The management of Islamic (Jaiz) Bank plc which operates as non-interest banking got it regional operating license on the November 11,2011 and began full operations as the first non-profit bank in Nigeria on January 6, 2012 with three (3) branches located in Abuja FCT, Kaduna and Kano.
According to the management, the Regional license allows the bank to operate geographically in a third of the country and advice from Islamic Development Bank (IDB), which is also a shareholder of the bank, Jaiz Bank plc, has partnered with Islamic Bank Bangladesh (IBB) for technical and Management Assistance which was terminated as results of enough technical skills to successfully run the bank.
The report further disclosed that currently, Jaiz.Bank is the only full-fledged Non-Interest (Islamic) bank in Nigeria with share capital base from N11.7billion (USD $75million) to N15billon (USD $78million). Due to the future demand of it operations in the country, the management with wisdom recently went for approval of a national operating license from central bank of Nigeria (CBN) to enable the bank operations to covers 36 states including Abuja.
The management also for see the business potential for a Non-Interest bank in Nigeria as enormous as such and institution which has long been awaited for by Nigerians. “Jaiz Bank is focusing mainly on retail banking, but will also offer corporate and commercial banking services. This focus will make it easy to service the majority of Nigerians who want to do away with Riba (Usury) in their daily activities.”
According to KPMG reports in 2006, the market for retail bank in Nigeria is estimated at US$30billion, as a result, the bank is being positioned to be a national bank offering its services to all regardless of religious beliefs.
Our philosophy is to deliver world class sharia complaint financial services to our clientele irrespective of class, creed, race or religious belief and to contribute to the socio-economic development of the society, said the management.
In financial projection for the next five years, management said with all things be equal income from Sukuk will hit N3, 233, 676,000, before then the federal government through Debt Management Office (DMO) and the Securities and Exchange Commission (SEC) would have floated the Sukuk and Takaful bonds as an infrastructure development which Jaiz Bank can drive to greater heights.
“The 5-year financial projected rest upon seven (7)strategic pillars.These pillars are the drivers of the strategic initiatives under the 5-year medium term plan of bank over the next few years with focus on changing how banks should operate to better improve the lots of the community, while delivering on the commitments to the investors/shareholders.