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Jaiz Bank targets N17.9bn income from Islamic financing by 2021 

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Jaiz Bank Plc., a non interest Islamic finance institution said it has planned to increase its gross income for Islamic financing transaction from its currently N7.3 billion to N17.9 billion in  2021, even as it disclosed plans to sustained growth recorded so far.

The bank said it was set to grow its financing investment from N6 billion in 2017 to N11 billion in 2021 while its income from Sukuk it planned to raise to N2.5 billion from currently N1.3 billion.

Speaking at the listing of the bank’s shares on the Nigeria Stock Exchange (NSE) in Lagos, the Managing Director, Hassan Usman stated that the feat was achievable.

He noted that the bank would be leveraging on resources already available to transact commercial business, make use of modern Information Technology (ICT), ensure training of its staff as well as uphold strong corporate governance to drive growth and ensure enhanced performance.

Usman equally disclosed that the bank was proposing not less than N50 per cent dividend starting from end of 2017 financial year to reward the bank’s over 30,000 shareholders who has been with bank in the last 13 to 14 years since its initial public offer.

Earlier in his remarks, the Chairman of the bank, Dr Umaru Abdul Mutallab explained that Jaiz Bank is a national bank meant to serve all Nigerians irrespective of religion inclination. He noted that the shareholders of the bank cut across all corners of the country even as he urged the public to feel free to buy the bank’s shares.

On employment, he said the bank was not restricting employment to only Muslims assuring that the bank was ready to employ as its staff anyone found competent at work.

In his welcome address, the Managing Director, NSE, Onyema Oscar commended the bank for making a bold step by coming to list its shares. He added that the gesture would open more doors of further growth of the bank.

According to him, “In January 2012, the Central Bank of Nigeria (CBN) granted Jaiz Bank an approval to operate as a regional non-interest bank in northern Nigeria.

“As a result, Jaiz bank became the first and only full-fledged Islamic bank in Nigeria, and recently obtained a National Operating License from CBN. We are pleased that Jaiz Bank has taken this strategic step to join the Main Board of the Exchange and in so doing, the prestigious club of quoted companies in Nigeria. This step indicates the firm’s belief that in spite of the economic challenges facing the nation, our platform remains veritable avenue for raising capital and enabling sustainable national growth. I commend Jaiz Bank for this bold and strategic step.

“Your listing on the NSE will not only showcase Jaiz Bank as an African champion, but will enable the Bank position itself towards the actualization of its strategic vision of serving the Sub-Saharan Markets. As you are aware, Islamic finance has grown rapidly over the past decade, and this banking segment has become systemically important across many regions.

“Jaiz Bank has gone through a rigorous process to meet the listing standards of the NSE. With this listing, the Company is showing its commitment to living a culture of strong corporate governance, excellent corporate citizenship and efficient services to its clients. As a listed company, we also believe that Jaiz Bank intends to provide increased returns to its shareholders.”

The Bank had listed 29,464, 249,300 ordinary shares of Jaiz Bank Plc at a Listing Price of N1.25 per share by Introduction.

The listing added N36.83billion to the market capitalization of The Exchange, further deepening the Capital Market.

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