For rapidly growing its asset base in spite of the difficult circumstances of its initial take off, expanding liquidity enjoying the confidence and patronage of wide customer base, including many circular depositors and businesses, Jaiz Bank is LEADERSHIP Bank of the Year 2014.
Jaiz Bank Plc emerged as a Special Purpose Vehicle (SPV) from former Jaiz International Bank Plc with the aim of establishing Nigeria’s first non-interest bank. By non-interest banking, Jaiz seeks to offer almost all the services offered by conventional banks except that they do not give or receive interest, nor finance anything that could cause harm to society like alcohol, tobacco and gambling. In 2011, it sought a regional banking licence to operate in the Nigerian banking space and has since proved its viability as the country’s premier non-interest bank. Its banking principle is based on the ethical principle of fairness, transparency and objectivity.
Its non-interest banking model has also elicited wide interest among Nigerians. When it went to the market for its Initial Public Offer (IPO), it was oversubscribed by 120% because of the huge demand for interest-free banking in Nigeria.
Beyond interest-free banking, Jaiz Bank has also proved its competence in products development with innovative banking products that cater for a wide gamut of Nigerians. The Jaiz Auto Financing (JAF) designed for salary account holders in public, private and other reputed organisations has made it easy for Nigerians to purchase brand new cars. The bank has also taken the lead in mobile banking. It recently entered into partnership with Teasy Mobile on mobile money services with the aim of implementing financial services inclusion to meet the needs of the unbanked in the society.
Jaiz also recently applied to the CBN for a national banking licence to operate in every nook and cranny of Nigeria, an indication that interest-free banking has been profitable.View All 2014 Award Winners