Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established and is headquartered in Abuja, the capital city of the country.
As of December 2012, the bank was a medium-sized, financial services provider in Nigeria. At that time, the bank’s total assets were valued at US$88.8 million (NGN:14.1 billion), with shareholders’ equity of about US$63.6 million (NGN:10.1 billion. The Bank operates 27 branches and provides regular ATM service as well as online, mobile, and SMS banking services.
The institution was founded in 2003, as Jaiz International Plc. On 11 November 2011, Jaiz International received a license from the Central Bank of Nigeria, the national banking regulator, to operate as a regional bank. On 6 January 2012, the institution commenced business as Jaiz Bank Plc in offices and branches in Abuja, Kaduna and Kano.
In 2013, Jaiz Bank was in the process of expanding to urban centers in all states of the Federal Republic of Nigeria. In pursuit of that goal, the bank had received approval to increase shareholders’ capital from the then current value, to US$92.3 million (NGN:14.3 billion). In January 2013, print media reports indicated that, at that time, shareholder’s equity in the bank exceeded US$71 million (NGN:11 billion). The bank is expected to apply for a national banking license, once it meets its shareholders’ capital objectives.
The stock shares of Jaiz Bank Plc, are privately held. Although the detailed shareholding remains largely unknown, the five major shareholder groups are depicted in the table below:
|Rank||Name of Owner||Percentage Ownership|
|1||Islamic Development Bank|
|2||Foreign Institutional Investors|
|3||Foreign Private Investors|
|4||Nigerian Institutional Investors|
|5||Nigerian Private Investors|
USSD Transfer code
To transfer funds from your Jaiz account, dial *389*301*Account number*Account# on your mobile device and follow the on-screen instruction(s) to complete your transaction.