Jaiz Bank Plc – the premier Non-Interest Bank in Nigeria was established on the 11 th of November 2011 on the foundation of trust, professionalism and excellence to deliver innovative financial solutions and exceptional customer experience. This started with a Regional License obtained from the Central Bank of Nigeria to operate in the Northern part of the country and its transformation to a National Bank on the 12 th of May 2016 with key presence in all the geopolitical zones of the country.

The Bank’s core value are built on 7 principles with the acronym RESPECT; Responsibility, Entrepreneurship, Simplicity, Excellence, Customer Focus and Trust. These core values are the guiding forces that empowers the Bank to project towards its vision to be the clear leader in ethical Banking in Sub-Saharan Africa.

Jaiz Bank is a quoted public company trading on the floor of the Nigerian Stock Exchange (NSE) with a balance sheet size of N152billion (as at September 31 st 2019) from N12 billion in 2012. Financing assets also grew from over N30 billion in 2012 to N138.84 billion (as at September 31 st 2019). As at the end of 3 rd quarters, Jaiz Bank made a Profit After Tax of N1.25billion. Other critical parameters such as customer deposits, branch network and profitability have all been growing year – on – year since inception.

About Islamic Banking

Non-Interest Banking is a profitable growing global phenomenon practiced in nearly 70 countries across the world including the United Kingdom, Canada, the United States of America, the United Arab Emirate, Malaysia, China, Singapore, South Africa, Kenya etc. Global Banks like HSBC, Citibank, Barclays Bank etc. are also offering non-interest banking products and service. It is an alternative financial service offering which is open to all irrespective of race or religion. It is based on the ethical principles of fairness, transparency and objectivity. Non-Interest Banking offers almost all the services of conventional banks.

Non-Interest Banking is a profitable growing global phenomenon practiced in nearly 70 countries across the world including the United Kingdom, Canada, the United States of America, the United Arab Emirate, Malaysia, China, Singapore, South Africa, Kenya etc. Global Banks like HSBC, Citibank, Barclays Bank etc. are also offering non-interest banking products and service. It is an alternative financial service offering which is open to all irrespective of race or religion. It is based on the ethical principles of fairness, transparency and objectivity. Non-Interest Banking offers almost all the services of conventional banks.

The difference is that non-interest Islamic Banks do not give or receive interest, nor finance anything that is harmful to society like alcohol, tobacco, gambling etc. They also avoid gharar- speculation, extreme uncertainty and deception.

Currently, about 50% of Nigeria’s total population are a captive market for such Non-Interest banking services. These people are desirous of ethical banking services which provide for socially responsible investment outlets. In a nutshell, Non-Interest Banking is real-economy oriented and profit and loss sharing arrangement where the mode of financing is mostly on mark-up, leasing and partnership basis.

The Potential for Non- Interest Bank in Nigeria

The business potential for a Non-Interest Bank in Nigeria are enormous as such an institution has long been awaited by a large population of Nigerians from all parts of the country. Jaiz Bank’s strategic business focus is mainly on retail banking, the Bank nevertheless offers corporate and commercial banking services. The Bank’s retail focus will enable it to service the majority of Nigerians who wish to do away with Riba (Usury) in their daily activities.

What the Bank will be

• 100% Shari’ah compliant
• Highly ethical, with best practice corporate governance and sound risk management framework.
• Proactive and innovative towards customer’s needs
• Best-practice operations and functional framework
• Customer-Centric
• Socially responsible
• Fair to all Stakeholders
• Ideal business partner

What the Bank will not be

• Religious bias
• Offer all things to all people
• Mediocre performer
• Imitate other banks
• Sacrifice Shari’ah principles for profit

Our Vision

To be the clear leader in Ethical Banking in Sub-saharan Africa.

Our Mission

Making life BETTER through Ethical Finance

Our Business Philosophy

“Our philosophy is to deliver world-class sharia-compliant financial services to our clientele irrespective of class, creed, race or religious belief and to contribute to the socio-economic development of the society.”

About Islamic Banking

Islamic Banking (Non-Interest Banking) is a profitable growing global phenomenon practised in nearly 70 countries across the world including the United Kingdom, Canada, the United States of America, the United Arab Emirate, Malaysia, China, Singapore, South Africa, Kenya etc. Global Banks like HSBC, Citibank, Barclays Bank etc. also have windows for it. It is an alternative financial service offering which is open to all irrespective of race or religion.
It is based on the ethical principles of fairness, transparency and integrity. Non-Interest Banking offers almost all the services of conventional banks. The difference is that non-interest Islamic Banks do not give or receive interest, nor finance anything that is harmful to society like alcohol, tobacco, gambling etc. They also seek to avoid gharar – excessive speculation, uncertainty in a contract and lack of transparency.

Currently, many Nigerians are craving for such Non-Interest Banking services. These people are desirous of ethical banking services which provide for socially responsible investment outlets. In a nutshell, Non-Interest Banking is a financing arrangement through sales on markup, leasing and profit and loss sharing partnership.

Islamic banking is gaining popularity in emerging markets after helping some financial institutions avoid the worst of the economic meltdown. Islamic Banks have been less affected than many Conventional Banks in the current global recession. This is mainly because unlike Conventional Banks, the Islamic Banks have not been exposed to losses from investment in toxic assets nor have they been dependent on exotic derivative instruments since these practices are not in accordance with the principles set out in the Sharia Law.

Moreover, experiences of recent years have already indicated that the interest of people in Islamic Banking goes beyond only Islamic investors. The UK is said to be the hub of Islamic Banking in the world, yet only 5% of its population are Muslims. In view of this, governments and regulators in a variety of countries Nigeria inclusive, have already recognized the importance of Islamic Banking as a feasible alternative to Conventional Banking.