Jaiz Bank Plc is now listed on the Nigerian Stock Exchange as it admitted its 29,464, 249,300 ordinary shares at NGN1.25 per share, valued at NGN36.8 billion on its Daily Official List.
Jaiz Bank Plc was created out of the former Jaiz International Plc which was set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-Fledged Non-Interest but profit making Bank.
Jaiz Bank plc which is being projected to be an Islamic bank has announced that it is non-religious and it will do business with every Nigerian. “The bank is for all Nigerians and not just for Muslims alone. It is for all religious groups in the country. Our shareholders cut across all segments of the society. Any person can buy the shares here on the NSE. The bank is here to bring all Nigerians together; the only thing is that the bank does not pay interest on nor invest in anything that is regarded harmful.”the chairman, Dr. Umar Abdul Mutallab said.
“We are anticipating to have a payout ratio dividend to our shareholders of not less than 50 per cent over our current plan period in 2018. “The paid up capital stood at N14.7 billion, the major shareholders with five per cent and above are controlling a total of about 65 per cent of the total share capital of the bank. The shareholders base of the bank is diversified with one foreign, 108 institutional, 220 corporate, 26,157 individuals, 156 joint, 6 states and 106 local governments.”
Jaiz Bank Plc. obtained a Regional Operating License to operate as a Non-Interest Bank from the Central Bank of Nigeria on the 11th of November, 2011 and began full operations as the first Non-Interest Bank in Nigeria on the 6th of January, 2012 with 3 branches located in Abuja FCT, Kaduna and Kano. The Regional License allows the Bank to operate geographically in a third of the country. Based on recommendations of (IDB), Jaiz Bank Plc. entered into a strategic partnership with Islami Bank Bangladesh (IBBL) for the later to provide Technical Management to run the Bank.
Currently, Jaiz Bank is the only full-fledged Non-Interest (Islamic) Bank in Nigeria. It recently obtained an approval from the Central Bank of Nigeria (CBN) for a National Operating License. This will enable it to operate in all parts of the Federation. The Bank’s ultimate objective is to expand beyond the shores of Nigeria in line with its vision.