IslamicFinance.de

Jaiz Bank is now a public quoted company listed on the Nigerian Stock Exchange. To commemorate the listing, Jaiz Bank’s Executive Management, led by Chairman Dr Umaru Abdul Mutallab, were honoured with a closing gong ceremony to officially close trading on the bourse for the day. Hassan Usman, Jaiz Bank's CEO noted that the listing of the bank’s shares was a fulfillment of an earlier promise made at inception of the Bank. He added that the listing would elicit public confidence that Non-Interest Banking provides alternative model that contributes to the socio-economic development of the country. Oscar Onyema, CEO of the Nigerian Stock Exchange, said this listing would promote liquidity for the bank, enhance its value and increase its transparency.

The Jaiz Foundation has expressed readiness to commence Islamic Takaful Insurance in 3 Nigerian states, Kaduna, Kano and Lagos, with the head office being in Abuja. This was disclosed by the Chairman of Jaiz Takaful Insurance, Dr Umaru Abdul Mutallab, who explained that the insurance products give equal opportunity for customers to be owners of the company as well. Also speaking on the operation of the insurance policy, the Managing Director of Jaiz Islamic Takaful Insurance, Momodou Musa Joof, said the company shares profit by 80% to its participants who have not suffered losses. In the meantime, those who suffer losses would have been paid first before the distribution of profit. The element which goes to the needy called Zakat is also distributed before profit is shared. Joof noted that the good thing in Takaful is that, if no loss occurs, the customer's contribution becomes an automatic investment.

Jaiz Bank Plc, has declared a profit of N157.7 million for the financial year ended December 2014. By this, the bank has broken even after three years of operations as the first and only fully fledged non-interest bank in Nigeria. Chairman of the bank, Dr Umaru Abdul Mutallab said the profit was a feat considering that there was no platform yet for the bank to make income from its treasury management activities due to the absence of Sharia complaint liquidity instruments in the market. He therefore called for a national Sukuk bond, that would give them a wider range of investment opportunities. Shareholders of the bank called on the management to work seriously towards recapitalising it to fast-track its expansion to other parts of the country.