By Ayomide Otitoju
Jaiz Bank is set to increase its capital base to N70 billion by the end of 2024. The bank reaffirmed its commitment to becoming the center of Islamic banking in Africa.
Chairman of the Board of Directors, Mustapha Bintube, disclosed this during a send-off ceremony in Abuja for 11 retired board members, including the bank’s pioneer chairman, Alhaji Umar Abdul Mutallab. Operating since 2012, Jaiz Bank is Nigeria’s pioneering non-interest bank, offering ethical services to individuals, corporations, and government entities.
In a statement on Monday, Bintube highlighted the bank’s financial performance and new banking system, offering alternatives in banking operations. He noted that Jaiz Bank achieved a profit of N11 billion in 2023 and had already surpassed this figure by June 30, 2024, indicating robust growth.
“With the recapitalization exercise, Jaiz Bank plans to hit a N70 billion capital base by year-end,” Bintube said. He also mentioned that Jaiz Bank currently has a paid-up capital base of N18.6 billion, just short of the N20 billion required by the Central Bank of Nigeria for national status by March 31, 2026.
The bank plans to expand its branch network from 54 to 60 by the end of the year. Bintube emphasized the bank’s global expansion dreams, reflecting on its humble beginnings in 2012 with an initial capital of N6 billion. He attributed the bank’s success to its dedicated team and strategic partnerships.
Former Chairman Dr. Umar Abdul Mutallab expressed pride in Jaiz Bank’s achievements as Nigeria’s first non-interest Islamic bank. He praised the Islamic Development Bank and Alhaji Aliko Dangote for their crucial roles in the bank’s establishment. Dangote’s timely intervention with N1 billion helped Jaiz Bank meet the N5 billion registration requirement.
Mutallab also acknowledged the support of former Central Bank Governor Sanusi Lamido Sanusi and other contributors to the bank’s journey. He urged the current management to strive for excellence and expansion, emphasizing perseverance and strategic vision.
Jaiz Bank’s commitment to non-interest banking principles and ethical financial services has positioned it as a trailblazer in Nigeria’s banking sector. As the bank aims for new heights, it remains dedicated to serving its customers with integrity and innovation.
