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Jaiz Bank is planning to increase its capital base to N70bn by the end of this year, reaffirming its dedication to becoming the hub of Islamic banking in Africa.
The announcement was made by the Chairman of the Board of Directors, Mustapha Bintube, at a farewell event for 11 retiring board members, including the bank’s first chairman, Alhaji Umar Abdulmutallab, in Abuja.
Established in 2012, Jaiz Bank is a trailblazing non-interest bank in Nigeria, offering ethical services to individuals, as well as corporate and government entities.
Bintube emphasized the bank’s financial performance and its new banking system in a statement on Monday, providing customers with alternative banking options.
He disclosed that Jaiz Bank recorded a profit of N11bn in 2023 and had already surpassed this figure as of June 30, 2024, indicating substantial growth and operational success.
Bintube stated, "With the recapitalisation exercise, we have banks sourcing funds, but today Jaiz already met up that minimum recapitalisation and we plan to hit N70bn capital base by year-end."
Jaiz Bank and other non-interest banks aiming for national status have until March 31, 2026 to achieve a capital base of N20bn as directed by the Central Bank of Nigeria.
Currently, the bank's paid-up capital base is N18.6bn, falling short by N1.4bn.
Bintube also revealed the bank’s expansion plans from its initial three branches in Abuja, Kaduna, and Kano to a current total of 54 branches, with plans to reach 60 branches by year-end.
He expressed the bank’s ambition to expand its presence globally and attributed its success to its dedicated team and strategic partnerships.
