Jaiz Bank Plc, is a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

operating under

Islamic banking Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...

principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in

Abuja Abuja () is the capital and eighth most populous city of Nigeria. Situated at the centre of the country within the Federal Capital Territory (FCT), it is a planned city built mainly in the 1980s based on a master plan by International Plann ...

, the

capital city A capital city or capital is the municipality holding primary status in a country, state, province, Department (country subdivision), department, or other subnational entity, usually as its seat of the government. A capital is typically a city ...

of the country. , 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.

History

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 Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are ...

, 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 Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of G ...

. 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 applied for a national banking license, once it met its shareholders' capital objectives and was issued the license in 2016

Ownership

The

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

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:

References

{{DEFAULTSORT:Jaiz Bank Banks of Nigeria Banks established in 2003 Abuja

History

Ownership

See also

References