The pioneer Interest Free Bank in Nigeria, Jaiz Bank Plc, clocked 10 years yesterday, having started operations on January 6, 2012, with three branches in Abuja, Kaduna and Kano.
Although it paid for the enormous costs associated with innovation, the Bank managed to break even within the first three years of operation, which was unprecedented at the time. From a modest balance sheet of 12 billion naira in 2012, the Bank closed FY2020 at 278 billion naira (total assets and quotas) and has increased exponentially all other key performance indices over the years. .
Through its unique value proposition, Jaiz Bank has, in a decade, had a remarkable impact in empowering women, promoting financial inclusion and supporting diverse strata of businesses in the real world of economy, agriculture, real estate, construction, oil and gas, general commerce, etc.
During this period, the Bank was rated by the International Islamic Rating Agency (IIRA), assigning it an investment grade rating of BBB. More recently, the Bank also secured an upgrade from Agusto and GCR to BBB and BBB- respectively with stable outlook. In addition, Fitch also made his first assessment of this promising institution, and he came out to the same impressive level.
It is therefore not surprising that the Bank has gained international recognition by winning the Most Improved Islamic Bank award for 2020 and 2021 consecutively from the Global Islamic Finance Awards (GIFA), among other accolades.
Managing Director / CEO Hassan Usman while thanking Allah (the Creator of All) and then regulators, customers, board, management, staff and other stakeholders for their tremendous support, expressed his great joy at the giant steps taken by the Bank. .
He said: “Today our bank is officially ten years since it opened for customers on January 6, 2012. The trip was a lot like a roller coaster: you feel a certain degree of fear at first, but the excitement eventually takes hold. the moment the cart takes off and you feel that euphoria of defying the odds of gravity. After take off momentum is gradually built up and stopping the coaster is no longer an option, the wisest thing to do is to make every jerk and movement useful and impactful. This is what we did, we lived every moment, learning from every mistake, supporting our clients through thick and thin while continuing – despite the absence of essential uninteresting banking enablers – to pioneer a sub – nascent sector which is now booming with players and accolades.
“We are happy to be the pioneers of an industry that did not exist; build trust for other people to come in; and we think we did it very well. The year 2022 is special for us as it marks a decade of advancement in our Islamic banking journey and I am extremely happy for the opportunity to lead the team for much of the journey. From its very humble beginnings in 2012, the Bank has successfully developed a remarkable brand that is iconic both locally and internationally.
“You may recall that in 2021, Nairametrics analysts rated the Bank as the fastest growing bank among listed banks in Nigeria (39.3% growth in total assets, based on of December 2020 results) as well as the 4th most efficient ROE (17.4%). According to the annual international ranking of “The Asian Banker” (a leading provider of strategic intelligence on the financial services industry based in Singapore), Jaiz Bank ranks 36th among the strongest Islamic banks in the world in 2021. We remain True to our vision of building the second largest interest-free bank in sub-Saharan Africa in just 10 years.
The Bank stands ready to capitalize on its market acceptance and continue to innovate in order to consistently deliver a superior customer experience in a dynamic business environment, thus maintaining its unmistakable leadership in interest-free banking.
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