breaking news

    JAIZ Bank’s Branches Grown to 10, Commences Forex Trading

    August 21st, 2013 | by Watchdog Reporters

    Jaiz Bank plc, the first full-fledged non-interest bank in Nigeria has increased its branch network to ten, with the commissioning of its Katsina branch yesterday by the state governor Alhaji Ibrahim Shehu Shema.
    The Bank commenced operations with three branches in Abuja, Kaduna and Kano states on the 6th January, 2012, after it received license from the Central Bank of Nigeria on the 11th of November 2011 to operate as a non-interest bank.
    The bank now has branches in Gombe, Maiduguri, Katsina, additional branch in Kano, making two branches in the state. The bank has also added two branches in Abuja, the Federal Capital Territory, located at the National Assembly and Wuse District.
    Commissioning the bank yesterday, the governor promised to identify and support the operations of the bank.
    He said: “Katsina State Government is ready to partner with and support Jaiz bank and other Financial Institutions that are ready to invest in the real sector of the economy, to enable the State attain greater economic prosperity
    “Today, we extend our unique hospitality to Jaiz Bank, as we say welcome to Katsina. There is no doubt that the people of Katsina and many other parts of Nigeria have been agitating for a financial service provider that operates based on rules of commerce and trade, in accordance with Sharia Principles.”
    Chairman, board of directors of Jaiz Bank, Alhaji Umaru Mutallab thanked the governor and people of Katsina for their hospitality and promised to help develop the real sector of the economy of the state.
    He said: “Our vision is to be the dominant non-interest financial service provider in sub Saharan Africa. We intend to achieve this by providing innovative, value-added, non-interest financial services to our clientele by employing the best people, supported by technology.”
    He said there are plans to locate additional branches in Bauchi, Zamfara, Sokoto, Kebbi and Jigawa States and to open additional branches at Bayero University Kano, Federal Secretariat Abuja and Zaria, before end of year 2013.
    “Our overall objective is to be at every State capital of Nigeria before the fifth year of our operation In shaa Allah,” the chairman said.
    He said the bank now has an authorized share capital of N13 billion.
    The acting Managing Director of the bank, Hassan Usman in his vote of thanks thanked all the shareholders in the State “who out of their belief in Islamic Banking and the faith and trust they have in the promoters of Jaiz, contributed enormously to our IPO way back in 2003.
    “Today, by the Grace of Allah we are here to commission a branch of a Bank that is theirs. We truly appreciate your patronage.”
    In a related development, Jaiz Bank Plc, the first full-fledged non-interest bank in the country is joining other commercial banks in processing of foreign exchange transactions.
    This means that Jaiz can now process forex transactions for eligible Bureau de
    Change at the Central Bank of Nigeria. The bank will commence bidding for its BDC
    customers from all branches by first week of September 2013, a statement issued by
    the Head, Corporate Communications Department of the bank, Idris Salihu said. The
    statement also added that the Bank has also commenced over the counter transactions
    of PTA and BTA sales at all its branches.

    Jaiz Bank Plc. obtained a Regional operating license to operate as a Non-Interest
    Bank from the Central Bank of Nigeria on the 11th of November 2011 and begun 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. It has since expanded its
    network of branches to 10 with additional branches in Gombe, Maiduguri, Katsina and
    additional branches in Abuja and Kano.

    The capital base of the Bank has also grown from N5 billion when it started
    operations last year to about N10billion. This will enable the Bank to apply for
    National Banking license from the Central Bank of Nigerian and thus position it to
    operate in all the States of the Federation.