Friday, January 07, 2022 / 11:27 AM / Jaiz
Press Release / Header Image Credit: Jaiz
The pioneer Non-Interest Bank in Nigeria, Jaiz Bank Plc, clocked ten years yesterday, having commenced operations on the 6th of January 2012 with 3 branches in Abuja, Kaduna and Kano.
Despite paying the huge costs associated with pioneering, the Bank was able to break even within the first three years of operation, which was unprecedented at the time. From a modest Balance Sheet size of N12billion in 2012, the Bank closed the 2020 financial year at N278billion (Total Assets & Contingents) and grew all other key performance indices exponentially over the years.
Through its' unique value proposition, Jaiz Bank has, within a decade, made a 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, etc.
Within this period, the Bank was rated by the Islamic International Rating Agency (IIRA), assigning it an investment grade rating of BBB. The Bank recently upgraded from Agusto and GCR to BBB and BBB- respectively, with a stable outlook. Besides, Fitch also did its' first rating of this promising institution, and it came out at the same impressive level.
Therefore, it was not surprising that the Bank gained international recognition as it won the Most Improved Islamic Bank award for 2020 and 2021 consecutively from the Global Islamic Finance Awards (GIFA), among other accolades.
The Managing Director/CEO, Hassan Usman, while thanking Allah (The Creator of all), then the regulators, customers, Board, Management, staff, and other stakeholders for their tremendous support, expressed great delight in the giant strides being taken the Bank.
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 excitement takes over when the carriage takes off. 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 make 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 fulfilled at the opportunity of leading the team for a more significant part of the journey. From a very humble beginning in 2012, the Bank has successfully developed a remarkable brand that is iconic 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% growth in Total Assets, based on December 2020 results) as well as the 4th most efficient based on Return on Equity (17.4%). According to the annual international ranking by "The Asian Banker" (A Singapore-based leading provider of strategic intelligence on the financial services industry), Jaiz Bank ranks 36th on the world's strongest Islamic Banks as of 2021. We remain true to our Vision by building the second-largest non-interest bank in Sub-Saharan Africa in just ten years.
The Bank is poised to leverage on its market acceptance and continue to innovate to consistently deliver superior customer experience in the dynamic business environment, maintaining its clear leadership in the non-interest banking space.