Jaiz Bank Plc

of May 2016 with key presence in all the geopolitical zones of the country. The Bank's core values are built on 7 principles with the acronym RESPECT; Responsibility, Entrepreneurship, Simplicity, Partnership, Excellence, Customer Focus and Trust. These core values are the guiding force that empowers the Bank to project towards its vision to be the clear leader in ethical Banking in Sub-Saharan Africa. Jaiz Bank PLC continued its remarkable growth trend organically, and has quickly been recognised as the most improved Islamic Bank by GIFA making the bank the leading Non-interest financial institution with a reputation for ethical banking, sturdy compliance, risk management and trade finance. The Bank has witnessed remarkable and steady growth over the last 5years and this has given the Bank a strong outing with appreciable progress being made in the advancement of our mission of creating value for customers, while at the same time delivering significant returns to Shareholders - a visible proof of the added value of our continuous strive towards making the Bank the preferred institution for all our stakeholders. This was supported by the outcome of the Bank's maiden external credit rating conducted by the International Islamic Rating Agency. An investment-grade rating of A+ (short term) was assigned to the Bank which is a resounding corroboration of the Bank's sound financial health. Jaiz Bank vowed to become the most successful Islamic African Bank and embarked upon a new five-year strategy focused on financial inclusion, women and youth as well as global trade finance, treasury and payments for the corporate sector. . About Islamic Banking
Non-Interest Banking is a profitable growing global phenomenon practiced in many countries across the world including the United Kingdom, Canada, the United States of America, the United Arab Emirate, Malaysia, China, Singapore, South Africa, Kenya etc. are also offering non-interest banking products and service. It is an alternative financial service offering which is open to all irrespective of race or religion. It is based on the ethical principles of fairness, transparency and objectivity. Non-Interest Banking offers almost all the services of conventional banks. The difference is that non-interest Islamic Banks do not give or receive interest, nor finance anything that is harmful to society like alcohol, tobacco, gambling etc. They also seek to avoid gharar- speculation, uncertainty deception and more. Currently, about 50% of Nigeria's total population of 200 million are craving for such Non-Interest banking services. These people are desirous of ethical banking services which provide for socially responsible investment outlets. In a nutshell, Non-Interest Banking is real-economy oriented and profit and loss sharing arrangement where the mode of financing is mostly on mark-up, leasing and partnership basis. The Potential for Non- Interest Bank in Nigeria
Jaiz Bank Plc upgraded its regional banking licence to a National operating license in 2016. The upgrade has enabled it to operate in all 36 States of the Federation including the Federal Capital Territory. Consequently, it increased its authorised Share Capital from N15 billion (USD $47.8 million) to N25 billion (USD $79.6million)*. The business potential for a Non-Interest Bank in Nigeria is enormous as such an institution has long been awaited by a population of over 93 million Nigerians representing 50% of the country's population of about 186 million**. Jaiz Bank's strategic business focus is mainly on retail banking, having due regard to a report published by KPMG in 2006 which estimated the market for retail banking in Nigeria at US$30 Billion. The Bank nevertheless offers corporate and commercial banking services in addition to its retail product offering. The Bank's retail focus will enable it to service the majority of Nigerians who wish to do away with Riba (Usury) in their daily activities. The Bank is being positioned to be a major player in Non-Interest Banking in Africa.