Jaiz Bank Plc. is the very first Islamic bank in Nigeria. The bank was first established in 2003, but it did not start operation in Nigeria until much later.
The bank has its headquarters in Abuja and also has branches in a number of other Nigerian cities, including Lagos. The Chairman of the bank is Alhaji Umar Mutallab the Acting Managing Director & Chief Executive Officer is Mahe Abubakar. The bank offers various banking services, including Investments, Checking and Savings. Its revenue is USD$6.74 million after tax as at 2012.
Being an Islamic bank, the bank is a non-interest bank. As at present, the bank is still a medium-sized financial institution, but it is growing gradually and it looks good to have branches across all the sates in Nigeria with time. Shareholders’ equity as at 2012 was USD$63.6 million.
The bank got its license of operation from the Central Bank of Nigeria on 11th November, 2011. The license gave the bank permission to operate as regional bank in Nigeria. Business started in full on 6th of January, 2012. Aside the main branches located in places like Abuja, Kano and Kaduna, the bank equally has branches in other towns and cities, like Gombe, Maiduguri, Katsina, Gusau and Lagos.
Lagos branch of Jaiz Bank Plc is located at 2nd Floor, Xerox Building, 90, Awolowo Road, Ikoyi, Lagos. Their website is at www.jaizbankplc.com. The bank is owned by both local and foreign shareholders. Principal among the foreign shareholders is Islamic Development Bank and a host of foreign institutions.