nigeria. Currently, Jaiz Bank has a paid-up capital base of N18.6bn, falling short by N1.4bn.
Bintube also shared the bank’s expansion plans, growing from three branches in Abuja, Kaduna, and Kano to 54 branches, with a target of reaching 60 branches by year-end. “Our major dream is to expand our presence globally,” Bintube remarked, reflecting on the bank’s humble beginnings in 2012 with an initial capital of N6bn.
He credited the bank’s success to its dedicated team and strategic partnerships, which have enabled it to thrive in the competitive financial sector.
Former Chairman Dr. Umar Abdul Mutallab expressed pride in Jaiz Bank’s achievements as Nigeria’s first non-interest Islamic bank and commended the efforts of the Islamic Development Bank in the bank’s establishment. He recounted the early challenges, including a critical intervention by Alhaji Aliko Dangote, who provided N1bn to meet the N5bn required for registration, saving the venture from collapse.
Dr. Mutallab also praised former Central Bank Governor Sanusi Lamido Sanusi for his support and encouraged the current management to continue striving for excellence and expansion. He emphasized the importance of perseverance and strategic vision in achieving the bank’s goals.
“Jaiz Bank sees itself as a major Islamic bank in Nigeria,” Mutallab asserted, urging the bank to maintain its commitment to non-interest banking principles and ethical financial services. He expressed confidence in the bank’s future and its dedication to serving customers with integrity and innovation.
Jaiz Bank Aims for N70bn Capital by December