JAIZ BANK PLANS N70BN CAPITAL BASE BY DECEMBER 2024
Jaiz Bank has announced plans to increase its capital base to N70 billion by the end of 2024, reaffirming its commitment to becoming a central hub for Islamic banking in Africa. This information was disclosed by the Chairman of the Board of Directors, Mustapha Bintube, during a send-off ceremony in Abuja for 11 retired board members, including the bank's pioneer chairman, Alhaji Umar Abdul Mutallab.
Key Announcements:
- Capital Base Increase: Jaiz Bank aims to hit a capital base of N70 billion by the end of 2024. The bank has already met the minimum recapitalisation requirement and is on track to achieve its target.
- Profit Achievements: The bank reported a profit of N11 billion in 2023 and has already surpassed this figure by June 30, 2024.
- Expansion Plans: From its initial three branches in Abuja, Kaduna, and Kano, Jaiz Bank now operates 54 branches, with plans to reach 60 branches by year-end.
Recapitalisation and Growth:
- Central Bank of Nigeria's Directive: Non-interest banks aiming for national status must have a N20 billion capital base by March 31, 2026. Jaiz Bank's current paid-up capital is N18.6 billion, short by N1.4 billion.
- Historical Context: The bank began operations in 2012 with an initial capital of N6 billion. Dr. Umar Abdul Mutallab recounted how the intervention of Alhaji Aliko Dangote with N1 billion helped meet the required capital for registration.
Strategic Vision:
- Global Ambitions: Jaiz Bank's major goal is to expand its presence globally, building on its success as Nigeria’s first non-interest Islamic bank.
- Ethical Banking: The bank focuses on providing ethical financial services, positioning itself as a trailblazer in Nigeria’s banking sector.
Leadership Reflections:
- Contributions and Support: Dr. Mutallab praised the efforts of the Islamic Development Bank and other supporters, including the former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi.
- Future Outlook: Emphasizing perseverance and strategic vision, Dr. Mutallab expressed confidence in the bank’s future growth and success.
Jaiz Bank has announced plans to increase its capital base to N70 billion by the end of 2024, reaffirming its commitment to becoming a central hub for Islamic banking in Africa. This information was disclosed by the Chairman of the Board of Directors, Mustapha Bintube, during a send-off ceremony in Abuja for 11 retired board members, including the bank's pioneer chairman, Alhaji Umar Abdul Mutallab.
Key Announcements:
- Capital Base Increase: Jaiz Bank aims to hit a capital base of N70 billion by the end of 2024. The bank has already met the minimum recapitalisation requirement and is on track to achieve its target.
- Profit Achievements: The bank reported a profit of N11 billion in 2023 and has already surpassed this figure by June 30, 2024.
- Expansion Plans: From its initial three branches in Abuja, Kaduna, and Kano, Jaiz Bank now operates 54 branches, with plans to reach 60 branches by year-end.
Recapitalisation and Growth:
- Central Bank of Nigeria's Directive: Non-interest banks aiming for national status must have a N20 billion capital base by March 31, 2026. Jaiz Bank's current paid-up capital is N18.6 billion, short by N1.4 billion.
- Historical Context: The bank began operations in 2012 with an initial capital of N6 billion. Dr. Umar Abdul Mutallab recounted how the intervention of Alhaji Aliko Dangote with N1 billion helped meet the required capital for registration.
Strategic Vision:
- Global Ambitions: Jaiz Bank's major goal is to expand its presence globally, building on its success as Nigeria’s first non-interest Islamic bank.
- Ethical Banking: The bank focuses on providing ethical financial services, positioning itself as a trailblazer in Nigeria’s banking sector.
Leadership Reflections:
- Contributions and Support: Dr. Mutallab praised the efforts of the Islamic Development Bank and other supporters, including the former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi.
- Future Outlook: Emphasizing perseverance and strategic vision, Dr. Mutallab expressed confidence in the bank’s future growth and success.