Nigeria’s Islamic financial institution, Jaiz Bank Plc says it has grown its balance sheet by N266 billion in its 10 years of existence as a non interest bank.
The bank said its balance sheet size grew from N12 billion in 2012 when it started operation to N278 billion (Total Assets & Contingents) to close 2020 financial year. It also grew all other key performance indices exponentially over the years.
The bank said it made remarkable impact in empowering women, driving financial inclusion and supporting various strata of businesses in the real sector of the economy, agriculture, real estate, construction, oil & gas, general commerce, making others.
Within this period, the bank was rated by the Islamic International Rating Agency (IIRA), assigning it an investment grade rating of BBB. Most recently, the bank also got an upgrade from both Agusto and GCR to BBB and BBB- respectively with stable outlook. Besides, Fitch also did its’ first rating of this promising institution, and it came out at the same impressive level.
Managing director of the bank Hassan Usman expressed great delight on the giant strides being taken by the bank.
At LEADERSHIP Podcast, Jaiz Bank MD Lists Benefits Of Non-Interest Financing
He said: “Today, our bank officially clocks ten years since it first opened its doors to customers on the 6th of January 2012. The journey was much like a roller coaster – you experience some degree of fear at the onset, but subsequently excitement takes over when the carriage takes off and you feel that euphoria of defying the odds of gravity. After the take-off, momentum is gradually gathered and stopping the coaster becomes not an option, the wisest thing to do is making every jerk and movement worthwhile and impactful.
“That is what we did, we lived every moment, learning from each mistake, supporting our customers through thick and thin while pressing on – despite the absence of essential non-interest banking enablers – to pioneer a nascent sub-sector that is now bourgeoning with players and accolades.
“We are happy to pioneer an industry that was not there; creating confidence for other people to come in; and we believe that we’ve done that very well. The year 2022 is special to us as it marks a decade of progress in our Islamic banking journey and I am extremely fulfilled for the opportunity of leading the team for a larger part of the journey. From a very humble beginning in 2012, the bank has successfully developed a remarkable brand that is iconic both locally and internationally.
“You may recall in 2021, analysts at Nairametrics adjudged the Bank as the fastest growing among the listed banks in Nigeria (39.3 per cent growth in Total Assets, based on December 2020 results) as well as the 4th most efficient based on Return on Equity (17.4 per cent) he said.