Created out of the former Jaiz International Plc set up in 2003/2004 as a Special Purpose Vehicle (SPV) to establish Nigeria’s first full-fledged Non-Interest Bank. Jaiz Bank PLC is now a national bank and a quoted public company owned by over 26,000 shareholders spread over whole Nigeria.The Bank’s balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion.
Formally operating as a Regional non-interest banking with Regional license obtained a Central Bank of Nigeria on the 11th of November 2011 and began full operations as the first Non-Interest Bank in Nigeria on the 6th of January, 2012 with 3 branches located in Abuja FCT, Kaduna and Kano.
With Head Office at 73,Ralph Shodeinde Street, Kano House, Central Business Area, Abuja. The Bank is currently operating with over 30 branches spread across Nigeria
The Need for Non-Interest (Islamic Banking)
Islam being a religion of peace perfected by Allah is uphold with the best principle to make the world a better place. One of those principles forbid Muslims from given or taken Usury (interest).
Today, Non-Interest Banking is becoming a profitable global phenomenon practiced in nearly 70 countries across the world including the United Kingdom, Canada, the United States of America, the United Arab Emirate, Malaysia, China, Singapore, South Africa, Kenya etc. Global Banks like HSBC, Citibank, Barclays Bank etc. are also offering non-interest banking products and service.It is an alternative financial service offering which is open to all irrespective of race or religion. It is based on the ethical principles of fairness, transparency and objectivity.
Operating just like conventional banks except that non-interest Islamic Banks do not give or receive interest, nor finance anything that is harmful to society like alcohol, tobacco, gambling etc. They also seek to avoid gharar- speculation, uncertainty deception and more. In a nutshell, Non-Interest Banking is real-economy oriented and profit and loss sharing arrangement where the mode of financing is mostly on mark-up, leasing and partnership basis.
Islamic banking is gaining popularity in emerging markets after helping some financial institutions avoid the worst of the economic meltdown. Islamic Banks have been less affected than many Conventional Banks in the current global recession. This is mainly because unlike Conventional Banks, the Islamic Banks have not been exposed to losses from investment in toxic assets nor have they been dependent on exotic derivative instruments since these practices are not in accordance with the principles set out in the Sharia Law.
Moreover, experiences of recent years have already indicated that the interest of people in Islamic Banking goes beyond only Islamic investors. The UK is said to be the hub of Islamic Banking in the world, yet only 5% of its population are Muslims. In view of this, governments and regulators in a variety of countries Nigeria inclusive, have already recognized the importance of Islamic Banking as a feasible alternative to Conventional Banking.
Vision and Mission
“Our philosophy is to deliver world class sharia compliant financial services to our clientele irrespective of class, creed, race or religious belief and to contribute to the socio-economic development of the society.”
What the Bank will be
Formally operating as a Regional non-interest banking with Regional license obtained a Central Bank of Nigeria on the 11th of November 2011 and began full operations as the first Non-Interest Bank in Nigeria on the 6th of January, 2012 with 3 branches located in Abuja FCT, Kaduna and Kano.
In 2016 Jaiz Bank Plc upgraded her license to operate Nationwide which enabled her to operate in all 36 states of the Federation including the Federal Capital Territory. Consequently, it increased its authorized Share Capital from N15 billion (USD $47.8 million) to N25 billion (USD $79.6million). With recommendation from Islamic Development Bank (IDB), which is also a shareholder of the bank, Jaiz Bank PLC had partnered with Islamic Bank of Bangladesh (IBBL) for Technical and Management Assistance.Embrace the #JaizLifeStyle today.— Jaiz Bank Plc. (@JaizBankNG) 30 January 2018
Call us now on 07080635500, 07080635555 or email us at
customercare@jaizbankplc.com for details. pic.twitter.com/pDa56qcenJ
With Head Office at 73,Ralph Shodeinde Street, Kano House, Central Business Area, Abuja. The Bank is currently operating with over 30 branches spread across Nigeria
Jaiz Bank offers non-interest banking. However, this is different from banking without charges. Non-interest banking refers to a situation where you are not charged interest on funds or facilities you obtain from the bank.👍👍👍 pic.twitter.com/PXI8Qrd89b— Jaiz Bank Plc. (@JaizBankNG) 3 January 2018
The Need for Non-Interest (Islamic Banking)
Islam being a religion of peace perfected by Allah is uphold with the best principle to make the world a better place. One of those principles forbid Muslims from given or taken Usury (interest).
Today, Non-Interest Banking is becoming a profitable global phenomenon practiced in nearly 70 countries across the world including the United Kingdom, Canada, the United States of America, the United Arab Emirate, Malaysia, China, Singapore, South Africa, Kenya etc. Global Banks like HSBC, Citibank, Barclays Bank etc. are also offering non-interest banking products and service.It is an alternative financial service offering which is open to all irrespective of race or religion. It is based on the ethical principles of fairness, transparency and objectivity.
Operating just like conventional banks except that non-interest Islamic Banks do not give or receive interest, nor finance anything that is harmful to society like alcohol, tobacco, gambling etc. They also seek to avoid gharar- speculation, uncertainty deception and more. In a nutshell, Non-Interest Banking is real-economy oriented and profit and loss sharing arrangement where the mode of financing is mostly on mark-up, leasing and partnership basis.
Islamic banking is gaining popularity in emerging markets after helping some financial institutions avoid the worst of the economic meltdown. Islamic Banks have been less affected than many Conventional Banks in the current global recession. This is mainly because unlike Conventional Banks, the Islamic Banks have not been exposed to losses from investment in toxic assets nor have they been dependent on exotic derivative instruments since these practices are not in accordance with the principles set out in the Sharia Law.
Moreover, experiences of recent years have already indicated that the interest of people in Islamic Banking goes beyond only Islamic investors. The UK is said to be the hub of Islamic Banking in the world, yet only 5% of its population are Muslims. In view of this, governments and regulators in a variety of countries Nigeria inclusive, have already recognized the importance of Islamic Banking as a feasible alternative to Conventional Banking.
Vision and Mission
“Our philosophy is to deliver world class sharia compliant financial services to our clientele irrespective of class, creed, race or religious belief and to contribute to the socio-economic development of the society.”
What the Bank will be
- 100% Shari’ah compliant
- Highly ethical, with best practice corporate governance and sound risk management framework.
- Proactive and innovative towards customer’s needs
- Best-practice operations and functional framework
- Customer-Centric
- Socially responsible
- Fair to all Stakeholders
- Ideal business partner
What the Bank will not be
- Religious bias
- Offer all things to all people
- Mediocre performer
- Imitate other banks
- Sacrifice Shari’ah principles for profit
Investment Opportunity
This is an opportunity for you to enjoy halal investment and finance. Jaiz share is available on the floor of Nigerian Stock Exchange for those who will like to become a shareholder. And if you have being looking for where to enjoy non-interest financial opportunities, visit there website http://jaizbankplc.com to locate the closest branch to you using their ATM/Branches locator at the bottom of the page.
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