History of Jaiz Bank
Jaiz Bank Plc, the pioneer interest-free bank in Nigeria, has been providing ethical services to individuals, businesses and government entities since 2012 with a mission to improve lives through affordable finance. morality.
Since its founding exactly a decade ago, the country’s first interest-free bank has maintained a leadership role in deepening this alternative finance model, laying the groundwork for expansion and offering. reasonable financial resources needed to develop infrastructure in the country.
During this period, the Bank has won many notable international and local awards, among them the Most Innovative Islamic Bank award in 2020 and 2021 respectively from the Global Islamic Finance Awards. demand (GIFA).
It should be noted that the Bank maintains the record of being the first Islamic bank in the world to break even within the first three years of operations, even without any Islamic banking and financial instruments to invest in the country. this.
The core values of Jaiz Bank are based on 7 principles with the acronym RESPECT:
Responsibility, Entrepreneurship, Simplicity, Cooperation, Excellence, Customer Orientation and Trust. These core values drive the Bank to realize its vision of becoming the undisputed leader in ethical banking in sub-Saharan Africa.
Jaiz Bank is listed on the Nigerian Stock Exchange (NSE) with a balance sheet size of N 233 billion (as of December 31, 2020) from N 12 billion in 2012. Financial assets and investment has also increased from over 30 billion naira in 2012 to 166 billion naira (as of December 31, 2020). Other key metrics such as customer deposits, branch network and profitability have all increased year on year since inception.
About Islamic Bank
Interest-free banking is a growing global phenomenon practiced in nearly 80 countries around the world, including the United Kingdom, Canada, the United States, the United Arab Emirates, Malaysia, and China. Country, Singapore, South Africa, Kenya, etc. Global banks like HSBC, Citibank, Barclays Bank, Standard Chartered, etc. also offers interest-free banking products and services.
It provides alternative financial services that are accessible to all, regardless of race or religion. It is based on the ethical principles of fairness, transparency and objectivity. Interest-free banks provide almost all the services of conventional banks. The difference is that Islamic banks do not give or receive interest or finance anything that is harmful to society like alcohol, tobacco, gambling, etc. They also avoid gharar speculation, uncertainty, and deception. A significant portion of the Nigerian population desires the ethical banking services that interest-free banks are willing to provide.
In a nutshell, Interest-Free Banking is geared towards the real economy, where profit-and-loss sharing, price appreciation, leasing, and partnership agreements are the predominant mode of financing.
Potential of interest-free banking in Nigeria
The business potential of an interest-free bank in Nigeria is huge because such an institution has been long awaited by Nigerians from all over the country. Jaiz Bank’s strategic business is primarily focused on retail banking, however the Bank also provides corporate and corporate banking services. The Bank’s commercial orientation will allow it to serve the majority of Nigerians who want to get rid of Riba (usury) in their day-to-day operations.
What will the bank be?
100% Sharia Compliant
Highly ethical, with corporate governance best practices and a robust risk management framework.
Proactive and innovative in meeting customer needs
Best practices and functional frameworks
Fairness to all parties involved
Ideal business partner
Banks will become nothing
Give everything to everyone
Imitate other banks
Sacrificing the principles of Sharia for profit.